Rising grocery bills
The rising cost of living globally has had a huge impact on consumers. A recent study from NielsenIQ Brandbank found that 93% of households indicated that the rise in cost of living is directly connected to their grocery bill.
Indeed, price is now a key factor, if not the biggest factor that influences a shopper’s buying decisions, with 40% of those surveyed noting that they changed brands to buy more cheaply, foregoing brand loyalty and putting aside personal preferences that may have affected previous purchasing decisions.
However, while price is the key factor in purchasing decisions today, it’s not the only thing that shoppers find important. Shoppers want information, and they want to find it easily. They want to know dietary information, nutritional information, and key marketing information like instructions, recipes, and more.
A continued focus on sustainability
NielsenIQ research also shows that 64% of shoppers are willing to pay more for sustainable products, so it’s vital that brands make these attributes transparent and clear to shoppers as it ranks highly in most shoppers’ priorities.
As well as being easily accessible, this information needs to be eye-catching and attractive. In fact, 35% of shoppers say they will switch grocers or pharmacies to one with better digital features. Put simply, you need to prepare for shoppers’ needs by ensuring your product content is complete and visually best in class.
How brands can appeal to consumers
So, how can brands maintain shopper attention and not lose out in the competition for the prime place on the digital shelf?
It’s clear that today’s shopper needs more than a standardized image and basic description of a product. Your products need more. This means going beyond the product label and enhancing your below-the-fold digital content.
It’s never been more important for brands to up their game and intervene by tracking prices and remaining competitive, driving product discoverability, and providing enriched product content on product description pages. By enhancing your product content, and providing all the information shoppers need, they don’t need to click off your product page, making the journey to purchase smoother and more complete experience.
Cost of living report
Learn more about the impact of the cost-of-living crisis on brand loyalty and shopper priorities by downloading our full report “The cost of living crisis vs. brand loyalty: What will win?”