The cost of living crisis and why retailers have a responsibility to deliver more than just convenience

As featured in WARC

Written by: Andy Humphreys, Senior Strategist

As inflation soars, the pressure of the economic crisis continues to build for retailers and consumers alike. It’s becoming apparent that retail brands will have to go above and beyond to deepen their all-important relationships to maintain and grow their consumer-base during these uncertain times.

There are several trends in today’s landscape that can be used by brands to support, create or deepen their consumer relationships, especially in this global economic downturn. While for some customers everything will revolve around price, for others broader trends will remain critical and brands will need to continue to identify where the potential opportunities lie:

  • The rise of wellbeing – as society adopts a more open and inclusive attitude to mental health and wellbeing, brands must go above and beyond to provide comprehensive solutions and capitalize on this trend.
  • New world of sustainability – in order to appeal to a shifting mentality toward having a beneficial impact on the globe, brands must maintain their sustainability credentials.
  • Identity and Community – with the concept of identity and community becoming increasingly fluid in society, brands and marketers must appeal to the individual’s growing sense of self.

Read the full article linked above to learn more.