Chicago- RSA AMERICA, a unified retail solution company that assists independent grocers and brands navigating the digital revolution, unveiled their findings from The Consumer Navigating Inflation Insights 2023, gauging how consumer shopping routines and actions are altering in response to growing inflation and expenses. Based on the poll, the state of the current economy influences almost all consumers' shopping decisions, with more than half of respondents agreeing that shrinking product sizes and rising costs impacted their grocery bills.  Our survey indicates that shoppers have evolved in the items they purchase and how they spend. The recent rise in in-store purchases allows traditional brick-and-mortar grocery stores to invest in long-term customer loyalty through digital transformation and techniques that offer the tailoring, value, and savings that price-conscious consumers demand, explained Rob Belcore, RSA America CCO and Co-Founder.   

Other Interesting Findings from The Survey Include:  

• 87% of respondents approved that the shrinking of product sizes and the rise in prices are responsible for extended grocery bills. 
• 68% of respondents enjoy checking digital deals and discounts on their favorite grocery apps.  
• 63% of shoppers prefer digital over printed weekly circulars 
• 62% of respondents accepted that grocers promote loyalty by enabling a smooth transition between in-store and online activity.  
• 52% of respondents prefer shopping from neighborhood stores.  
• 51% of respondents count on coupons, rewards programs, or loyalty schemes. 

                                           Inflation Hits: What are retailers planning for?

While the data show how budget-conscious customers prioritize in-store trips owing to reward programs and digital discounts, they experienced changes in expenses last year. And rising prices, smaller product sizes, and a lack of supply are the primary reasons. Grocers can't alter the economy, but they can leverage cutting-edge retail technology and the right digital tools to encourage customer engagement, amplify supply chain management, increase foot traffic, increase basket sizes, and strengthen loyalty while securing a seamless connection between the digital and in-store experiences. It will allow them to capitalize on customer choice and increase profitability while steering inflation. 

The grocery industry has been transforming, but given the current economic unpredictability, varying consumer behaviors will persist. How will you adjust—and adjust again—to properly serve these changing needs? On the other hand, as long as the labor and supply chain challenges persist, including the use of digital platforms, grocery stores' ability to innovate will restrain. 

Our survey uncovered the verity that most customers appreciate digital more than ever. " Belcore continues. 51% prefer using self-checkouts, picking phones for most of their purchasing, and are no longer shy to use digital coupons and rewards. That implies that independent grocers must establish and control digital customer relationships, modernize digital revenue streams, and leverage retail media to compete and keep a base of loyal customers.   

We're going to the NGA SHOW 2023 this week in Las Vegas. You can meet us at Booth 1449 to unlock strategies for implementing digital transformation to grow sales and foster loyalty. However, remember this: There's more to adopting digitalization than simply utilizing the top tools and technologies.