VideoMining behavioral data shows that as grocery prices rise, shoppers are approaching their in-store purchase decisions with more thoughtfulness and caution.
Food prices are expected to grow more slowly in 2023 than in 2022, but still at above historic-average rates. The USDA reported prices of food purchased for at-home consumption in March 2023 were 8.8% higher than in March 2022.
As prices continue to rise, shoppers are approaching their in-store purchase decisions with more thoughtfulness and caution.
With shoppers, action speaks louder than words.
VideoMining's proprietary in-store behavior capturing technology observes without interfering, allowing insights into authentic at-shelf behaviors that are made at the exact moment of choice. For example:
- As the prices in the Dry Pasta aisle have increased by an average of 15%,
- The average shopping time for the category has increased by 9.6%!
- As the prices of Single Serve Frozen Meals has increased by an average of 17%,
- The average shopping time for the category has increased by 14%!
What does this mean for brand strength?
As shoppers spend more time deliberating at the shelf, they are more likely to reevaluate their intended purchase, and thus are more likely to switch to other brands, such as private label, or trade down to other substitute products that will bring less strain on the shoppers’ wallets.
Evaluating brand strength has always helped suppliers tailor their shopper marketing plans and identify optimal in-store merchandising solutions that will reduce waste in marketing spend and grow return on investment. However, in today’s new normal at retail, suppliers and retailers must reframe the questions they traditionally ask to evaluate brand health and overall category performance.
What metrics tell the full story?
At-Shelf Brand Strength can be assessed by looking critically at actual shopper behaviors at the shelf. VideoMining suggests leveraging its patented metrics that track real in-store behavior to uncover your Brand Stability Quotient (BSQ) and your At-Shelf Win Rate (AWR).
For more information on how these metrics can unlock concrete insights that bring context and clarity to brand performance, click here.
