As inflation bites, retailers must find their efficiencies

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The reality is consumers are still getting a lot less bang for their buck – so we’re seeing budgets being squeezed like never before as inflation remains in double-digits.

The May bank holidays, and King’s Coronation will hopefully lift spirits and bolster sales in the short-term, but retailers must prioritise their customers’ needs, enhance loyalty programs, and provide next-level seamless experiences. To do this successfully, it’s about examining processes to minimise impacts wherever possible – after all, rising costs should only be put onto the consumer as a last resort.

Finding micro-efficiencies in sourcing, supply chain, logistics, and in-store processes can help retailers save on operating costs and build customer loyalty in the long term. Identifying them can be difficult, so retailers need to connect all data streams and eliminate silos, so they have one central and accessible place for all their data. From there, they can better plan inventory and stock ordering, as well as making the right decisions by their customers. At a time when budgets are constrained, now is the time to make change.