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As inflation rises, grocery retailers turn to price optimization
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Retail Pricing Fluency : The Science Behind Price Optimization
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According to Ketchum, 62% of people who have shifted their brand preferences will make that change permanent before the pandemic is over.
The role of pricing in changing brand loyalties at grocery With COVID-19 shifting buying behavior, how can retailers use pricing to adjust to consumer preferences and capitalize on evolving trends?
Matthew Pavich is managing director of global strategic consulting at Revionics, an Aptos Company. The views expressed here are those of the author.
Inventory shortages, lifestyle changes and evolving purchasing behaviors have all contributed to changing brand loyalties during the pandemic, leading shoppers to buy new products and switch brand allegiances. According to Ketchum, 62% of people who have shifted their brand preferences will make that change permanent before the pandemic is over.
In 2021, ongoing economic constraints promise to place an even higher focus on price.
Few things are as important as price when it comes to grocery shopping but how to optimize those prices is undergoing significant change in 2021, and retailers who don’t get on board could face problems sooner rather than later.
Thanks in large part to the pandemic but also cheaper technology price and promotional optimization efforts are moving from manual processes to automation, which is often powered by machine learning or artificial intelligence (AI).
Even when the pandemic subsides and food retail gets back to normal or as normal as will be possible after months of supply-chain hiccups, pantry loading and e-commerce growth merchants that intelligently embrace price and promotional optimization will have an edge when it comes to dealing with new consumer habits.