Battling Higher Grocery Prices with Technology
Grocery prices have risen considerably in 2021. Bacon costs 15% more today versus last summer. Milk prices are up more than 11%, and eggs cost more than 5% more this year. Increased production costs, a shortage of shipping containers, and the lingering effects of the pandemic have contributed to across-the-board food price increases of 2.4% over the last year.
Faced with price increases, shoppers say they will shift their shopping habits. Shoppers also believe that higher prices will be a reality for the rest of the year, so any changes in the way consumers shop will likely be long-lasting. This includes opting for lower-priced brands and cutting down on discretionary spending.
The good news for grocery stores is that consumers also are more likely to seek out promotions and deals, and they aren’t only looking at big discount retailers to fill this need for savings. Stores that want to hold on to their shoppers’ dollars need to maximize opportunities to save them money and build loyalty. And, that shift away from discretionary spending includes less dining out, which means there's an opportunity to increase sales as consumers choose to dine at home.
Retail solutions help grocery stores offer the best pricing while maintaining high profitability by using customer data to deliver targeted promotions. Smart systems make stores more efficient, reduce waste, and save on personnel costs while increasing accuracy and delivering a shopping experience that encourages return visits. And the detailed reporting and advanced inventory control capabilities of retail solutions mean that you can track and optimize your store’s performance from the supply chain to the post-shopping customer experience.
Learn how retail solutions can help optimize prices and drive shoppers to your store, even in the face of rising costs. STCR delivers the technology grocers need to stay competitive in any market.