The greatest challenge retailers are faced with is really how much more demanding consumers have become, mainly through online. Consumers are hyperconnected. They’re always comparing prices, and they’re taking personal recommendations from friends, reviews and social influencers. And fundamentally, they’re much more demanding when it comes to delivery and service. This creates real pressure for retailers to be on their game.
The second key thing is obviously Black Friday, which is now a major shopping event in the UK. Hitwise data shows that consumers are researching retailers and bargains and looking for discounts way earlier than ever before. And really, that discount cycle, can often continue all the way up to Christmas. This can create real challenges for merchandising, stock and even margins.
Watch the full Business Reporter interview here: Customer-centric data: The foundation of all decision making in retail
Learn how Hitwise’s Retail Analytics solutions can help your brand overcome the Retailer Black Box.