During January we’ve spent some time examining the customer mindset at the start of 2023 and what brands can do to stay relevant. This week we look at what it might take, as people begin a new year in the midst of a continuing cost-of-living crisis, to motivate customers into physical stores.
What are the 3 key things retailers need to do in 2023 to stay relevant on the High Street?
Missed ‘3 things you need to know about customers’ or ‘3 things brands need to do’?
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In our first January FastQual installment we saw that the start of a new year is a time for reflection and re-appraisal and this has left many people grappling with a key conundrum: how do they continue to enjoy life sufficiently in a cost-of-living crisis?
They’ve spent 2022 cutting back on household bills and day to day expenses and know that during 2023 they’ll need to make more substantial savings. But with the restrictions of the pandemic still reasonably fresh in their minds, extreme denial doesn’t feel like an option. Simultaneously, a sense of doom surrounding national and global matters has people craving control and positive outcomes closer to home, where it is within their power.
All of this creates an opportunity for retailers to motivate shoppers into physical stores by helping their customers:
ENJOY LIFE IN A COST-OF-LIVING CRISIS
FEEL GOOD ABOUT THEIR COMPROMISES
FEEL IN CONTROL
We asked 40 of our FastQual ready respondents (a broad mix from above to below average affluence) to tell us all about how they feel towards new year resolutions, whether they’re making any this year, their hopes & fears for the year ahead, and what they want from brands and retailers in 2023.
While value strategies will help certain retailers survive, and even thrive, during 2023, for many people low prices aren’t enough to make a trip to the High Street.
By using physical stores to help resolve the conflict between costs and enjoyment, helping customers feel good about what they can do, and helping them to feel in control some of the time, retailers can provide spaces worthy of spending valuable time in.
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