UK retail will suffer into the New Year, according to new forecasts from the Retail Think Tank, as mounting mortgage and rental costs affect see consumer confidence get worse.
But all is not lost, retailers can bolster consumer confidence over the festive season and take this as an opportunity to steal a march on competitors.
Jeff Eckel, Director at e2open said, “Retail is being hit hard by plummeting consumer confidence. But cutting costs isn’t necessarily the only way retailers can win customer loyalty and bolster sales.
“Success over the last leg of the holiday period will hinge on the ability to ensure availability of goods, as well as offering seamless communication and real-time updates on orders when product shortages do occur.
“Retailers can gain a competitive edge when they have complete inventory visibility and management from local distribution centres down to faster sourcing of products from alternate suppliers.
“They can achieve this by leveraging logistics plans that are both flexible and scalable, employing new technologies such as predictive algorithms to mitigate disruptive events.
“Ultimately, greater visibility means greater opportunity to diversify suppliers and meet tight production deadlines – vital to minimise risk, fulfil orders, and bolster consumer confidence this festive season.”
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