Is It Possible To Make Inflation An Accessory To Success??

Let’s face it, inflation is here to stay, and retailers of all kinds are feeling the pinch.

With costs of everything going up, from production to distribution, a change in how retailers “do business” may be needed. Flexible businesses and open-minded brands need not fear, as there are many ways to respond to the choppy waters. Talking points could include, but are not limited to:

Less is more

Thinking smaller to sell bigger! Following consumer purchasing patterns and tighter budgets, and working this to your advantage.

Thinking long-term

Tighter purse strings don’t always mean lower spending. Group48 business insights demonstrate that consumers are wanting to purchase items at a higher price point that will last them longer.

Adapting to the landscape

Both consumers’ and businesses’ former lives have changed, and your retail model should mirror this. By looking deeper into the day-to-day of who you’re selling to, you may identify unique patterns that will result in sales.

Accepting permanent change

While we may be seeing the light through changes of the last 2-3 years, it may be time to accept that some things have permanently changed, and getting back to “the norm” may result in backward steps.

This article was sourced from a media release sent by Fiona Mendonca of Group48