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Christel delberghe, a real pleasure having you on the show. and christel, can we start with this? and, christel, can we start with this? because as we ve been seeing the costs of raw materials heading higher, how much pressure are your members facing to keep the prices down? well, the pressure on retail is immense. today, inflation in europe is about 10% and inflation in groceries is i9%. and the pressure on retail is exerted via the higher cost of the goods for resale, the higher cost of operation. and they re facing consumers hit by a severe cost of living crisis. for them in the retail, the retailers have been able to cushion consumers from the worst of the inflation. retailers have been absorbing part of the higher cost increases. and they ve been doing this via promotions by making a huge ....
Do you think, you know, are consumers more likely to be accepting of rising pricesjust because of all the information about inflation that we re constantly hearing about? yes, absolutely. 0ur minds adapt very quickly to new situations. and a very important concept in that respect is anchoring. so, if i am getting used to high numbers, also my price perception goes up and i am more much more willing to accept high prices. however, one problem from the corporate perspective is that, if you train your consumers to become bargain hunters, it s very hard to retrain them to accept high prices. well, kai, economics would suggest that we we would always well, kai, economics would suggest that we would always choose the best value. but that s not always the case. i m wondering, do consumers find reassurance in higher prices? indeed. ....
Everybody who sells is very, very nervous about prices. indeed, i ran brain scan studies where i could show that the consumer willingness to pay is, in some cases, significantly higher than the value perception of the person who sells. that means there is a strong hurdle and lots of pain on the seller side, which is completely unnecessary. kai markus mueller, an absolute pleasure having you on the show. thanks so much for your time and i ll talk to you soon. thank you for having me. well, you know, in the end, it s the price in the shops that customers really care about. so, what kind of pressure are they under to keep the costs low and how do they negotiate with their suppliers? well, to find out, i ve been speaking with the director general of eurocommerce. that s the organisation that represents retailers and wholesalers in 27 european countries. ....
If shrinkflation is effective depends very much on the perceptual threshold. so, for example, in weight, if i compare two weights, i need at least two grams of difference for 100x100 grams to perceive that difference at all. now, over time, that becomes more, so i maybe forget that last week, you know, that carton of milk or that little piece of tea or so was slightly heavier than this week. so, companies understand what the perceptual threshold for the different units is, they have good chances to make shrinkflation successful. kai, are retailers, are they nervous about raising prices? oh, yes. that is a big issue. ....
To portugal and spain, with the aim of rebuilding his country s ties with europe. lula da silva is facing criticism after suggesting that ukraine and russia shared the blame for their current conflict. you re watching bbc news. time now for talking business with aaron heslehurst. hello, everybody. a very warm welcome to talking business weekly with me, aaron heslehurst. let s go and take a look at what s on the show. the cost of living has been going through the roof, but can it possibly go up even more? and do prices ever really come down? we re going to be looking at how those prices get set and what goes on behind the scenes between growers, suppliers and the shops themselves. i m going to be discussing all of that with this crack team. there they are. commodities expert kona lasker haque can tell us where the markets think prices of raw materials are heading. kai markus mueller, who s the neuroscientist who gives us the psychology behind the way shops ....