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Consumers continue to feel the effects of inflation, especially when it comes to their grocery shopping. Thrive Market CEO Nick Green joins Wealth! to discuss the state of consumer spending and how Thrive Market seeks to ease the burden of inflation.

"People are looking for ways to save, and in our case for Thrive Market, we're providing healthy, natural, organic products which are even more expensive typically," Green explains. He says that consumers are currently more sensitive to promotions, so Thrive's membership model works because it has items discounted anywhere between 20% and 40%. The company also runs seasonal sales and cash-back offers, which have helped contribute to the rising number of memberships.

Thrive Market was one of the first and only online retailers to accept SNAP benefits. Green says the platform has a lot of low-income users who not only seek discounts but are able to use their EBT to purchase groceries.

Thrive Market continues innovating, using a machine-learning algorithm to help load customer carts with recommendations. Green says that this initiative has led customers to purchase about half of the recommended products in their first orders."We absolutely see AI as a core pillar of the future of grocery shopping," he says.

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This post was written by Melanie Riehl