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Household budgets and disposable income are expected to fall, with reduced consumer spending in 2023. So how can retailers preserve their profits as the cost-of-living crisis deepens?
Monetisation can simplistically be described as the action of taking an asset and turning it into money, which during these tough times when retailers need to look at all aspects of their businesses, clearly represents an opportunity to derive additional revenue streams. At this time, we are seeing cost of living pressures sweep the nation […]
15 years ago, loyalty was simply about points. Tesco had its Clubcard, Boots the Advantage card and various other retailers used a loyalty system to reward shoppers who repeated purchases. So, in today’s world of ever-growing data insights and with the latest digital technology, how has loyalty developed? The aim of loyalty schemes in the […]
The importance of customer retention shouldn’t be underestimated. Loyal customers are likely to buy more often from you and spend more money on each purchase. Keeping customers undoubtedly costs less than continually acquiring new ones. Unfortunately, many companies still focus much of their budget on attracting new first timers as opposed to allocating efforts towards […]
What is happening to the world of eCommerce? eCommerce has undergone a turbulent couple of years but there was a significant change with it being one of the few industries that were advantageous during the pandemic. Prior to COVID-19, eCommerce contributed to just below 20% of retail sales but that figure vastly increased in the […]
Secondary revenue streams are no longer a choice… but a necessity. As we navigate our way through this pandemic, we can see retailers adapting to new models to safeguard their future within incoming cash. Where alternative revenue streams may have been overlooked previously, retailers are looking to all possible options to generate new revenue. At […]
Traditionally, companies have used paid advertising as a way to promote their own stock and convince the consumer that what they were selling was worth buying. And while that’s still the case, the advent of internet retail has turned advertising on its head to become a potential source of secondary revenue, rather than cost, for […]