Retailers are obsessed with “the experience.” They pour money into slick apps, same-day delivery, and Instagrammable stores. All of that sounds great in a marketing meeting. But when you actually ask customers what they want, you get a very different answer. A recent survey asked people which single investment from a retailer would matter most to them in a few years. A whopping 71.3% said the same thing: lower prices. Not a better app. Not faster shipping. Not a fancy loyalty program. Just make things cheaper. It wasn’t even close. That’s not just a data point. It’s a wake-up call.
The Industry Is Solving Yesterday’s Problems
For the last decade, retail strategy has been built on the idea that the best “experience” wins. And to be fair, in a world of low inflation and easy credit, that made a certain kind of sense.
But today’s shoppers are dealing with a much bigger problem: they’re broke.
Rent is up. Groceries are up. Gas is up. For a huge number of families, the money left over at the end of the month isn’t just shrinking—it’s gone.
So when a company announces a big investment in anything that doesn’t lower the cost of living, it feels completely out of touch. People aren’t against new ideas. They’re just trying to get by.
Price Isn’t a Factor. It’s The Factor.
Retailers like to think of price as one of many tools they can use, alongside product selection, brand image, and convenience.
That way of thinking is officially broken.
When nearly three-quarters of your customers say price matters most, it stops being a tool and becomes the only one that can open the door. If you’re not competitive on price, a massive part of the market won’t even consider you. The rest of your strategy is irrelevant.
That’s a tough pill to swallow for brands that have spent years trying to convince us they’re above competing on price. But customers are dragging them right back down to reality.
The Loyalty Program Myth
We all know the thinking behind loyalty programs: give people points and perks to create “stickiness” and keep them coming back.
Here’s the thing: loyalty is a luxury when your budget is in a freefall.
If a competitor offers a significantly better deal, most people will switch in a heartbeat, no matter how many points they’ve saved up.
This doesn’t mean loyalty programs are useless, but it does mean they’re not the main event anymore. Price determines if you even get a chance to compete. The program is just a tie-breaker.
Why Is This So Hard for Retailers?
If the answer is so obvious, why doesn’t every retailer just slash prices?
Because it’s incredibly hard.
Lowering prices isn’t a marketing decision; it’s a whole-business problem. It forces you to have brutal conversations about:
- Shrinking your margins
- Overhauling your supply chain
- Playing hardball with vendors
- Becoming radically efficient
It’s much easier to get approval for a new app or a branding campaign. Those feel like smart, strategic moves. Cutting prices can feel like giving up.
But customers don’t care how hard it is. They just care what they have to pay.
The Winners Will Be Ruthlessly Efficient
The retailers who thrive in this environment won’t just run more sales. They’ll completely rebuild their businesses to support lower prices for the long haul.
That means they will have to:
- Slash waste, not just trim the fat.
- Rethink their entire product lineup to focus on what offers real value.
- Use data to pinpoint exactly where a lower price will win them a customer.
- Invest in a supply chain that actually cuts costs, not just one that’s fast.
In other words, you have to earn the right to be the cheapest. You can’t just fake it.
Experience Still Matters—But It Comes Second
None of this is to say that a good customer experience is irrelevant. It just means it’s no longer the first thing people look for.
A great app won’t save you if your products are 15% more expensive.
Same-day delivery is useless if people can’t afford what’s in the box.
Personalized offers feel hollow when the starting price is already too high.
A great experience is what you add on top of a fair price. It doesn’t replace it.
The Simple, Uncomfortable Truth
Retailers spent years trying to change the conversation from price to experience.
Well, the customers just changed it back.
When 71.3% of people say they want lower prices above all else, they’re not being subtle. They’re telling the entire industry exactly what to do.
The only question is who’s going to listen.
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