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What Your Company Can Do to Offer Additional Value in an Era of Shrinkflation
It’s no secret. Prices are going up. And not just for gas or groceries but across the board. While the cost of goods and services has increased, the actual good or service hasn’t. In economic terms, this is called “shrinkflation.” Shrinkflation is the process of items shrinking in size or quantity, or even sometimes reformulating or reducing quality, while prices remain the same or increase. It’s a way companies have found to pass the buck, so to speak, of price increases to their customers. However, customers will get angry when they find out that the company they’re doing business with is charging them more for the same thing (or worse, less). No matter how loyal the customer is to the brand. And when that happens, it can negatively impact the brand’s reputation and possibly even break the trust they’ve built with its customer base.
But what if there was a value-added service that can be bundled or offered as a standalone product that can help increase the perception of the value of a company’s core product?
There is. It’s identity protection.
Whether bundled with an existing product, offered as a standalone service, or embedded as a member/customer benefit, identity protection is a service that can help provide customers peace of mind while simultaneously helping companies increase revenue, retention, and brand loyalty.
Offering identity protection isn’t limited to financial institutions, insurance carriers, or cybersecurity service providers. Retailers can be trusted providers of the service as well. Nearly two-thirds (65%) of consumers said they would feel safer with identity protection services baked into a retailer’s offering, according to our 6th Annual Holiday Identity Theft Survey. And, if retailers are looking for a particular demographic to target, there’s no better generation than Millennials. Our research found that seven in 10 Millennials (72%) are the most likely of any demographic to shop with a retailer that offers identity theft protection services.
Give Your Customers More Value by Offering Them Peace of Mind
We think everyone would agree that inflation – and now, shrinkflation – is top of mind this year. 69% of consumers ranked it as their top concern. However, what shouldn’t be too surprising is that identity theft remains a top concern for many (40%) this holiday shopping season.
Businesses should take this golden opportunity to find ways to differentiate themselves in this shrinkflation era and offer their customers an invaluable service like comprehensive identity theft protection that includes 24/7/365 access to certified fraud resolution specialists, identity and credit monitoring, and cyber protection services. Your customers expect your company to play a critical role in protecting their data and their wallets. Contact Iris Powered by Generali to learn how your business can kick off this holiday season by protecting your customers’ identities year-round.