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BizReport : Loyalty Marketing : December 09, 2020

Report: Price a key for loyalty

It is no secret than price prompts purchasing decisions, but new data out from Inmar Intelligence indicates price can also be a factor in loyalty decisions. According to their new report more than half of shoppers have switched loyalty to a lesser-priced brand simply because of cost savings.

by Kristina Knight

Brands may want to rethink how they value - and share the value - of their products and services with consumers. Since the pandemic began, their data shows nearly two-thirds (61%) of shoppers have switched brands because of price, going to lower-priced brands even if they previously favored the more expensive options. The data also shows most (70%) have 'actively searched' for new grocery products since the beginning of the COVID-19 pandemic.

The data also shows more than three-quarters (80%) have actively seeking out coupons and other deals to save money at the grocery store, with nearly all (92%) saying store brands 'should be doing more' to offer savings to shoppers.

"COVID-19 continues to impact today's shoppers who are searching for new ways to save money, especially in terms of groceries," said David Mounts, Chairman and CEO of Inmar Intelligence. "The survey findings suggest that shoppers expect retailers to provide more promotions and have expressed their willingness to try new brands because of it. So it is crucial for retailers and CPG brands to provide cost savings opportunities, whether this be coupons or other promotional activities to maintain store traffic and protect customer loyalty."

Other interesting findings from Inmar Intelligence's survey include:

• 44% of shoppers say they are using more grocery coupons now than pre-pandemic
• 39% say they are grocery shopping more frequently than before the pandemic
• 43% have used a grocery store app to make purchases
• 41% have used grocery store apps for coupons and other savings deals

More data from Inmar Intelligence can be found here.

Tags: advertising, ecommerce, Inmar Intelligence, lloyalty marketing, loyalty marketing tips, loyalty marketing trends

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