Cost of living rises at fastest pace for 30 years:听personalised offers are a window to how consumers can minimise growing costs of monthly food bills. Will Broome, CEO of Ubamarket, discusses how AI can save shoppers more precious pounds.
The Future of Offers and Discovery
An increase in food costs and the enduring energy bill crisis is continuing to drive up consumer prices听at their fastest rate in nearly 30 years, with grocery prices rising by 6%.听However, new trends and technology is emerging that could help provide a solution to the unabating concerns over the inflation of prices, including the white-label retail technology,听Ubamarket.
While traditional price slashing is currently working for supermarkets, consumer habits are set to radicalise the ways in which they receive such offers. In today鈥檚 data-driven culture, investing in technology, particularly mobile apps which hyper-personalise the shopping experience for each consumer base, can help retailers to better target each individual customer. They can then better observe the shopping trends and continue to successfully make the in-store experience more appealing.
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Enthusiasm For Data-Driven Offers
Signalling the desire for greater autonomy over the offers that they are provided, consumers have voiced their enthusiasm for data to have more influence on determining the offers they receive, uncovered in national research commissioned by听Ubamarket听鈥� a white label retail tech pioneer that designs听the Scan, Pay, Go app for Central England Co-op, EuroSPAR and Budgens, providing听AI driven听personalised offers听for users of the app.
- 52% of people in Britain听(almost 24 million people)听are happy for retailers to collect and use their consumer data if it means there are money saving opportunities attached to it听(this figure increases to听60%听for millennials)
- 24% of people in Britain听(10 million people)听say that UK food听retail听is one of the only sectors that they don鈥檛 mind receiving听personalised offers听from
- 23% of shoppers听(over 9 million听people)听feel they have lost up to hundreds of pounds worth of savings and offers due to not always using their loyalty card
The data听suggests that a considerable number of people would be likely to shop in-store if they were well-informed of discounts, for example, through an app or alerts.听This would also suggest why continental discounters听have become so competitive. Furthermore, Ubamarket鈥檚 data indicates that the mountain of loyalty cards racked up by shoppers is no longer effective.听Introducing mobile technology听which helps shoppers to track and earn points across multiple stores and听retailers, can help customers to unlock the deals and money saving opportunities and encourage them to frequent the physical stores.听Will Broome, CEO of Ubamarket, discusses how AI-driven offers is set to become far more prevalent in grocery retail.鈥淭he rapid increase in consumer prices is clearly a cause for great concern. With the cost of living increasing at the fastest rate in the last 30 years, consumers need to be made aware of the ways in which respite can be provided to them. For those looking to curb their grocery costs听that isn鈥檛 to the detriment of their diet, personalised offers could provide an incredibly viable solution.听鈥淥ur research clearly shows that a huge portion听of consumers see personalised shopping and easy access to offers and loyalty benefits as key elements of their shopping experience.听Incorporating technology, such as in-app payments and听personalised offers, can make the high street offering as convenient as possible and encourage more footfall into stores. Technology gives shoppers a reason to get up off the couch and feel excited to shop in-person again, and at Ubamarket, we are committed to providing this technology to help traditional听retailers not only survive but thrive.鈥�
