BDO shows retail sales aren’t keeping up with inflation

Today’s BDO figures have shown that while retail sales have marginally grown, they have remained below the levels of inflation which has been sustained since earlier this year. What we’re seeing are hyper-sceptical consumers who look for more than price value in their purchasing decisions, and they are more than ready to do away with brands who disappoint.

Retailers must prioritise their customers’ needs, enhance loyalty programs, and provide next-level seamless experiences to encourage long-term, sustainable growth. To do this successfully, it’s about streamlining processes wherever possible – these improvements will remain beyond the period of inflation and ensure agility and resilience in the future.

Finding micro-efficiencies in sourcing, supply chain, logistics, and in-store processes can help retailers save on operating costs and build customer loyalty in the long term. Identifying them can be difficult, so retailers need to connect all data streams and eliminate silos, so they have one central and accessible place for all their data. From there, they can better plan inventory and stock ordering, as well as making the right decisions by their customers. At a time when budgets are constrained, now is the time for businesses to make a change.