The DIY and garden chain has announced plans to lower prices on 2,000 products across the business in a bid to deliver its ‘Do It For Less’ strategy and to make its pricing more transparent for customers.
B&Q said it is investing more than £100million in adopting an everyday low pricing strategy, which it believes will deliver “clear, transparent and trusted prices to benefit all customers”.
The price drops, which include branded and own-branded products, will offer an average saving of 15% and there are plans for a roll out of further discounts on additional lines later on this year.
As a result, the Kingfisher business will reduce the use of short-term pricing deals and discounts, including multi buys and reviewing loyalty scheme benefits, to enable investment in stable, low prices that will benefit more of its customers.
B&Q commercial director Paul White explained: “People may enjoy hunting for the best deal but, at the end of the day, there is much more comfort knowing that there’s one place where you can always get a low price. All customers want to have prices they can trust, and as industry leaders it’s our responsibility to look after their best interests by ensuring our customers get our most competitive price.
B&Q first introduced a “simplified pricing strategy” across its kitchens offer in September 2014. Describing it as a successful move, B&Q said the use of promotional pricing in the category – something many kitchen retail competitors still employ – makes it difficult for customers to know if they are getting the best possible price.
The retailer explained that the economies of scale afforded by being part of the wider Kingfisher group and the joint buying functions under the One Kingfisher transformation enable it to price products competitively, as well as building a “unique and unified offer”.
The price drops announced include the following:
- Bosch PSB 1800 LI-2 Combi Drill with 2x2.0 Ah batteries, now 8% cheaper
- Cimenti wall and floor tiles (20 pack, 30x30), now 17% cheaper
- Flymo 1300w Hovervac 280 mower, now 17% cheaper
- Dolce High Gloss Laminate Flooring, now 12% cheaper
- Arlington wall and floor tile (6 pack), now 13% cheaper
- Karcher K5 Premium Full control plus, now 11% cheaper
- Cuprinol Dustback Forest Green 5-litre, now 29% cheaper
- Verve Hosecart starter set 25m, now 22% cheaper
- After cut all in one spreader, now 17% cheaper
- Dulux Weathershield Concrete Grey Smooth Masonry Paint 5L, now 5% cheaper
- Brindisie White Satin Ceramic Wall Tile (12 pack), now 25% cheaper
- Mapi flexible wall and floor grey grout 2.5kg, now 26% cheaper
- Mapi Fast Set Tile Adhesive 20kg, now 25% cheaper
- Bosch PMF 220CE Multitool, now 23% cheaper
- Ron Deck Oil Ultimate, Natural 5-litre, now 8% cheaper
- Cuprinol garden shades, matt wood, urban slate, now 32% cheaper
- B&Q 450W Hedge Trimmer, now 14% cheaper
- Verve Organic Lawn Fertilizer 200m2, now 14% cheaper
B&Q will promote its second wave of Do It For Less price drops from July 15 on TV, in the press, and via digital and social media, as well as in-store marketing.
The retail chain said its new policy means that customers can enjoy competitively-priced products any day of the week throughout the year, rather than having to wait for sales to roll around.
Mr White added: “Our mission is to help people create good homes. To do that we need to make home improvement projects affordable all year round, and our 2,000 price drops and stable low prices across all of our ranges help do just that…
“We moved to everyday low prices in our kitchen range nearly four years ago and with our investment of over £100 million in our “Do It For Less” pricing strategy, we’re extending the clarity and transparency of that across many more of our products. This means customers can feel confident in the knowledge that they will always enjoy competitively-priced products at B&Q.”
Whilst retailers and experts alike suggest price is still a determining factor for consumers, many claim that promotional activity has less impact than before, with shoppers able to see through many of these deals and offers. Despite this, Amazon is expected to rake in $1.6billion during this year’s Prime Day of price cuts.
When Australian chain Bunnings acquired Homebase in 2016, it rolled out its everyday low pricing policy across the Homebase business with an ‘always low prices’ tag. It also shouted about the strategy in the strapline on its Bunnings stores with “lowest prices are just the beginning” – a tag that was later changed in order to help UK customers get to grips with what the business actually sold. It meant that Bunnings generally concentrated on beating the opposition with low prices but analysts say retail giant B&Q was often able to match these savings, which often resulted in a race to the lowest price.