As a shopper, there is nothing I like more than a little retail therapy. I don’t even need a specific item to buy. Often I will meet with a friend for coffee to go and browse our favourite stores.
We love the stores that have amazing value and a variety of new items. Is there anything better than finding that one fabulous bargain?
Clever retailers are designing their businesses around this “treasure hunt” shopping behaviour.
What is Treasure Hunt shopping?
There are a several factors that make a great treasure hunt location. A store with a range of items and at least 20% off the stock is high value, lost cost that has a very short run. New diverse range of stock constantly being refreshed so it is fun to wander through all of the new items never knowing what fabulous or bizarre items you will be surprised with.
This is great for retailers as it promotes word of mouth marketing from one savvy shopper to the next. It drives constant foot traffic that bricks and mortar retailers love. Naturally, if the bargains are great it is addictive and promotes impulse buying.
A great retail example of treasure hunt shopping is Aldi. They have their special buys twice weekly and often have customers lined up waiting for doors to open. They have roughly 20% of their store space allocated just to the treasure hunt items. Costco is another example with the grocery/treasure hunt strategy.
Another store that has tapped into the treasure hunt phenomena is Kmart Australia. Their fabulous quality homewares has instagram lit up with dedicated shoppers styling their homes with hundreds of thousands of followers clicking devoted likes. The buzz on social media prior to Kmart’s new furniture range coming out is the envy of every advertising agency.
One of my favourite Treasure Hunt locations is TK Maxx. This store is set up for treasure hunts. Not only is the whole store dedicated to short run high value items from high-end designer brands to tech, fashion, cookware and furniture, they do not have the same stock in any specific store. They do not have an online shop so you must visit the store. Naturally you will want to, as they refresh thousands of items each week in every store. Their secret is their global buyers purchase end of run or overstocked items from all of the big brands. I have seen Louis Vuitton handbags and wallets, stunning Gucci bags, Diana Von Furstenberg cashmere coats and an array of amazing brands in every category.
There is a new app to help with treasure hunt shopping – Sweep
Sweep uses your mobile phone to show you all of the sales in your current location via augmented reality. Think of it as Pokemon Go for shoppers. So you can be in any location, treasure hunt shopping for a bargain if you have 15 mins up your sleeve. The bargains show up on the map around you. Sweep truly is the savvy shoppers tool of choice and will be the way we shop now and into the future.