How Retailers Can Control These Variables To Beat Inflation
With high inflation rates and changing consumer habits, it’s more important than ever for retailers to invest in a robust grocery e-commerce platform to leverage a seamless customer experience.
Inflation is upon us, and it doesn’t look like it’s slowing down anytime soon. With supply chain delays and ongoing pandemic disruptions, the economy continues to fluctuate. According to the Bureau of Labor Statistics, the consumer price index increased by a whopping 8.5% toward the end of March 2022—which is the highest 12-month growth since 1981.
As consumers cut down on their purchases and seek new ways to save, their shopping habits will inevitably shift. Retailers will need to stay one step ahead of evolving consumer preferences in order to grow in this already-competitive market. The good news: Retailers can maintain control over the current economic climate if they manage a few key variables. Here’s how implementing a retail media network can help them beat inflation.
Beat Inflation by Controlling These Variables
Personalize the Digital Customer Relationship
It takes more than a single touchpoint to keep consumers happy—and providing a seamless omnichannel experience is the solution. Omnichannel shopping allows retailers to connect with a buyer across multiple touchpoints throughout the entire purchase journey. By providing a consistent experience, both digitally and physically, retailers ensure that customer needs are constantly met, regardless of the channel.
Executing this type of strategy can require the budget and infrastructure. That’s why partnering with a reliable retail media network is essential. Retailers can foster personalized customer relationships by tapping into real-time, first-party data, and serve up accurate advertisements, relevant push notifications, and more.
Connect Digital and In-Person Shopping Experiences
Most customers depend on both digital and in-person shopping to make their purchase decisions. In fact, 80% of shoppers use their mobile devices inside physical stores to search up relevant product information. It’s important that retailers don’t miss out on this opportunity to further enhance their customers’ shopping experience.
Brick-and-mortar grocery stores can share available inventory and deliver personalized offers with a grocery e-commerce platform that allows shoppers to enjoy those capabilities online or through a mobile app. Going one step further, a retailer might connect their loyalty program and CPG brand loyalty programs to drive traffic and encourage shoppers to make more purchases throughout their trip.
Leverage Physical Locations
In recent years, e-commerce has seen exponential growth in popularity and demand. Statista reports that 2021 retail e-commerce sales totaled about $4.9 trillion worldwide, and is anticipated to grow by 50% over the next four years. However, this doesn’t necessarily mean that shopping in-store will become obsolete. From longer shipping times to extra delivery service fees, e-commerce presents a few barriers that may get in the way of reaping the savings on shopping online.
It’s important that retailers take advantage of this upward trend with one simple step: transform the in-person shopping experience. While many consumers still prefer shopping at their favorite locations, they may hesitate to make a purchase if there are no special perks. Shoppers love making lists ahead of time, comparing items on their mobile devices, and using money-saving digital coupons. Streamlining checkout lanes with self-scan technology and serving up timely, relevant and personalized advertising are other ways to ensure a positive in-person experience that leverages the power of the physical store location—increasing purchase frequency and basket size.
Upgrade Your Strategy With a Powerful Grocery E-Commerce Platform
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Swiftly provides both retailers and brands a multifaceted grocery e-commerce platform that covers digital and in-store shopping features to further elevate the customer journey and deliver a seamless experience. With our retail media, mobile, and customer data platforms, you can continue to grow in the midst of high inflation—while securing customer loyalty, personalizing their experiences, and setting yourself apart from popular e-commerce giants and third-party delivery services.
Contact us to explore how a technology partnership can help you fight inflation and win.