Running scared — buyers retreat as food prices soar.

Running scared — buyers retreat as food prices soar.

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You feel it.

That pit in your belly. The one you can taste in a 10-year-old truck — as you rush into work, late again. The sticker you’re staring at says prices are up, and you can’t afford them to be.

You’re in good company.

Here’s what’s happening.

Inflation.

It hurts. Two years ago, inflation was 1%. Now, it’s 7% — that’s a whole lot higher than 2020, and it’s all according to the Bureau of Labor Statistics.1 

They feel it too.

In the graph above, 70% of shoppers say prices are higher than they were before. They’re struggling to get what they need, and 58% are very concerned about rising grocery costs. If you sell into grocery stores, this is data you desperately need.

Why?

You’re up against a wall.

Combine rising costs with your existing competition — and you’ve got a pretty bleak outcome. Well, that is if you don’t do something about it.

Don’t worry.

Here’s your stance.

Take a look …

See that?

Shoppers want a deal. That’s great. Your goal is to induce a trial. It’s why you’re in marketing. And, you can see that 56% are now paying more attention to deals. So, this is your chance to use promotion to create a favorable brand image. Get people to try your brand. 

Here’s how.

Find your market, see where they’re shopping, and offer them a deal. Tell them you know times are tough. Be the brand that comes to the rescue — use their behaviors to solve what they need. Not only will loyalists see you as a lifesaver, but you’ll win over the competitions’ too.

Here’s your chance.

Be a hero.

Right now, buyers are looking for help. Make it easy to choose your brand. Here’s one way you can do that – with more online options.

That’s right. 

While people will continue to stock up in stores, they prefer to pay online. In fact 41% plan to purchase groceries curbside more often in the next 3 months. Yes, a big part of the draw here is convenience.

But, it’s also fear.

So many buyers are still worried. The pandemic isn’t over, yet. That’s why you see curbside shoppers are joined by 47% who will buy online more in the next 3 months. These behaviors aren’t going away anytime soon.

Here’s what will — their pain.

You’ll be the brand that makes it simple to shop online, and order what they need — at a good price. No, it’s not going to be easy, but it will be worth it. After all, 86% will pay you more for a great customer experience. So, start with a trial, and use your data to win buyers over in time.

You’ve got this.

References: 

  1. https://www.in2013dollars.com/us/inflation/2020?amount=1&future_pct=0.02 

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