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 have a meaningful impact on your employees’ lives. Why? Because it adds value to them and to your business.
Benefits that allow employees to make valuable savings on everyday purchases are significant. They give employees the opportunity to make their money go further so they spend it on other things or put it away for the future. That’s why shopping discounts are so powerful.
Did you know? According to the Office for National Statistics, the average UK household spends £91 a week on food. This equates to an average annual food cost of around £4,700. Of this, we spend over £3,150 on food for home and over £1,600 on takeaways, restaurants, cafes and snacks.
Imagine being able to reduce the price of your weekly food shop by 5% every week. Think of the difference it would make – the savings you would accumulate in just a short space of time would be substantial.
Shopping discounts are therefore a relevant and valuable benefit for employees. So, here’s our case for why they should be no-brainer employee benefit for any business.
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 whether they engage with the scheme.
To tackle this, it’s important to consider what your employees have in common. What do they all do? One thing you can be certain of, is that all of your employees spend money. They will all have regular outgoings on everyday products and services. Shopping discounts are therefore a fantastic benefit that delivers company-wide value.
Of course, the shopping habits of your employees will vary from person to person, but retailer discounts allow them all to save money on a regular basis. To demonstrate this, below are three examples of the different types of people that could be in your business:
These example employees will undoubtedly spend different amounts every month and they will inevitably shop at different places, but if they are given access to shopping discounts for a wide range of retailers, they will all benefit. While these are only examples, they reiterate the point that shopping discounts can be used on everyday purchases, by everyone.
What’s important here is that you provide a wide range of shopping discounts. For example, our advantage benefits and discounts platform provides employees with discounts and cashback opportunities at hundreds of different retailers. This covers a range of big supermarkets, high street shops, restaurants and smaller, independent businesses. So, whether an employee wants to save money on their regular purchases like the weekly food shop, or on more ad-hoc expenses like clothing and gifts, they can find an offer to suit them.
Our discounts and cashback offerings are divided into key categories too, so employees of all demographics can easily find an offer when they need it. These categories include: clothes and fashion, electrical, entertainment, family, kids and babies, finance and insurance, food and drink, gifts and gadgets, health and beauty, high street shopping, home and garden, motoring, sports and leisure, travel and hotels.
As is evident, shopping discounts, when provided as an employee benefit, can be integrated into employees’ daily lives to help them save money week in, week out. With broad appeal, comes high engagement.
Shopping discounts that use a cashback mechanism rather than being money off the full price, are even more valuable to your employees.
Getting money off the weekly shop is helpful, but this money can quickly dissolve into other everyday purchases, which means that employees won’t experience the true value of the discount. By using a cashback mechanism, your employees can accrue a pot of savings over time which is essentially free money that they can spend whenever they like.
On advantage, employees can load money onto reloadable cards, purchase retail vouchers and order digital vouchers, all of which can used online and/or instore at multiple retailers. Every time they place an order, they earn cashback that is instantly credited to their account. So, employees can use advantage like alternative savings account and leave money in there for future expenses like Christmas or holidays. Whenever they want to access the money, they can simply transfer it to their bank account.
As a result, shopping discounts are truly beneficial when employees can gain cashback. Rather than simply spending less for every day purchases, employees can actually see how much they’ve saved over weeks, months and years in their cashback account. This is tangible money they can then access and directly benefit from. 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.
When employees have the ability to save money on the high street, at the supermarket, when dining out or when booking a trip, it gives them more money to spend/save which can relieve financial pressures. As we all know, some everyday expenses simply can’t be avoided, so for employees that are stressed about their finances, shopping discounts are a convenient benefit that can have a positive impact on their financial wellbeing.
Shopping discounts can be used on a regular basis, especially when they’re available at a wide range of different retailers, so they provide an easy way for employees to stretch their household budget further, thereby reducing financial strains.
The money they save can then be used for alternative things: saving for a mortgage, buying a new car, taking a trip to Disney Land – anything. Essentially it provides a buffer that allows employees to feel more financially comfortable. So, by providing a shopping discounts 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.
Interested in financial wellbeing? Our upcoming Employee Engagement Round Table will be shining a spotlight on financial wellbeing in the workplace, discussing the critical relationship it has with employee engagement. Come and join us.