Speaking at Retail Week Live 2023, Lionel Desclée, Group CEO of The Very Group, discusses the importance of retailers catering to families, and how the Group has managed to do just that.
The cost-of-living crisis is hitting everybody’s wallets, and brands and retailers need to find ways to not to just encourage people to spend with them, but to help their customers through these difficult times.
The Very Group – the multi-brand online retailer behind Very and Littlewoods – places its focus on helping its customers to navigate these challenges and any other challenges which may arise. It does this by placing emphasis on families in particular.
“We exist for everyone, but our core focus is on families and helping families get more out of life. This has been the focus of the company throughout its history. And brands know this. They partner with us because we know families well, and we help them through the most important moments of their year better than anyone else,” said Lionel Desclée, Group CEO of The Very Group, speaking at Retail Week Live 2023.
The Very Group has found that its average shopper is a 42-year-old female, who places her family as her top priority. And these customers want convenience, flexibility, and value above all else.
The retailer has continued to invest in these areas throughout the recent economic crisis, rather than choosing to retrench as others have, focusing on improving customer experience. And has managed to record growth in the past year as a result.
“We give them the convenience of a single mobile app. We the give them the flexibility of different ways to spread the cost and manage their budget. And we give them value through competitive, dynamic pricing and promotions for the products they want at the most important moments of the year,” said Desclée.
To continue serving its customers, The Very Group is utilising the power of artificial intelligence to get the most out of the first-party data it houses from 4.4 million customers.
“There’s no doubt that families are finding it tough during this cost-of-living crisis. But the families we serve – in particular, the families on a budget – are showing savvy and resilience,” Desclée added. “Every customer is different and all customers want to solve the main customer pain points. For us that means focusing on convenience, flexibility, and value…
“We want to go a step further and pave the way for an ecosystem for families on a budget by adding relevant services.”