With inflation and an uncertain economy, customers are prioritizing savings. Here’s how retailers can use a retail platform to help deliver more value.
With inflation and an uncertain economy, customers are prioritizing savings and value. Here’s how retailers can use a customer data platform to help deliver more savings.
Whether it’s groceries, gas, or general retail prices, people are feeling the effects of inflation weighing heavily on their wallets. In December 2021, 76% of surveyed Americans stated that they want to be wiser with their finances. Saving money has become more than a New Years’ resolution; it’s now a necessity. As consumers become more cautious with their purchases, retailers need to adapt in order to meet the new values and habits of their shoppers.
Helping customers save money is only one part of operating a retail business. What about increasing loyalty and sales, too? The easy answer: focus on implementing digital innovations that make shopping easier, faster, and more budget-friendly. With the right retail tools, businesses and brands can better provide the personalization and convenience that customers seek in all facets of their shopping journey.
3 Ways Retailers Can Help Shoppers Save Money
1. Retail loyalty programs work
It’s crucial that retailers build and maintain customer trust by demonstrating care and commitment to every shopper’s experience. Here are two effective ways to strengthen customer loyalty:
- Offer personalized deals and discounts: With a customer data platform, retailers can collect accurate information on shopper behavior. This helps them identify their customers’ unique preferences and patterns — and in turn, they can provide customized discounts on products that speak to their needs. By doing so, retailers demonstrate their commitment and further cement a path to long-term customer loyalty.
- Push retail loyalty programs: According to McKinsey research, the highest performing loyalty programs are able to boost revenue by 15 to 25% every year, which helps increase traffic, purchase frequency, basket size, and overall sales. Shoppers are fiercely loyal to companies that consistently provide positive experiences. By providing a loyalty program that helps save money while providing valuable rewards and exclusive promotions, retailers can successfully retain — and possibly grow — their existing customer base…
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