Creating the Fetch Price Index — Birk Cooper // Fetch
- Part 1Reward & Loyalty program creation — Birk Cooper // Fetch
- Part 2 Creating the Fetch Price Index — Birk Cooper // Fetch
Show Notes
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02:40The Fetch Price IndexThe Fetch Price Index is a monthly release that uses Fetch platform data to understand what is happening with inflation, purchase behavior, and demand trends. For brands, its useful to understand these trends.
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03:44Data sources for the Fetch Price IndexFetch looks at the prices of the items that users are buying based on scanned receipts. Analysis is done on price, inflation, demand, the number of trips, and all the sub-drivers that are important to understand whats happening with the consumables category.
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05:08How the Fetch Price Index looks at inflationThe Fetch Price Index doesnt just look at inflation and pricing. It also looks at the underlying trends driving demand, pricing, and inflation.
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07:30How demand impacts inflationConsumer demand sets the tone for pricing. Now that the high levels of demand from the pandemic are subsiding, it will be interesting to see how brands and retailers respond with their pricing.
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08:52How brands can leverage times of upheaval to build relationships with consumersWhen consumers switch to buying private label or make changes to the mix of items they buy, its an opportunity for brands to grab market share. Using these drastic changes in consumer behavior, brands have the chance to build relationships with them.
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10:00Brands that have performed well since the pandemicThough one-stop shops and discount stores like Costco and Dollar General have increased their prices, theyre still doing well. These brands continue to perform well because of their brand perception in the market.
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11:47What marketers should takeaway from the Fetch Price IndexMarketers can use Fetch Price Index data to activate and change consumer buying behavior. In a time where purchase behavior within a household is changing, the Fetch platform can help marketers build long-term relationships with customers for their brands.
Quotes
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"We put out the Fetch Price Index right before the Consumer Price Index. Because ours is in real-time, we typically beat the CPI by a couple of days each month." -Birk Cooper, CMO, Fetch Rewards
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"We're starting to see demand wane, and that is something that we bring within the Fetch Price Index that's really powerful. It's not just looking at inflation and pricing, it's looking at the drivers." -Birk Cooper, CMO, Fetch Rewards
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"We have a longitudinal panel of several hundred thousand shoppers we track that have been scanning receipts for several years now. And their quantity of receipts have remained consistent." -Birk Cooper, CMO, Fetch Rewards
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"We're starting to see the number of items entering the house wane and shift towards private label. Target just put something talking about how much their private label has grown." -Birk Cooper, CMO, Fetch Rewards
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"The most important part of the Fetch Price Index that we put out each month is the drill down into demand. That's what's ruling the day right now for what brands and retailers are doing with pricing." -Birk Cooper, CMO, Fetch Rewards
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"During times of change for shoppers, it's a fantastic opportunity to grab market share." -Birk Cooper, CMO, Fetch Rewards
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"If people are now trading down to private label or making changes in the mix of items that they buy, its a fantastic opportunity for brands to insert themselves and build a relationship." -Birk Cooper, CMO, Fetch Rewards
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"Where purchase behavior is up for grabs within a household, it's an extremely important time for brands and retailers to activate and use a program like Fetch to shift behavior." -Birk Cooper, CMO, Fetch Rewards
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"Data by itself has no value. It's what you do with it. And, Fetch offers the platform to activate and change that behavior long-term for your brand or retailer." -Birk Cooper, CMO, Fetch Rewards
- Part 1Reward & Loyalty program creation — Birk Cooper // Fetch
- Part 2 Creating the Fetch Price Index — Birk Cooper // Fetch
Up Next:
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Part 1Reward & Loyalty program creation — Birk Cooper // Fetch
Birk Cooper, CMO at Fetch, looks at the efficacy of loyalty and rewards programs. During the pandemic, consumer spending was up, demand was high, supply chains were in shambles, and prices increased as a consequence. Now, we’re starting to see a shift in demand, and, with purchase behavior being ‘up for grabs’ with shoppers, the data the Fetch Index Price provides is crucial for brands looking to grab market share and change buyer behavior long-term. Today, Birk discusses creating the Fetch Price index.
Play Podcast -
Part 2Creating the Fetch Price Index — Birk Cooper // Fetch
Birk Cooper, CMO at Fetch, looks at the efficacy of loyalty and rewards programs. During the pandemic, consumer spending was up, demand was high, supply chains were in shambles, and prices increased as a consequence. Now, we’re starting to see a shift in demand, and, with purchase behavior being ‘up for grabs’ with shoppers, the data the Fetch Index Price provides is crucial for brands looking to grab market share and change buyer behavior long-term. Today, Birk discusses creating the Fetch Price index.
