Best Retail Practice

Keeping up with changes in customer expectations is transforming how brands and retailers respond to economic uncertainty:  

+ 72% of consumers say that external factors, such as inflation, social movements and climate change, are impacting their lives more than in the past

 + 64% of consumers wish companies would respond faster to their changing needs

+ 88% of executives think their customers are changing faster than their business can keep up 

Focusing on life values is helping some brands reach consumers at key pivotal moments on the path to purchase. It allows them to create connections that hold fast amid constant change and disruption. Taking a holistic, dynamic view of who their customers are and offering them options that motivate their behaviours is proving successful for brands adopting new approaches. 

Storytelling has also emerged as a vital tool to connect with consumers. Brands are transforming their physical spaces and displays into immersive narratives, transporting consumers into captivating worlds that go beyond mere product showcases. Technologies and digital platforms help extend their storytelling prowess and create an immersive, multi-channel experience.  

Download the full report to learn more about proven ways to reconnect with customers and increase your retail ROI. 

* Sources: NIQ CGA, Savills research, Yelp Data 2023