Storm clouds were starting to gather at this Summer’s IGD Business Updates, as grocers Tesco & JS set out their plans to weather the headwinds on the horizon.
Barometer in hand, our Planning Director Ruth McConnell headed to November’s Insight & Impact event with a view to discovering how brands, shoppers and retailers were readying themselves for the ever-increasing rumbles of recession.
“The event reconfirmed many of this Summer’s forecasts – that volatility is the new normal and the cost of living is a crisis in the UK.
Shoppers and consumers are changing their behaviours both in-store and online, including switching to categories like Frozen, buying Own-Label, and shopping smaller basket sizes. And at the same time, customers don’t want to compromise on quality and ethical priorities”.
Blue Chip Planning Director
Although it can feel like doom and gloom – all is not lost for brands and retailers alike. Times of change and uncertainty offer up greater potential for lateral & creative thinking – which is exactly what retailers and many brands are embracing:
- Looking for ways to be more efficient and build resilience across the whole supply chain cycle
- Working more closely together in partnerships between retailer and brand to offer shoppers value beyond just simply price
- Aiming to make retailer and branded events more special – including seasonal and national sporting fixtures
- Developing products, ranges and promotions to offer customers something for the occasions when they would have typically eaten out of home and are no longer doing so
- Being more creative around innovation, taking it beyond simply the product and into packaging, ecommerce and shopper missions
- And considering the technology shoppers are buying – like air fryers and slow cookers – to innovate meal solutions around this
If you’re looking to sense check that your strategy is storm-proof, or are simply looking for some tactics to save for a rainy day, you might like our Big Shop workshop. Building on IGD insights, it’s jam-packed with practical tips to help you better serve shoppers in 2023.
To find out more or book a session, get in touch with our Planning team: firstname.lastname@example.org.