What should retailers do to keep customers loyal and keep shoppers coming back this holiday season?
According to a recent report from Reuters, the USDA predicts food prices will rise 2.5 to 3.5 percent this year. As a result, the report said CGP forecasts only a 3.4 percent rise in holiday spending. So, despite gas prices being down and the country experiencing economic recovery, many Americans aren’t feeling the change because, guess what? Their grocery bills continue to rise!
So with the holiday season now in full swing and people prepping for holiday parties and family gatherings, The Lempert Report suggests that retailers and brands show their shoppers they care. How? By considering freezing prices, just temporarily and just where they can afford it. This will not only help their patrons out, but importantly for the retailer, it’s a gesture that builds trust, loyalty and mutual respect to last beyond the holiday season.
With fuel and transportation costs easing up for producers, there is potential for food companies to pass these savings along to their customers. And even if the savings are minimal, it’s a move that will symbolize compassion and will be perceived as valuable by those who need it and even those who don’t need it.
So we ask, what can your company do for customers this holiday season? Remember, a temporary “gift” can inspire long-lasting loyalty.