Recap: Let shoppers lead the way to in-store growth


Recap: Let shoppers lead the way to in-store growth

Changing consumer circumstances, existing brand loyalty, shifts in attitude around COVID-19, and other economic pressures all influence shoppers’ decision-making processes. Understanding how these variables influence behavior is critical to winning in-store.

It’s trickier than ever to understand and keep up with the rate of change in shopper behavior. Our Smart Store solution helps our clients do just that by providing in-the-moment shopper insights that help illuminate product merchandising and marketing strategies. In order to help you understand how it all works, we recently hosted a virtual session with industry leaders from Bayer and GSK.

But first, we needed to take a closer look at the depth of change in the shopper universe over the past year.

Shoppers are making changes across the globe

A recent NielsenIQ analysis found that: 

  • 73% of respondents have altered shopping and consumption habits
  • 66% have changed how they shop
  • 81% will continue to restructure spending in 2021

Shopper decisions, priorities, actions, and strategies around spending will continue to change in 2021, with an intensifying focus on streamlining and rationalizing spend. 

Let’s take a look at some of the critical changes in shopper behavior that are driving strategy for leading FMCG brands.

Key alterations in buyer behavior

Omnichannel is the new normal

It’s not surprising that omnichannel is the new norm today, with 68% of shoppers doing a mix of both online and physical store purchases. 

Convenience is still paramount but manifests differently on- and offline

Convenience was a key factor before the pandemic; however, it has different manifestations for online and in-store shoppers. It’s important for marketers to keep track of and deliver on these needs to gain shopper loyalty through both channels.

Value-seeking behavior will continue

The wide-ranging impacts of the pandemic have increased value-seeking behavior, as so many people have been affected, both financially and from a health perspective.

How can your brand respond?

These changes have leveled the playing field for brands that can meet customers where they are with adaptive product merchandising tactics that appeal to a wider customer base. But to do this, brands can no longer rely on historical data to predict the future. If you do, you’ll be neglecting the reality of today’s unpredictable shoppers. 

The right strategy starts with optimizing the effectiveness of your in-store execution. It all hinges on developing plans that meet your shoppers where they are in-store. There should also be a seamless collaboration between manufacturers and retailers. They must work together to meet shopper needs and deliver unbiased, mutually beneficial insights. 

Lastly, brands must seize the opportunity with technology that allows them to test future concepts with shoppers before implementing them, and be able to unlock the full potential of their growth opportunities.

The right tools to be in sync with shifting shopper behavior

You need to utilize testing methods that allow you to be in sync with the constant shifts in shopper behavior, as well as have the right data to stay on the right path. 

Ready to learn more about how FMCG leaders are using technology to drive growth in-store? Sign up for a free demo of the Smart Store platform so you can see how it works and how it can revolutionize your go-to-market testing strategy.