Inflation-proof loyalty: strategies for retail to retain customers in a high-price scenario

According to IBGE (Brazilian Institute of Geography and Statistics), the IPCA (National Index of Consumer Prices Broad) accumulates high of 5,48% in 12 months. In the year, until April, the advance is 2,48%.With high inflation, the purchasing power of the public decreases, spending on digital games increased (R$ 30 bi per month, according to the BC) and price sensitivity increases, forcing companies to rethink customer retention strategies. And consumers increasingly change the behavior of various services to adapt to the cost and the increase. 

In this scenario, retail faces great pressure to keep the consumer base loyal, even in the face of increasing physical and online competition and economic difficulties.Brands need to establish a new type of relationship with the shopper, as this seeks more practicality, fair prices and personalized experiences in the current context. 

It is necessary to innovate 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, you need to understand their preferences and interests. This is where consumer science, supported by technology and data intelligence comes as a great ally of companies, since it has the potential to transform this information into profitable strategies.

CRM (acronym in English for “Customer Relationship Management”) is a great proof of this. This tool allows companies to collect, organize and analyze data on consumption habits and purchase history, both of current and potential customers. This enables the creation of more personalized experiences for each shopper, ensuring that he receives offers and communications aligned with his needs.

Relationship programs are good examples of actions derived from the use of CRM. The retailer can implement them thinking of a structure that reaches consumers with a lower purchasing power, who prioritize lower prices 'AS often happens in times of peak inflation. Whether through discounts, premiums or other advantages, it is possible to keep this person satisfied, which tends to promote their loyalty.

Integrated physical and digitalThe transformation of the physical environments of brands has also become relevant, especially with regard to interaction with digital. A significant experience for modern customers totally implies the integration of these two spheres.

In this sense, we can see many retailers understanding this dynamic when betting on retail media strategies and commercial partnerships. With this, they can create advertising spaces on online platforms, allowing brands to invest in ads directly for qualified consumers.

Or we can still think of the extended gondolas, which appear as an intelligent solution for retail to expand the offer without having 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 buy products that are not physically available in the unit, but that will be delivered directly by distribution centers or by the industry. That is, sales are maximized by delivering to the consumer the desired product and traditional operating costs are still cut.

Other advantages of loyalty strategiesMore than the increase in revenue itself, seeking actions to retain customers brings other advantages, which can make a big difference in complicated economic periods.The reduction of spending is one of the main, since maintaining a base of old consumers has a lower cost than attracting new ones. 

Another benefit is that loyal customers tend to spontaneously advertise the store because of the positive experience. That is, the image and public perception of the company is developed organically, showing that there is a healthy consumption environment even in challenging times. 

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.