Today’s ONS July figures show a slump in sales of 1.2%. We saw a typical British summer last month with heavy rain and travel chaos deterring consumers from purchasing summer items.
Even with inflation falling for a second month running, rates remain high and costs are still soaring, and now with further hikes in interest rates likely, retailers have a big task on their hands in the coming months. They need to manage price rises carefully and even try to reduce them to below their current levels. With complex demand forecasts to manage, now more than ever retailers need real-time accurate data aggregated from across their organisations and from other relevant sources in order to enable fast decision making and to optimise demand forecasting and buying processes.
Consumers are often now only loyal to low prices – little else matters. Retailers must continue delivering on this promise to beat the competition.