18 Nov 2022
How retailers can win customers in a more challenging climate
As we enter this critical period of the year for retailers, they are faced with a series of new challenges dampening consumer confidence. The impact of inflation with consumers facing real-term pay cuts, increased energy costs, surging mortgage bills and now the highest interest rate hike in more than 30 years.
A headache-inducing cocktail of challenges in this critical time for boosting the bottom line. Yet retailers have shown remarkable resilience and adaptability over the past two years to continue to offer customer-centric strategies. They will need these qualities to continue to survive and thrive.
So how to react? In a recent study we carried out in conjunction with YouGov, we wanted to look at the impact of this inflationary period on consumer behaviour. What are the drivers of purchasing in these challenging times and what is the impact on cross-category purchasing? By understanding the motivations of different consumers at this time retailers can ensure they truly focus on their needs. Those that do will be rewarded.
To read the full article by Dan Todaro, Managing Director please visit Retail Sector
Photo by Rachel Hannah Photo on Unsplash