Against a fluctuating economic backdrop, retailers are facing unprecedented pressure from all sides. But although today’s retail landscape is undoubtedly challenging, it is also filled with opportunities for change, progress, and innovation.
This report highlights the online opportunities amid the challenges, and the new digital and customer engagement approaches required to help move forward in continuing challenging times.
Read the full report for insights and a guide to good online trading in 2023.
Success in challenging economic times can come with laser-focused attention on the customer and what they want from the shopping and online experience – because they are currently more discerning about their spending.
It is the job of retailers and brands to ensure they respond with the best possible, frictionless, most flexible offering to their users.
Despite the difficult economy, there are plenty of examples of retailers embracing innovation to get ahead. Throughout the pandemic, retailers were quickly launching projects that usually would have taken many months to bring to market. By adopting a similarly innovation-focused mindset, retailers can navigate their way through more economic turmoil.
The way that people shop, purchase, and pay for things has changed dramatically – and quickly – in recent years. But payments can still be a pain point for customers: not knowing the final cost before reaching the checkout page and a preferred payment method not being accepted at checkout are two of the top five online retail frustrations. Retailers and brands need to know exactly how their audience wishes to transact and deliver the experience they expect.
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