ONS Retail sales will be short-lived, says Five9

196 Views

As we’re all aware, the current levels of inflation are driving up the cost of living, and it’s no surprise that consumer confidence is at such a low point – the trajectory of which has been evident since the start of the year. Today’s ONS retail sales figures are a nice surprise, but it’s clear that they will be short-lived. Consumers are seeing the cost of living take a hit and their money isn’t going as far as it once did amid further price hikes. So, what are businesses doing to remain competitive?

With British consumers paying higher prices for products and services, companies must focus on the customer experience (CX), now more than ever. That starts and ends with customer experiences that are anchored in empathy, providing a human connection across every touchpoint for your business.

For example, personalising communications with targeted loyalty programmes and relevant discount offerings will bolster sales. Meanwhile, services such as Intelligent Virtual Agents (IVAs) and digital engagement channels will provide 24/7 self-service capabilities, empowering agents to deal with queries or concerns more accurately. Amid record-high inflation, leading with empathy will be key to increasing sales and inspiring long-term loyalty.