Despite the increasing economic uncertainty, supply chain issues and changes in shopping behaviors, the majority of retail CEOs in the UK are confident of sales growth in 2023, according to a new Retail Week report.
Based on interviews with the leaders of 54 UK businesses, sustainability and ensuring diversity, inclusion and engagement among staff are also key focus areas for the industry.
Disruption is the ‘new normal’ for retailers in the UK: after Brexit came the pandemic and now a cost-of-living crisis, so retailers are focusing on the things they can control.
Some Key Takeaways
- Two thirds (67%) of retail CEOs believe sales will be higher in 2023, versus 10% forecasting them to be flat and 14% expecting them to be lower.
- 61% say PPC is the area where they will spend the most marketing budget, followed by 55% for Instagram; Facebook is expected to decline sharply (from 75% in 2022 to 47% in 2023).
- 31% expect more sustainable delivery options and click-and-collect to be the most in-demand delivery options next year.
- Retailers expect an average 49% of sales to be online within three years, up from 46% now; in-store sales will decline from 38% to 35%.
- 78% of retailers have a single view of their stock but only 58% have a single view of their customer.
The ideal channel mix and the right selection of marketing tactics is unique to each retailer. What is important, however, is to maintain agility and make decisions based on what resonates with the respective target audience.
At Acronym, we leverage neuromarketing triggers to ensure our campaigns connect with each target audience in the most meaningful way at every stage of the funnel. If you need assistance identifying the right omni-retail media mix, please contact us today. We are here to help.