Whilst shoppers wasted little time getting out and spending as restrictions eased, the initial rise in retail footfall has inevitably worn off – further dampened by the ‘pingdemic’. However, the results are not all bad, upon closer inspection. Although retail sales volumes fell by 2.5% between June and July, they are still 5.8% higher than the pre-pandemic February 2020 levels.

Sales were also 5.2% higher in the three months up to July – but keeping this momentum up requires a longer-term strategy. Retailers need to invest in creating personalised, valuable experiences across all touchpoints. This goes further than just offering the products customers need. It’s about providing unique experiences, whether that be rapid same-day delivery or experiential destination stores. To achieve this, retailers need to invest in understanding their customers, by collecting and analysing consumer data through effective digital marketing engagement programmes.

Faced with shortages, supply chain delays, and unpredictable weather, forecasting algorithms also need revision. Traditional forecasting techniques, based on historical data and trends may no longer work effectively. Retailers need to show agility in the buying process, especially as the return to travel and work ensues. As we approach the back-to-school season, we will likely see heightened sales activity linked to last-minute holiday essentials, workwear and schoolwear. As things calm down in September, retailers should take the opportunity to prepare for the golden quarter, ensuring they have the right stock at the ready. This preparedness will be difficult to achieve but can be helped along by analysis of consumer shopping patterns and behaviours, and even predictive AI and ML tools to forecast short-term demand.