The latest figures from the BRC reveal that shop prices have doubled in a month, forcing customers to dig deeper into their pockets for products.
Demand for furniture and flooring was through the roof, and retailers are doubling down to continue to serve customers.
Andre Hordagoda, CEO and Co-Founder at Go Instore, made the following comment:
“The current shortages in stock, staff and consumer confidence, along with the rising cost of living, means retailers are working twice as hard right now to keep customers satisfied.
However, great customer service from informed, empowered staff can help ease the frustration of unavoidable price hikes. Retailers need to harness the expertise of their staff, whether they’re advising customers in-store, online, or through phygital touchpoints like video shopping. Stores need to empower staff to guide consumers through their options, to ensure that buyers get a valuable brand experience that is worth their precious pounds.
To help buffer the effects of inflation on the demand side, Highstreet retailers should be taking a page out of the e-commerce book. For example, harnessing accurate data analytics enables retailers to make more impactful decisions on how their business spends time and money – tracking product conversion rates or slow footfall periods to reduce wasted spend.”