Retail sales figures are out, and they’ve risen by 4%. However, rising inflation continues to mask lower volumes.
Black Friday gave retailers a much-needed boost as consumers finished their gift shopping early and prepared for the colder weather that has now arrived. The cost-of-living crisis has helped during this year’s golden retail quarter, but the question remains if it will extend past the festive season. A short-lived boost in sales is welcome, but retailers need to start thinking long-term.
Brands need to invest in personalising experiences by leveraging data and analytics. Understanding audiences and delivering on their expectations through optimal customer journeys yields much better results than “flash sale days”, especially as we approach Boxing Day and the January sales. It’s customer loyalty that ultimately generates the value needed to foster brand longevity.