Fetch Rewards CEO & Founder Wes Schroll spoke with Retail TouchPoints for their piece on what inflation means for retailers, that are seeking to better serve increasingly price-sensitive customers. Also referenced in the piece is the Fetch Price Index report, which showed that consumers are spending more, but getting less for their money.
From the article:
“While retailers can do little to affect world events and macro inflation, they can make use of an often underused asset they already have: customer data.
Analyzing this data — particularly the new troves of information available from the ecommerce surge of the past two years — can help retailers understand where price sensitivities are strongest and for which customer groups, and also help them be smarter about using discounts and promotional offers to keep shoppers from defecting to lower-price competitors.
Retailers that know their customers and can anticipate their needs through more personalized experiences will remain top of mind for consumers.
Shoppers want to feel seen and have their financial challenges recognized, and that is only possible with careful analysis of customer data.”