Provoke Insights’ Carly Fink and Jordin DeSenzo wrote about factors that drive consumers to plan their produce purchases versus making impulse buys in a recent article for Produce Business. They highlight how understanding these behaviors, especially in the context of rising inflation, can help produce brands and retailers better target their marketing strategies through market research.

• Produce brands face two types of customers: meticulous planners and impulse shoppers. Understanding the balance between these groups is crucial for effective marketing strategies, especially in the context of rising inflation and economic challenges.
• Inflation significantly affects grocery shopping, with 85% of shoppers noticing price hikes. 
• Most Americans purchase produce weekly, with supermarkets being the preferred location. While pre-planned purchases dominate, impulse buys account for only 15% of produce purchases.
• To boost impulse buys, supermarkets should enhance in-store advertising, strategically position pre-cut produce in high-traffic areas, and highlight the nutritional benefits of produce. Utilizing TV and social media platforms for promotions can also capture the attention of weekly produce shoppers.

Business Insider explores the frustration caused by dynamic pricing in light of inflation, leaving consumers uneasy about fluctuating costs across different sectors. Provoke Insight’s Carly Fink points out the challenge of introducing new pricing strategies during periods of heightened price sensitivity and other insights. 

• Rising inflation and tech-enabled dynamic pricing make consumers increasingly uneasy about fluctuating costs.
• There is a challenge to introducing new pricing strategies during periods of heightened price sensitivity.
• Americans feel prince fatigue as they navigate unpredictable prices across various sectors like groceries and travel.
• Despite efforts by businesses to optimize pricing, consumers are longing for stability in their purchasing decisions amidst economic uncertainty.

Despite higher menu costs, the Radio Advertising Bureau recently reported a rise in dining out and takeout nationwide. The article cited Provoke Insight’s seventh wave of research, which states that radio listeners are identified as key patrons who contribute significantly to dining expenditures and tend to tip generously across various dining settings.

• Sales at drinking and dining establishments have surged despite rising menu costs, indicating a strong preference for dining out or taking out food.
• A new trend, ‘tipflation,’ has emerged, where consumers feel increasingly pressured to tip more, influenced by the growing number of tipping prompts at the point of purchase. 
• Radio listeners, a significant portion of dining patrons, tend to spend more on meals, even amidst rising menu prices. They also tip more frequently across various dining establishments compared to non-listeners.
• Radio advertising effectively reaches patrons of all types of dining establishments, from quick-serve to fine dining, driving both foot traffic and online engagement for restaurants.

Fast Company’s interview with President Carly Fink was cited in MSN’s article about digital shelf price labels (DSLs). Walmart plans to introduce digital shelf price labels (DSLs) in 2,300 US stores by 2026 to streamline pricing updates and improve efficiency. Implementing dynamic pricing during the rollout of DSLs has been a controversial topic among marketers. 

• Walmart’s rollout of digital shelf price labels (DSLs) aims to streamline operations and improve customer service. According to a press release, the DSLs will allow price updates with “a few clicks” instead of days of work.
• DSLs introduce features like “Stock to Light” and “Pick to Light,” which enhance efficiency by aiding in accurately restocking and fulfilling online orders.
• Carly Fink from Provoke Insights highlighted the potential benefits of dynamic pricing with DSLs, suggesting it could optimize pricing strategies based on market demand, as reported by Fast Company.
• Despite concerns, Walmart clarified that its DSL system currently does not support dynamic pricing and has no plans to introduce such functionality.

Fast Company interviewed Carly Fink, President of Provoke Insights, to discuss the impact of digital price tags and dynamic pricing at big-box retailers.  Provoke Insights recently researched the topic of dynamic pricing as this new retail structure becomes more prominent. While some restaurants are ready to transition to this model, national retailers like Walmart deny plans for dynamic pricing, emphasizing adjustments only for specific promotions. Consumers remain wary, fearing rapid price changes akin to surge pricing in other industries, despite the potential benefits of lower prices during off-peak times.

Some noteworthy insights include:  

• Walmart is expanding digital shelf labels, enabling remote price changes for over 100,000 items via mobile app, freeing up staff, and enhancing inventory management.
• Despite assurances that the technology won’t enable dynamic pricing, concerns remain about its potential for fluctuating prices similar to surge pricing in other industries.
• The consumer worries are valid since 63% of people are more budget-conscious than six months ago.
• Proponents argue dynamic pricing could benefit consumers during off-peak periods but stress the need for transparency to manage consumer expectations.
• Dynamic pricing in retail remains contentious despite potential benefits during off-peak times.

Provoke Insights explores customer perceptions and strategizes for effective ways to implement dynamic pricing in restaurants.

Modern Restaurant Management presents the research findings of an April 2024 trends report by Provoke Insights. The article delves into the concept of dynamic pricing in the restaurant industry, discussing its potential benefits and pitfalls. It highlights the importance of implementing dynamic pricing strategies effectively to boost revenue without alienating customers. Initially met with skepticism, dynamic pricing gains favor when framed as discounts through membership programs for off-peak hours, with over half of consumers expressing keen interest in such initiatives.

Some noteworthy insights include:  

• Dynamic pricing refers to the practice of adjusting menu prices based on various factors such as demand, time of day, or level of patronage.
• Awareness of dynamic pricing is low among Americans, with urban dwellers and parents more likely to be familiar with the concept.
• Two-thirds of consumers are initially averse to dining at restaurants using dynamic pricing, however, interest in dynamic pricing increases significantly when presented as discounts offered through off-peak hour memberships
• Restaurants should emphasize the benefits and discounts of dynamic pricing rather than focusing on peak-hour price increases to improve consumer perception and engagement.

TEGNA and Provoke Insights Millennials research published in TVNewsCheck

In the summer of 2022, TEGNA Partnered with Provoke Insights to delve into the many perspectives among American millennials. The segmentation study revealed six distinct archetypes among the generation.

TVNewsCheck recently published an article summarizing each of the six segments in the first public release of the study’s results

WholesaleCentral, a leading resource for merchandisers, featured Provoke Insights’ in-house research on retail technology.

Provoke Insights’ most recent wave of in-house research was fielded in March 2022, taking a deep dive into over 15 industries, including retail technology. By better understanding how consumers feel about innovative technology, including QR codes, tap-to-pay, mobile apps, and smart vending machines, hospitality/retail brands can better tailor to the customer experience.

The standout findings include:

• Consumers who enjoy retail tech are more likely to be brand loyal
• Retail customers are most aware of QR codes (71%) and tap-to-pay mobile payments (66%)
• These tech-savvy shoppers are impressed with store cleanliness (36%) and customer service (30%)

As the shopping experience continues to become digitized, it’s crucial that brands understand customers’ attitudes and habits when it comes to retail technology.