Maplin plans to invest £3m in a price reduction initiative across products in-store and online in an effort to boost customer loyalty.

Maplin commercial director Graham Harris said the price cuts would be implemented “with immediate effect” across hundreds of product lines.

“This initiative aims to reward the loyalty of our customers, bringing even more value across our stores and online,” he said.

The electricals retailer, which reported a 2.3% rise in like-for-like sales over Christmas, is introducing the price cuts in response to feedback from customers, Harris said.

The price reductions will be implemented on bulk purchase discounts and better value packs on popular products including its ranges of cables, specialist batteries and memory cards.

“This major investment by the business will deliver long-term savings for our customers and lower prices both online and in our stores,” said Harris.

Maplin has 216 stores across the UK and its online arm is growing. Maplin reported a 33.3% increase in online sales over last year’s Christmas trading period.