Grocery has always been a tough business, characterized by intense price competition and tight margins, and reliant on loyal customers to drive a volume and, ultimately, profitability.
To all those retailers in other, non-grocery segments: Sound familiar?
It’s incredibly time-consuming and expensive to acquire new shoppers to your brand, and customer retention and loyalty have never been more critical than it is today. So, what makes shoppers loyal, who is doing it best in grocery and what can other segments glean for their own use.
Recently, Adweek and C Space published an infographic on shopper loyalty, and it shows loyalty is driven not by discounts and rewards, but by retailers understanding their customers.
So, what is your organization’s loyalty strategy, and where are your execution challenges?