Navigating the Price Surge: Shifting Shopping Habits

Welcome to our new Retail Razor Show, DataBlades, our new standalone Retail Razor

Show, where we talk real world numbers andslice through measurable consumer insights

based on research at the point of sale.

And bringing us that slicing and dicing ofdata is Georgina Nelson, CEO of TruRating.

TruRating helps retailers heardirectly from validated shoppers

daily, and recently had a majormilestone of half a billion responses.

Retailers using TruRating average an80 percent response rate on questions

asked, made possible by asking a singlerotating question directly on the POS

pinpad, making it a seamless part ofthe shopper's checkout experience.

TruRating also works with theirretail partners to develop consumer

insights reports by running questionson an industry topic or theme.

These anonymous responses are linked tometrics such as basket size and repeat

visits to produce industry changinginsights like the ones Georgina will share

with us today and raise our data blades.

I'm your host, Ricardo Belmar.

And I'm your cohost, Casey Golden.

Welcome Georgina.

Thank you so much for having me.

So today's Retail Razor DataBlade segment is how rising prices

are impacting shopper habits.

Georgina, give us the data.

Well, last time we chatted, we discussedhow over 81 percent of consumers who we

polled across our markets, and that wasover 170,000 shoppers, had been noticing

, the pinch on the cost of living.

So 81 percent were noticing,but then we thought, how is that

actually impacting behavior?

Now, what changes are peoplemaking in light of that and how

is that affecting retailers?

So we asked whether people weredriving less or more as a result.

And we found that 63 percent of consumersin the U. S. said they were driving

less because of the rising gas prices.

We also found out that 60 percent werecooking more at home, so eating out

less, and 74 percent were using a list.

When they went shopping which is a bigincrease on the previous times, which

we've asked that and academic researchshows that generally consumers spend 15

percent less when they have a list, it'sthat that discipline and keeping to it.

Interesting.

Yes.

, so it, it's reallybecome clear to us that.

There's, when it comes downto discretionary spend, big

ticket items, consumers aredefinitely being more careful.

They're shopping around more,they're making less frequent trips.

When they're going by public transport,and that means that the retailers

who are in urban areas where, wherethere's a great public transport

network aren't at such a disadvantage.

So Georgina, I know retailersand consumers alike have been

feeling the burden of inflationfor quite a few months now.

I'm certainly shopping around more andbeing a lot more considerate about where

I choose to spend my hard earned dollars.

Is it pretty much all doom and gloomuntil inflation winds down, or is

there some upside here for retailers?

I think that's a definite upside.

When you think of that consumershopping around, that opens

a whole world of opportunity.

You've got new consumers comingthrough your door and you've got

a chance to, to woo and turn them.

And so, this is a great, yeah, agreat opportunity to win new loyalty

with incredible customer experience,targeted marketing and comms and

Yeah, and build that loyalty fan base.

And I think there's something tosay when in any type of recession or

inflation or any type of point whenthe economy is taking that pinch, those

consumers that continue to shop withyou, they're really top of mind as the

brand is really top of mind for them.

I mean, it's, it's.

Pretty important as you go into likea different economy to see where

those customers end up fleshingout overall, I would assume.

yeah.

Yeah a hundred percent and I thinkIt's around understanding, what

makes that, that customer loyal?

What are they, what are theyaffiliating with your brand?

What products are they purchasing andreally getting into that deeper level

of, of customer insight and analytics.

I think, as we look to how a lot of ourretailers are fighting the inflation

, and the pinch on wallet spend, it'sreally focusing down on, as I said,

that element of customer experience,but training, the, the store cashier

to actually be a brand ambassador.

How can they promote recommendations?

How can they promote upsell and evensimple things we found that, like, such

as asking a customer their name in someof these, fashion environments, etc.

When that consultative sale reallyhelps, we've seen that drive

average basket spend by over 30%.

Wow.

Likewise, if a customer makes a, if,if a cashier makes a recommendation.

So, all these.

All these simple things which aretailer can, can take and train

the teams and then see the, see theimpact down at a store level are key.

Well, it all comes back tothat experience, doesn't it?

Well, there we have another editionof the Retail Razor Data Blades.

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This is the Retail Razor Data Blades.