Shopping discounts: why they should be a no-brainer for your business
It’s no surprise that the most effective and successful employee benefits programmes are the ones that are most relevant to employees. As a business, you need to choose a benefits offering that will meaningfully impact your employees’ lives. Why? Because it will add value to them and to your business.
Benefits that allow employees to make valuable savings on everyday purchases are therefore a great option. Shopping discounts give employees the opportunity to make their money go further – which is a particularly powerful tool at the moment with soaring living costs.
According to NimbleFins analysis of data from the Office of National Statistics, the average UK household spends around £3,601 on groceries and £1,744 at restaurants and on takeaways every year. Think of the difference being able to reduce the price of your weekly food shop by 5% every week and save up to 10% on meals out and takeaways could make.
With a recent YouGov poll revealing that one in five Britons is now struggling or unable to make ends meet, the savings they could accumulate in just a short space of time would have a substantial impact on your employees’ financial wellbeing. Shopping discounts are therefore a relevant and valuable benefit for employees. So, here’s our case for why they should be a no-brainer employee benefit for any business.
THEY’RE RELEVANT TO ALL DEMOGRAPHICS
Delivering an employee benefits package that is relevant to everyone in your business can be a real challenge. Your employees will all have their own interests and preferences that will affect the level in which they engage with the benefits offered to them.
To tackle this, it’s important to consider what your employees have in common. One thing you can be certain of is that they all spend money and will all have regular outgoings on everyday products and services. Of course, their shopping habits will vary from person to person, but retailer discounts allow them all to save money on a regular basis and will therefore deliver company-wide value.
Here are three examples of the different types of people that could be in your business:
These employees will undoubtedly spend different amounts every month and they will inevitably shop at different places, but if they’re given access to shopping discounts for a wide range of retailers, they will all benefit. That’s why the variety and relevance of the discounts on offer is key.
Through our benefits and discounts platform, you can provide your employees with discounts at hundreds of different retailers. This includes supermarkets, high street shops, online brands, independent businesses and much more. These discounts are divided into categories including fashion, food and drink, gifts and gadgets and home and garden, so employees of all demographics can easily find an offer to suit them when they need it. As is evident, shopping discounts can be integrated into your employees’ daily lives to help them save money week in and week out. With broad appeal, comes high engagement.
CASHBACK SAVINGS CAN HELP OFFSET RISING COSTS
Shopping discounts that use a cashback ‘money back’ mechanism rather than money off at the checkout can provide even more value as an employee benefit. This essentially means that when doing the weekly grocery shop, choosing a holiday, buying a gift for a loved one or eating out with friends, your employees pay the full price as usual and a percentage of that spend is stored in an account as a cashback balance.
This is particularly valuable because it allows the individual to see a tangible savings total and really feel the positive impact of the savings they’ve made. They can accrue a pot of savings over time which is essentially free money that they can spend whenever they like. Getting 10% off at the till is a great benefit, but it can quickly dissolve into other everyday purchases meaning employees won’t actually get to see the impact of that 10% saving in the context of their monthly or yearly expenses.
Through our benefits and discounts platform, employees can load money onto reloadable cards, purchase retail vouchers and order digital vouchers, all of which can be used online and in-store at multiple retailers. Every time they place an order, they earn cashback that is instantly credited to their account. They can then use their cashback account like a savings pot to help to offset rising costs when it matters most and transfer it to their bank account whenever they like. Using this mechanism, employees can save hundreds, even thousands of pounds each year by simply using a reloadable card or voucher when they do their usual shopping.
THEY CAN POSITIVELY IMPACT FINANCIAL WELLBEING
When employees have the ability to save money on the high street, at the supermarket, when dining out or when booking a trip, it can help relieve some of the financial pressures we’re all feeling at the moment and help them make ends meet. The money they save can essentially act as a buffer, allowing them to feel more financially comfortable. So, by providing a shopping discount benefit to your employees, you can reduce employees’ financial worries and concerns right across your business.
We know that there is no one-size-fits-all solution for employee engagement, but shopping discounts are relevant to everyone. If you’re looking for an employee benefit with broad appeal, shopping discounts are a no-brainer. It doesn’t matter how many employees you have or how much they spend every week, if you can provide a wide range of shopping discounts, your employees will be able to make savings on a range of products and services on regular basis, which will make their money go further and subsequently improve their financial wellbeing.
To find out about our very own shopping discounts solution, click here.