The UK’s retail sector continues to face challenging times, with operating profits sitting at a concerning industry-wide figure of just 9%. This vulnerability leaves retailers exposed to broader economic headwinds, such as the ongoing cost-of-living crisis. Recognising the need for strategic innovation, our recent webinar in collaboration with IRX brought together industry experts to explore actionable insights for navigating these turbulent times.
Here’s a recap of the key topics and takeaways.
The State of Today’s Consumer
Our experts shed light on evolving consumer behaviors and identified the best growth opportunities within the digital landscape. Businesses must adapt to shifting consumer preferences and leverage data-driven strategies to stay competitive.
Incentivising and Rewarding Customers
Attendees learned effective ways to increase customer retention through well-crafted incentive and reward programmes. Creating loyalty among customers remains a cornerstone of long-term profitability.
Sector-Specific Reactions
The webinar featured valuable case studies highlighting how different retail sectors are adapting to the changing environment. These real-world examples offered practical lessons on staying agile amidst uncertainty.
Unlocking Brand Partnerships
The panel discussed how to establish both complementary and unlikely brand partnerships to broaden market reach. Collaboration can unlock new opportunities and boost resilience in today’s market.
Diversifying Revenue Streams
Finally, participants explored innovative ways to diversify revenue streams, ensuring a stable financial future for their businesses. This included actionable strategies to future-proof operations and mitigate risks.
The session featured insights from industry leaders Richard Piper, Senior Business Development Director at Webloyalty; Sam Miley, Managing Economist and Forecasting Lead at CEBR; and Ben Helyar, CEO and Founder of Digi Reach. These experts provided a wealth of knowledge, helping attendees better understand the current retail landscape and prepare for the road ahead.
Watch the webinar in full
If you missed the live session, don’t worry! The webinar is now available on-demand below, or by clicking here.