Inflation is falling, consumer confidence is rising – it seems there’s finally light at the end of the tunnel. There will likely be a lag in price tags changing as cost reductions cascade down the supply chain.

Nonetheless consumer expectations could dictate that some essential items in particular see immediate price drops. Therefore, it’s imperative for businesses to find the efficiencies that will allow them to do this, if only short term, bridging the gap to the more general reduction to goods and other costs. The benefit of this on-going mission is that many efficiencies could remain once costs do drop, which will help profitability and resilience in the future.

Price is just one piece of the puzzle, but all retailers must provide value, service, and trust if they want to set themselves apart. When times are tough, those players that aren’t resilient or agile, get separated from those who are, and customers notice.

It’s crucial for retailers to prioritise their customers’ needs by listening to what they want and making informed decisions. Actively listening to customer feedback, enhancing loyalty programmes, providing seamless experiences, and ensuring that consumers have access to the right products at the right time, will result in more satisfied – and returning – customers.