Women have been found to be more sale-savvy than men and have declared “smarter shoppers” in a new retail report.
According to marketing platform Optimove, women save an average 7% by favouring discounted items compared to men.
Optimove’s research has also revealed that, although women make 2.5% more orders than men, their purchases are less expensive.
Roni Cohen, data science team leader at Optimove, commented: “In the world of retail there has been a longstanding assumption that women will pay more than men, and with many retailers recently sticking a higher price tag on Valentine’s cards addressed to “husbands”, it is clear that this notion still exists.
“However, research from Optimove demonstrates that this is far from the truth. In fact, women are without a doubt the savviest shoppers, favouring discounts and remaining loyal to retailers which increases their chance of personalised rewards.
Cohen continued: “Retailers can best serve their female demographic by offering discounts up to 30%– as women are found to buy in larger quantities than men, but typically spend less, offering this reduction aligns well with smart shopping habits and encourages brand loyalty.”
The research report highlighted that women are more likely than men to return to the same retailer after their first purchase, but also that retailers must give customers a reason to remain loyal.