Over four-in-ten (43%) retail marketers have witnessed an increase in employee turnover in the last 12 months, according to new research of UK retail organisations and consumers by product performance management (PPM) platform ROI Hunter..
Almost a third (31%) have also been forced to let staff go because of the financial strain brought about by the cost-of-living crisis.
With 37% of marketing leaders struggling to attract new staff to fill the gaps, understaffed teams are becoming commonplace in retail organisations. This is reflective of a wider issue in the marketing sector, where there is a particular shortage of people with data analysis skills.
Increased pressure is mounting on marketing teams as they are forced to work with marketing budgets that don’t go as far as before. Our research found that 38% of retail marketers say budgets no longer stretch as far as they once did previously due to the uncertain economic climate.
“The exodus of dissatisfied retail marketers will only continue without sufficient support to drive effective online promotions.
“Retailers can empower teams through cross-team collaboration, facilitated by technology that leverages real-time product performance data insights: marketing teams can use margin and ad spend data to redirect the average 20% of their dynamic spend that currently goes to products with negative ROAS, and commercial teams can understand if a product actually needs to be discounted, or just needs more promotion.
“Amid shrinking budgets and inflation pressures, retailers need to unlock new opportunities like these and challenge the status quo,” says Karel Schindler, CEO at ROI Hunter.