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blog
With footfall on the high street reported to have declined month on month over the previous quarter, retailers are under pressure. A decline in confidence is affecting trade. There’s also the significant shift to online, with e-commerce growing 16% year on year, which, although decelerating compared with previous years, is still growing faster than stores. And, finally, there’s the move to the discounters. Read the rest of Tim’s article here, in which he discusses retailer’s market share and shares his tips for regaining customer loyalty over the Christmas period.
If I were to highlight one strategic trend from the headlines this year, it is that retailers are finally starting to shift their digital transformation efforts up a gear. In August, Ofcom underlined why retail must redouble its efforts in following the customer online when it revealed near ubiquitous levels of UK smartphone penetration. One-to-one marketing is now a potential reality, not a dream.
The results are in for Black Friday and it’s not good - even with potentially large price discounts, consumers still didn’t respond well, with like-for-like sales down 0.5% last month and footfall dropping 5.5% post Black Friday – almost double the decline of the previous year. Lessons from 2017 also proved that cutting prices simply cut margins and profitability, without increasing customer demand.
To achieve lasting, in-depth customer loyalty, retailers must develop keen insights into their customers, understand their behaviors and preferences, and deliver valuable, relevant offers and communications to customers based on those insights. To do that, they need connected customer data.