How Can Retailers Cash in on Improved UK Shopping Sentiment?

The year 2023 brought its fair share of obstacles for retailers, mainly due to the cost of living crisis that had a ripple effect on global markets. This resulted in reduced consumer spending, increased inflation rates, and a challenging financial environment for the retail sector.

However, with Q1 2024 in the books, and a fresh start still firmly in the minds of UK’s retail brands, PwC’s Retail Outlook for 2024 gives reason to be cheerful as the industry looks to continue the fight against economic downturn. The report cites falling inflation, high employment and wage growth, improved spending intentions and National Insurance and other Budget giveaways as key indicators of upturned fortunes in 2024. And that is before referencing that the worst looks to be over with the cost of living crisis.

Thankfully, this year is expected to bring consumers back towards ‘normal’, with improved consumer confidence and a willingness to spend. This creates an opportunity for retailers not only to increase retail sales and acquire new customers, but also to retain them, promote loyalty, and build long-term relationships. At such a critical point in time, execution must be efficient and effective. And technology can play an important role in facilitating it.

Create Convenience

As spending habits begin to ramp up, retailers must ensure that they can make the purchase process as seamless for their customers as possible. This starts with providing options. Today’s customer wants to shop in their own way: whether online, in-store, or a mix of both. Retailers must cater towards these demands, creating an effective omnichannel operation that facilitates seamless fulfilment between sales channels.

Teamwork Commerce’s powerful Order Management System (OMS) provides retailers with a range of functionality that creates a seamless purchase workflow. Connecting directly to a brand’s eCommerce platform, the OMS provides an automated solution to generate shipments. Orders can be placed from multiple locations and fulfilled anywhere.

This allows customers to shop around their own requirements. Whether they have a quick five minutes to make an online purchase, prefer to browse in-store for the right outfit, or need to pick up a pre-ordered item on their way home from work. Flexibility creates convenience, and convenience drives enhanced customer satisfaction that leaves a lasting positive impression. 

Make it Personal

According to BCG, 72% of luxury consumers have personalisation at the top of their list of things they’d like to see when dealing with brands. Of those consumers, 39% say personalised treatment in-store is the most important aspect of shopping in person. Clearly a personal touch goes a long way in delivering high-quality customer experiences. Combining personalisation with convenient fulfilment options enables retailers to deliver highly bespoke, seamless transactions that make customers feel valued.

With a reliable and secure Customer Relationship Management (CRM) platform, such as Teamwork Commerce’s Secure CRM solution, retailers can tailor individual interactions for every visitor across all sales channels. Creating a holistic, real-time view of customer information – including purchase history, shopping preferences and sizing.

Armed with the right information, retailers can make tailored recommendations to customers, assisting them in their browsing and creating truly individual interactions.

Speed is Everything

Consumers expect to have their products promptly. In a world of streaming services, super-fast broadband and same day delivery, speed has become an important currency. Convenience and personalisation will make customers feel valued, but creating effortless, speedy transactions will take a retailer’s operations to another level.

Teamwork Commerce’s Mobile Point of Sale (POS) technology allows in-store associates to complete transactions from anywhere on the shop floor in seconds. Armed with a tablet that can also access a range of store information in real-time – from inventory levels to CRM information – associates can provide a fast, personalised service before completing quick transactions.

Not only does this benefit the customer – whose time in-store is minimised while they receive a top-quality service – but the retailer can also conduct more transactions and reduce in-store queueing.

The Time for Tech

2024 promises to offer improved opportunity for retailers compared to last year’s difficulties. As we hurtle towards the summer, retailers must look to leverage the latest technology available in order to capitalise on renewed customer appetite for spending. With the right service, supported by the right platform, retailers can create high-quality experiences that create customer loyalty and long-term business success.

Interested to see how your retail business can benefit from an all-encompassing retail technology solution? Get in touch today.