During times of inflation, merchants should do their best to be there for their customers and to provide support. This can be done by helping them save money or by helping customers find in the store substitute products that cost less.
Help Customers Save Money
Helping customers save money can be done by offering financial advice. Companies can, for example, give them tips for spending within their budget at the store, give advice to save money or recommend less expensive substitute products or services.
Stores need to be responsive to customer needs and their desire to save money to keep them buying. For example, stores can offer digital coupons with attractive promotional offers. Targeted discounts to periodically save money helps a lot to keep customers engaged.
People are looking for discounts and coupons. They want to get a great deal, especially in times of inflation. Many people base their shopping decisions on the coupons they have and special offers. Discounts and “buy one, get one free” offers attract customers.
Discounts and Freebies
Discounts and freebies boost customer loyalty and sales, but sometimes businesses are unable to offer them. In that case, the best solution is to do fewer promotions, but make them more effective. This can be done by creating targeted and personalized offers based on customer behaviors, their needs at the moment, and statistics you have collected such as the frequency of purchases.
Help Customers Find Alternatives
Being there for customers also means helping them find alternatives that allow them to save money or have access to the products they need even if prices have increased.
If you offer cheaper, but still quality, alternatives, customers are more likely to continue shopping at your store. Do not hesitate to make promotional campaigns to make these products known to your customers and encourage them to buy them.
Ask Customers How They Are Doing
To be there for their customers during difficult times of high inflation, retailers can also simply ask their customers how they are doing with the sole purpose of listening.
For example, ask them questions on your store’s social media. Here are some examples:
- How do you deal with changes in the economy?
- What is important to you when engaging with a company?
- What did you have to give up because of the price increases?
Take the time to thank your customers for their purchases and for their loyalty. By showing that you care about your customers, recognizing their loyalty, and understanding their situation, you can build a lasting relationship with them that goes beyond buying from your store. If they realize the business is there in good times and bad, they’re more likely to continue supporting your store in return.