Festive season & price wars bolster sales as consumers become savvier

The latest ONS figures show a slow pick-up in retail sales figures, following a yearlong trend of decline in spending. With 2022’s festive season knocking at our doors, now is not the time for retailers to get comfortable and complacent. The time to change strategies is yesterday!

Price wars offer short term value for companies and being cost-competitive continues to be a key driving factor for consumer spending. However, more is needed to lay the grounds for a successful future. With non-essentials dropping in shoppers’ priorities, it’s no longer just about offering the lowest prices in the market. People have become very savvy and will also be looking for tangible experiences that resonate on a personal level.

Customer loyalty will be the key differentiator that puts brands ahead of their competitors. Emotion is a great catalyst for action. Personalising experiences, connecting with their audiences, and providing positive, memorable interactions with consumers is what retailers should strive for. With an unpredictable future ahead of us, long term success will come to those who put customers first, through honesty and transparency.

 

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