How Shoppers Really Decide: Value, Sensory Shopping, and AI’s Limits with Steve Markenson

Episode notes

In this episode of The Curiosity Current, hosts Molly and Stephanie sit down with Steve Markenson, Vice President of Research & Insights at FMI – The Food Industry Association and President at WBA Research, to explore how broad, industry-wide research shapes the trillion-dollar food retail ecosystem. With more than two decades in market research, Steve explains how FMI connects data, policy, and practice to help the entire food industry make smarter decisions. He breaks down FMI’s ACE model (Advocate, Collaborate, Educate) and shows how research guides everything from SNAP benefits and tariffs to consumer trends and labeling standards. Through the Value Matrix, Steve reframes value as a balance of quality, relevance, experience, and convenience, helping brands see why shoppers’ trade-offs are rarely irrational. The discussion turns to the role of technology and AI in the research process. Steve shares why AI can improve speed but not replace the curiosity and empathy that define good insight. He calls it the “paintbrush,” reminding us that real understanding still comes from people.