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Homeplus, a Korean discount store retail chain with around 140 stores in the country, is finding ways to attract more customers, especially at this time when inflation is continuously hitting the consumers. One of the methods it decided to do is to lower the prices of its grocery items.
As per The Korea Times, Homeplus came up with the scheme of offering the lowest prices to customers for all grocery items in its store outlets. The company is planning to do this by picking at least 50 of its best-selling products, including fresh foods, every week. Then it will compare the prices to rival stores and then decide on the prices.
Through this process, Homeplus is assuring the consumers that it will be offering the lowest rates compared to other retailers. Based on the rivals’ prices, the company will be choosing the cheaper rates before selling its items.
Some of the grocery products that can be bought for less are potatoes, milk, bananas, toothpaste, cherry tomatoes, rice, carrots, soap detergents, frying pans, and snack items. Since the beginning of this year, Homeplus has already been endorsing its Price Stabilization Project, which is being directed by the company’s chief executive officer, Lee Je Hoon.
It was revealed that under the firm’s sales marketing policy, its profits from online sales have increased within the first 200 days of implementation. The volume of orders also went up year-on-year by 20% and 22%.
"We will secure our product's competitive edge in the local market with our Price Stabilization Project and continue to expand various price policies that benefit our customers," a company official said in a statement.
Meanwhile, Homeplus’ Dang Dang Chicken also boosted the company’s earnings, and in fact, this product has been labeled as the most successful item at Homeplus this year. The fried chicken bucket was launched at only KRW6,990 or about $5.21 on June 30. This product also brought Homeplus to the chicken price war in Korea, and it is winning.
“It is far cheaper than those sold at fried chicken franchises in my neighborhood,” The Korea Herald quoted a customer as saying since a bucket of fried chicken in the country from big franchise brands is priced at KRW20,000.
