What Will Cause 90% of People to Leave Your Business? Insight From the Shopper Experience Study

Credit: 2015 Shopper Experience Study.

Consumers are willing to walk in order to pay less money on products. 93% of people are willing to purchase products from another retailer for a lower price according to the Shopper Experience Study. When price is not a factor though there are other reasons that consumers will choose one retailer over another. 48% of consumers will not choose the retailer with the lowest price in favor of convenience, loyalty programs, and return policies.

Cognizant's SVP of Products and Resources Practice Leader Business Consulting, Steven Skinner recommends three changes for retailers to make that will help tailor their business to suit customer desires. These changes may lead to greater customer satisfaction and loyalty.

1. Include store associates in digital technology rollouts: Testing of new applications should not occur once it reaches the customers’ hands. Include store associates from the beginning and allow for continuous feedback from associates.
2. Empower and train associates: store associates interact with customer and play a vital role in determining if a business receives repeat business. Train associates so they are able to exceed customer expectations. Make sure they understand what tools/tactics are available to them and when they should be used to make a sale.
3. Create a loyalty strategy that emphasizes personalization: Do not flood all of your customers with the same message. People want a loyalty program that feels unique and insightful.

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The Premiumization Trend in Pet Products

In the pet market, “premium” products are becoming increasingly popular. This premiumization of products have been a trend for over 10 years according to a Packaged Facts’ report. While the pet market has not been experiencing large growth in terms of money spent the gains it has seen are primarily due to the availability of high priced, high quality products according to Packaged Facts Research Director, David Sprinkle.

Sprinkle said, “Absent any other galvanizing factors toward increased pet ownership, ongoing premiumization is crucial if pet market dollar sales are to continue to rise." So what makes a product “premium”? Premium products contain special nutraceutical ingredients, use “human-quality” ingredients, and follow human food trends such as the use of superfruits, ancestral grains, and exotic proteins.

Nutraceutical treats are becoming more popular and this trend has been linked to the “graying” of the pet population. Many treats contain supplements that claim to improve pet health and minimize discomfort.

Naturally, premium products cost more than standard brands. According to Packaged Facts, standard brands often have a 20% markup while premium brands average 30% markup, and super premium foods can reach 40% markup. Consumers are often willing to spend more money for premium products because they claim to offer multiple benefits (for example, treats that help health conditions).

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Protein For Pets Changing the Way Customers Shop

The dog food company, Protein For Pets (P4P) is changing the way customers shop for pet food. P4P was formed in 2014 and is designed to meet the needs of customers while providing natural pet food to all income brackets.

Starting this month, P4P will offer a raw dog food called ‘Naked’. Naked will be manufactured and sold within California, United States. The company has secured funding from CircleUp and plans to expand business in California and across the West Coast of the United States.

Raw dog food is only one of the changes the company is implementing. P4P is also offering 'Naked' kibble that is sold in gravity dispensers and packaged in recyclable bags. Customers will be able to choose the exact amount of food they want to purchase. P4P is also selling reusable food bags.

P4P Founder and CEO, Marco Giannini said, “As Protein For Pets continues to grow, we are taking significant strides to further enhance our easy, one-of-a-kind customer-friendly experience as well as help the environment. We are thrilled to introduce P4P Naked to consumers who are looking for a top-quality raw dog food option that is both unique and cost-effective. Just as with humans, there are many benefits dogs reap from eating a healthy diet. Shinier coats, healthier skin, higher energy levels, cleaner teeth and smaller stools are just some of the advantages dogs will experience as a result of eating raw food such as P4P Naked. In addition, and equally important, eating raw foods supports a healthy planet. The earth benefits from utilizing simpler food sources while great amounts of natural resources are spared.”

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