Consumer attitudes shift quickly and in recent years customers have swerved away from bricks-and-mortar retail and towards mobile shopping – a change which was accelerated during the pandemic.
eCcommerce has become a more prevalent way to shop for nearly all consumers.
However, the Covid-19 pandemic and Vladimir Putin’s invasion of Ukraine have twisted the retail scape into uncertainty.
Progress made during the pandemic – in terms of delivering a successful omnichannel experience for shoppers or scaling a supply chain to deal with the logistical nightmares that have hampered the industry over the past 18 months – is starting to wear thin amid a new hurdle: the cost of living crisis.
“Not long ago, all people wanted was a bit of release,” Analytic Partners associate vice president Kevin O’Farrell told Charged.
“But since coming out of lockdown, challenges have been mounting for consumers – from rising energy prices to supply chain issues and now a worsening cost of living crisis.”
British consumers have started to sharply cut back on spending over the past two months as the rising cost of living hit budgets hard, according to industry data.
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