Kantar reports an increase in the share of shoppers extremely or very concerned about rising costs due to inflation — up from 38% in January to 43% in March, according to the organization’s ShopperScape data. Inflation anxieties are growing or consistent among nearly all shopper groups, with millennials and households with children relaying the most concern, Kantar found.
Keys to Consumer Messaging
Effective and empathetic communications from retailers can help overcome anxieties and even boost customer loyalty. Retailers need to relay they are on the side of shoppers. Here are examples of messaging that would likely resonate with shoppers.
- We are doing everything possible to stay competitive on price and in stock;
- We are limiting purchases on some items to make sure our shopper base can get what it needs at a time of shortages;
- We just held off on price increases on many items, despite higher costs;
- Here are some alternative products you might consider until we can get your regular ones back in stock;
- Heads up that prices are going up. We are actually not passing along all of our higher costs;
- Our private label is a great value to consider at this time; and
- We will continue to keep you updated and in the loop.
Retailers need to figure out which types of messaging work best for their customer bases and push these out across communications channels — from in-store to online.
Focusing on communication and compassion will go a long way. The impact will be cumulative over time as shoppers view their retailers as allies.