Woolworths Group acknowledges the ACCC’s Supermarket Inquiry final report and will carefully consider its findings and recommendation Woolworths Group notes that the ACCC has included many recommendations that the Group has already taken action on to improve the experience and transparency for customers and suppliers.
Over the past 18 months, Woolworths Group has: ● delivered increased value to customers through lower prices and deeper promotions; ● committed to improving price transparency in the horticultural sector; ● simplified promotional programs and made Specials and other offers clearer thou improved ticketing in-store; ● made it easier for customers to find and compare the best unit prices for products on t Woolworths website and app; ● launched Watchlist, a new digital tool to notify customers when products are on Special or promotion; ● increased the number of affordable Own Brand products, which are on average 30% cheaper than the branded equivalent; ● launched a new points breakdown feature on the Everyday Rewards app for greater transparency on what points customers are earning at the checkout; ● supported the introduction of a mandatory Food and Grocery Code of Conduct with serious penalties for large grocery businesses As per the ACCC recommendation, Woolworths already publishes all product prices online.
Woolworths Group CEO, Amanda Bardwell, said: “We have worked constructively with the ACCC to help it understand our business, the sectors in which we operate, our suppliers and supply chains, and the considerable competition we face.
“We play an important role in the lives of millions of Australians, more than 200,000 team members, and our suppliers. “We have taken steps to improve the experiences customers and suppliers have with us, and continue to listen carefully to all of them.
“We fully understand that customers want us to make it easier to find value, especially as cost of living remains their major concern. “We recognise they have experienced several years of significant inflation, with an escalatio the cost of mortgages, rent, transport, insurance, energy, food and many other household essentials.
“As reported by the ACCC, supplier costs to supermarkets also increased dramatically in the wake of the COVID-19 pandemic. “Year on year prices in our Australian Food business have now declined for four consecutive quarters, as noted at our F25 Half Year Financial Result.
“Our experience, in store and online, is that the Australian grocery sector is very competitive. “Our customers have greater choice than ever before and are cross-shopping between different retailers more often. If we don’t get it right for our customers, they shop elsewhere.
“We welcome recommendations that improve transparency for customers where they don’t have unintended consequences or increase costs.
“Long standing and mutually beneficial relationships with our supplier partners, both small a large, are also critical to enable us to better serve our customers. “We support improved transparency for suppliers, particularly fresh produce suppliers, and we stand by our previous commitment to the horticultural industry on this issue.
“Having fully cooperated with this Inquiry, we will review the report and its recommendations to identify any insights to make us a better business for our customers, suppliers and communities in which we operate.”
