Amid the cost-of-living crisis demand for value continues to be a high priority for shoppers.
In a review of its Scan & Save app’s performance through February 2024, Jisp revealed that the total number of registered users had increased by eight per cent on the previous month – a significant rise which points to shoppers trying to find new ways to stretch their grocery budgets.
February saw dramatic increases in the core metrics across the app, with scans, taps and redemptions up 45%, 43 per cent and 42 per cent respectively versus January 2024. When compared to the same period in 2023 the impact of the cost-of-living crisis is even more pronounced with increases of 150 per cent, 177 per cent and 174 per cent across the same metrics.
The sharp increase in the amount of users and the number of interactions through the app demonstrates how a drawn-out cost of living crisis is driving more shoppers to seek value and explore ways of making their money go further.
One of those ways has been through the increasingly popular Scan & Save app, with shoppers making significant savings on grocery lines in convenience stores. The amount shoppers saved in February ’24 was up 38 per cent on the previous month and up 144 per cent on the same period in ’23.
Retailers have also been benefitting from the upturn in users and user interactions. Retail sales for February ’24 were up 27 per cent on January ’24 returning over £500k in the month, bringing retail revenue to almost £1million in only the first two months of the year.
Total retail sales reached £3.5m for 2023, suggesting that 2024 is on track to significantly outperform the previous year’s figures.
“The cost-of-living crisis is unrelenting, and the recent budget announcement has done little to allay the broader concerns of many cash strapped shoppers,” said Jisp MD Ilann Hepworth. “It’s not surprising then that shoppers are seeking value and exploring ways they can save and earn extra cash. Scan & Save has been delivering that value to shoppers far and above what other loyalty and rewards platforms can offer, and shoppers recognition of that value is a driving force behind the phenomenal growth we’re experiencing.
“We’re also unique in that over 50 per cent of our brand funding is put back into the supply chain, supporting independent convenience stores, through our margin enhancement model, shoppers, through our loyalty reward payments, and charities, while our brand partners secure a targeted digital marketing package which drives sales and offers the lowest cost per acquisition on the market.”
