The IBM Institute for Business Value (IBV) recently surveyed 30,000 U.S. consumers to understand what is driving spending across several product categories: Grocery, Apparel, Home Merchandise, and Pharmacy, Health & Beauty Care. The survey revealed that consumers who are anxious due to economic conditions rely on retailers they trust.
Consumers have fundamentally changed their shopping behavior with 91% sacrificing in some spending areas. Such shoppers are dealing with market conditions by buying fewer items or delaying purchases, buying more promoted items or changing to lower-priced products.
The survey found that there are two valuable consumer segments that retailers can leverage: Advocates of existing retailers and Shifters seeking new relationships. Comprising more than half of the entire consumer population, these two groups have the power and influence to significantly impact your success.
How can you drive the highest levels of consumer trust? Retail success with both of these important consumer segments requires building capabilities in eight operational competencies: quality, store experience, convenience, product availability, assortment, price/promotion, customer service and multichannel.
Increase loyalty and market share by delivering on brand expectations and building consumer trust during these new economic times.