The Resilient Retail Game Plan Episode 87

Five Key Factors Impacting The Retail Industry Right Now

Podcast show notes

Five Key Factors Impacting The Retail Industry Right Now

It’s been a strange few years and it doesn’t seem like we can expect an end to the unexpected any time soon.

Off the back of a pandemic, we’re now experiencing a rise in the cost of living, climbing inflation and even further instability created by ongoing geopolitical events.

It’s no surprise that all this is affecting consumers and retailers alike, and when things get tough and your sales slow down it’s sometimes hard to identify what the root cause might be, and all too easy to start feeling like you’re the problem. So, in today’s podcast, I want to assuage that fear and cover the five key factors impacting the retail industry right now: Consumer confidence, rising prices, the evolution of online, conscious consumerism and the growth of retention over acquisition.

In this episode, I discuss how we can strengthen consumer confidence through more empathetic messaging, and how revisiting the ‘value triangle’ is integral to justifying the purchase of your products to nervous customers. I also touch on the growing importance of being a value-driven business that not only does no harm but does good and why leveraging online tools and upping your engagement with your warm audience should keep you and your business in good stead through tougher times.

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