According to IBGE (Brazilian Institute of Geography and Statistics), the IPCA (National Consumer Price Index) has accumulated an increase of 5.48% in 12 months. In the year, until April, the increase is 2.48%. With high inflation, the purchasing power of the public decreases, spending on digital games has increased (R$30 billion per month, according to the Central Bank), and price sensitivity increases, forcing companies to rethink customer retention strategies. Consumers are increasingly changing their behavior to adapt to the rising costs of various products and services.
In this scenario, retailers face great pressure to maintain a loyal consumer base, even in the face of growing physical and online competition and economic difficulties. Brands need to establish a new type of relationship with the shopper, as they seek more convenience, fair prices, and personalized experiences in the current context.
Innovation is necessary to create long-term relationships with customers. Exploring the technological universe is the only way to ensure competitiveness in the face of contemporary challenges, especially in Brazil.
Data Monetization
To reach an increasingly demanding consumer who has a range of options ahead, it is necessary to understand their preferences and interests. This is where consumer science, supported by technology and data intelligence, becomes a great ally for companies, as it has the potential to transform this information into profitable strategies.
The CRM (acronym in English for “Customer Relationship Management”) is a great example of this. This tool allows companies to collect, organize, and analyze data on consumption habits and purchase history, both from current and potential customers. This enables the creation of more personalized experiences for each shopper, ensuring that they receive offers and communications aligned with their needs.
Relationship programs are good examples of actions derived from the use of CRM. Retailers can implement them thinking of a structure that reaches consumers with lower purchasing power, who prioritize lower prices – as often happens in times of peak inflation. Whether through discounts, prizes, or other advantages, it is possible to keep these individuals satisfied, which tends to promote their loyalty.
Physical and digital integrated The transformation of brands’ physical environments has also become relevant, especially concerning interaction with the digital. A significant experience for modern customers fully involves integrating these two spheres.
In this sense, we can see many retailers understanding this dynamic when they invest in retail media strategies and commercial partnerships. With this, they can create advertising spaces on online platforms, allowing brands to invest in ads directly to qualified consumers.
Or we can also think about extended shelves, which emerge as an intelligent solution for retailers to expand their offerings without the need to invest in more physical space or inventory. In this model, the customer accesses a digital catalog within the store itself or via online channels, being able to purchase products that are not physically available in the store, but will be delivered directly from distribution centers or by the industry. In other words, sales are maximized by delivering the desired product to the consumer and traditional operational costs are still cut.
Other benefits of loyalty strategies More than just increasing revenue, seeking actions to retain customers brings other advantages that can make a big difference in challenging economic periods. Cost reduction is one of the main benefits since maintaining a base of existing customers has a lower cost than attracting new ones.
Another benefit is that loyal customers tend to spontaneously promote the store because of the positive experience. It means that the public’s image and perception of the company are developed organically, showing that it is a healthy consumption environment even in challenging times.
One advantage leads to another. Keeping up with market and consumer changes through innovation is not just a matter of survival, but of keeping the business relevant by looking at its own potential.
