How Shrinkflation Can Affect Small Businesses and Customer Loyalty
Monday, 20 May 2024, 18:30
Small business owners implementing shrinkflation
A recent survey revealed that 12% of small business owners utilize shrinkflation, selling smaller sizes at the same price. An additional 20% are considering this strategy to tackle high costs.
Customer reaction to shrinkflation
- 68% of consumers switched brands due to shrinkflation
- 45% opted for generic alternatives
- 29% researched alternative products
Marketing alternatives to shrinkflation
- Communicate openly about pricing challenges
- Tell a transparent supply chain story
- Offer new customer loyalty incentives
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.