Consumers’ interest in bio and ecological products increased last year and in the last months impulse buying subsided in the wake of falling spending amid current inflation and market maturity.
Thus, consumption behavior changes on the segment of essential goods, too. Romanians have now cut back on spending, are shopping more frequently, but less, and are accessing products that are of slightly lower quality than those purchased last year.
“In the past year, we’ve noticed a significant change in consumers’ behavior, both in terms of the value and componence of the shopping basket, as well as of clients’ purchasing habits and services offered by stores. Besides rising online shopping and home delivery services, we expect the end-to-end service for online sales to reach maturity,” says Dan Marc, founder of Footprints AI.
In the analyzed period, retailers were left with stocks, particularly in the case of luxury items and non-food items.
At present, retailers are coping with an increase of as much as 15% of operational costs. In line with Footprints AI analysis, retailers are expected to suffer a 5-10% profitability decline this year.
Footprints AI platform analyzes the data generated by consumers, using own AI technologies. On the basis of collected data, it can estimate what consumers will buy in the next 30 days.
The solution developed by the company is used by companies such as INGKA Holding, Majid Al Futtaim, NEPI, Vienna Insurance Group, Jaguar, Hyundai, Land Rover, Erste Group, First Bank and Tiriac Group.
(English version by Catalina Apostoiu)