As we approach 2024, grocery shoppers are exhibiting new spending behaviors that require retailers to adapt quickly. Insights from Upside’s inaugural Consumer Spend Report, highlighted in an upcoming webinar, reveal how rising concerns about household finances have heightened price sensitivity among consumers. This shift has given rise to what experts term the “uncommitted customer,” individuals who show less brand loyalty and frequently shop across multiple stores.
Tyler Renaghan, VP of Grocery at Upside, and Tom Henry, Chief Data and Deputy Chief Information Officer at Schnuck Markets Inc., will explore these trends in detail during the webinar on September 26, 2024. Their analysis draws from an impressive dataset, comprising 1.1 billion transactions, offering a comprehensive view of current market sentiments.
This “uncommitted customer” demographic, often categorized as secondary or tertiary shoppers, poses unique challenges and fortuitous opportunities for grocery retailers. Understanding who these individuals are and what drives their shopping decisions is crucial for developing strategies to foster loyalty.
For grocery businesses, implementing dynamic pricing could be a game-changer. This approach allows retailers to adjust prices in real time based on demand and market conditions, attracting price-sensitive customers and retaining them over time. As consumer preferences continue to evolve, adopting a flexible pricing strategy may hold the key to success.
To learn more about these critical industry insights and strategies, register for the webinar and position your grocery operations for success in 2024.