3 Ways Retailers Can Help Shoppers Navigate Our New Normal
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.
2. Leverage mobile apps
Many customers combine their online and in-person shopping by utilizing their mobile devices. Let’s say they plan to visit their favorite brick-and-mortar store.Before heading out, they will search for products online to ensure they find the products they need. This is only the first step—and retailers can elevate their experience to the next level. But how?
With a retail app platform, retailers can incorporate additional helpful features such as digital coupons and shopping lists that streamline and enhance the purchase journey. Other additions include the ability to search through available inventory, which allows customers to discover comparable brands with cheaper prices. With inflation, it’s all about cutting expenses—and these simple offerings should not be overlooked. They can make a remarkable difference and lead to repeat purchases.
3. Invest in retail media
There’s no denying that investing in retail media is the trend for retailers seeking growth. In fact, according toeMarketer, retail media advertising in the U.S. is expected to increase from $41.37 billion in 2022 to $52.21 billion in 2023. With this amount of spending potential, it’s crucial that retailers and brands jump on the bandwagon, especially if they want to find ways to actively improve customer trust, access real-time shopper insight, and monetize ad platforms that drive margin-rich revenues.
A robust and effective retail media platform not only provides a viable solution, but also has the potential to help customers cut their costs. When a shopper browses for products directly from the retailer app, they can use shopping lists, enjoy exclusive loyalty points and coupons, digitally pay for items while in-store, and receive highly personalized advertisements. This is a clear win-win for both the retailer and the customer—and builds long-lasting digital relationships along the way.
Get Started With a Customer Data Platform
Swiftly offers innovative technology for retailers and brands that strive to connect with their customers in a more meaningful way. Curious how our full stack offering including retail media, e-commerce, and customer data platform can help you boost revenue and help customers save money? Contact us to learn more.