By Susan Viamari
It’s no surprise that consumers are changing how they shop, where they shop and when they shop. In fact, consumers now have more than 2,500 unique potential paths to purchase.
Since the “average shopper” is no longer identifiable, IRI’s latest Times & Trends report, “Channel Migration: The Road to Growth Has Many Lanes,” takes a closer look at current shopping trends and provides a road map for marketers seeking to protect and grow their share of the nearly $737 billion CPG marketplace. We’ve also created a new infographic detailing “The New Shopper Journey.”
Key findings from the Times & Trends report include:
- During the past year, grocery and drug channels experienced flat to negative trip frequency and declining basket size, while the Internet saw a modest uptick in both frequency and trip spending.
- While overall trip frequency was flat to slightly positive during the past year, per trip spending is on the decline; dollar and club are noteworthy exceptions.
- Millennials will account for nearly 30 percent of CPG spending by 2020 – more than $250 billion.
- The grocery channel is struggling to maintain share amidst intense competition and a powerful wave of economic, demographic and technological influences.
- Increasingly, consumers are confining their shopping to fewer channels – the channels they perceive to offer the best value.
- E-commerce features several distinct retail models. Understanding these models is critical to ensuring alignment against consumers’ needs and wants.
Consumer engagement and the CPG shopping journey have forever changed and the evolution is far from over. CPG marketers absolutely must adopt a strong multi-channel relevance—including a strong and seamless digital presence—or they will undoubtedly face obsolescence. To solidify a position in the express lane along the path to growth, flawless execution is essential.
To learn more, you may download the full report here. Additionally, you may register for this month’s Times & Trends webinar taking place at 11 a.m. CT on November 5, during which I will discuss our findings in further detail.