<p>Tapping into shopping trends is an important part of retail success. Spotting those trends can be easier than a lot of people think – it’s all about knowing where the shopping peaks are, then focusing your attention on them. </p><p>In any given year there are plenty of focused periods of retail activity. They’re a perfect opportunity for some carefully planned, customer-centric marketing and sales wins. Because if you could tap into the interest and enthusiasm these events generate, you could start to capture some of the sales associated with them. </p><p>Here are a few ideas to help get you started. </p><h3>The end is only the beginning </h3><p>Let’s get the Big One out of the way first. Around <a href="https://insights.gfk.com/retail-reckoning-how-important-is-the-year-end-peak-trading-season" target="_blank">one-fifth of retail sales</a> happen in the end-of-year peak. It kicks off in late November, taking in Singles Day, Black Friday, Cyber Monday, Hannukah, Christmas, and Kwanza. Relying on one big peak may have been enough in the past. But times have changed. Thankfully, there are plenty of opportunities to be found elsewhere throughout the year.</p><h3>This sporting life </h3><p>In 2024, there are <a href="https://www.bbc.co.uk/sport/67592570" target="_blank">major sports events</a> to meet just about every taste: Euro 2024, the Olympics, Paralympics and men's and women's T20 Cricket World Cups. Not forgetting regulars like Wimbledon, the British Grand Prix, and test cricket.  </p><p>TV sales typically increase by 5% whenever there’s a football World Cup. The last World Cup, hosted in Qatar in 2022, generated <a href="https://www.talkingretail.com/news/industry-news/retail-sales-expected-to-reach-1-6bn-during-world-cup-10-11-2022/%5d" target="_blank">around £1.6 billion in UK retail sales</a>. Food, drinks, and other home-entertainments are also high spending categories. So, too are things like shirts, scarves, flags and banners in the full range of participating countries’ colours.  </p><h3>Health and wellbeing </h3><p>From coughs and colds to seasonal allergies, lots of people find themselves feeling under the weather no matter the weather. In 2023, <a href="https://www.statista.com/statistics/521811/otc-cough-cold-sore-throat-sales-value-great-britain/" target="_blank">£583 million was spent on remedies</a> and treatments for coughs, colds and sore throats.  </p><p>Offer tips and information on staying well, along with stories from customers who can tell their own stories. Demonstrate that you are knowledgeable and trusted by other customers, and people will be drawn to you in greater numbers. </p><h3>The great outdoors </h3><p>Speaking of the seasons, every spring millions of people discover or rekindle their love of gardening. The pandemic saw record spending on gardens – reaching <a href="https://www.insightdiy.co.uk/news/brits-spent-billions-on-their-gardens-in-2021/10752.htm" target="_blank">more than £18.6 billion</a> according to the specialist DIY site, InsightDIY. It also crunched the Google search data to compare 2020 and 2021 and found that searches for the term ‘garden furniture’ rocketed 293%. </p><p>Encourage your customers to share photos in their feedback – ideally showing them enjoying some outdoor time with whatever they just bought from you. That will help other shoppers to picture themselves in a similar way. </p><h3>Beware of the bandwagon </h3><p>There are some particularly important dates that you may want to pay attention to throughout the year. The list includes Pride Month, Juneteenth, Diwali, Ramadan, Lunar New Year, Black History Month and more.  </p><p>Proceed with caution, though. Don’t cynically attach your marketing to something that is hugely significant to great numbers of people if all that matters to you is making a few extra sales. Instead, make sure you are in-step with the things that matter to your customers and act accordingly. You can <a href="https://www.feefo.com/uk/business/features/surveys" target="_self">use polls and surveys</a> – via email, or social, or a third-party such as Feefo – to understand what motivates your customers.  </p><p>Remember, when it comes to reviews and advocacy there are some immutable truths – honesty, trust, and relevance are just three of them. Start planning for and building up your library of feedback in areas that will be relevant to the events you want to target, whether that’s the World Cup, Wimbledon, or World Book Day.  </p><p>Advocacy is a key focus for us, here at Feefo – we want the world to know what a great job you’re doing at looking after your customers. We’re experts at helping businesses like yours to be more customer-centric and to find ways of generating more revenue from customer loyalty.  </p><p>If that sounds like something that could help you, drop us a line – we’d love to talk. </p>

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How brands can respond to seasonal trends

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<p>To say that the retail industry has been going through turbulent times in the last few years is an understatement.</p><p>A lot has already been written on how the Covid-19 pandemic introduced additional challenges for brick-and-mortar and online retailers - while they already faced a raft of macro-economic pressures.</p><p>A recent <a href="https://www.barclayscorporate.com/insights/industry-expertise/the-new-retail-reality/?cid=socialpaid2linVideo_Viewsthe_new_retail_reality_02RW_Video" target="_blank">report from Barclays </a>on new retail trends, however, suggests retailers are feeling more confident about growth over the next 12 months. In this article, we bring together some revealing industry statistics together with research carried out by Feefo. We then explore how businesses can take advantage of new opportunities and gain a competitive advantage by harnessing the power of advocacy.</p><h2>The impact of the pandemic</h2><p>As the pandemic hit, consumers became more cautious about spending. High-ticket purchases dropped as a result, with people focused on essential items - including new ones such as facemasks.</p><p>Brick-and-mortar retailers were already struggling with a wave of closures before Covid-19 struck. But the pandemic accelerated that decline, with the bulk of closures being on the high street. In 2021 alone, the BBC reported that more than 17,000 UK chain stores closed - including big names such as Debenhams, Laura Ashley, and the Arcadia Group.</p><p>As consumers turned to online shopping, companies that already had online sales operations or could set them up quickly fared better than physical outlet retailers. According to <a href="https://www.business-live.co.uk/special-features/online-shopping-surged-during-pandemic-21202301" target="_blank">BusinessLive</a>, the top 100 UK retailers reported that on average their online traffic increased by 52% during the pandemic. This included shopping for everyday essentials like groceries.</p><h2>Covid-19 added more pressure to the existing issues retailers faced</h2><p>Even before the pandemic, there was a raft of macro-economic hurdles that retailers had to deal with. These included:</p><ul><li>Inflation - one of the biggest drivers that can impact the retail market and one that hits both consumers and businesses</li><li>Interest rates - as we’re seeing in the UK at the moment, a government strategy to control inflation is to increase interest rates. As of August 2023, the Bank of England has raised interest rates 14 times in a row, and it says they may stay high for some time to come. This obviously increases the cost of credit and can reduce consumer spending, especially on bigger purchases such as home electronics, etc</li><li>Exchange rates - if your business operates internationally, it will be affected, positively or negatively, more than other businesses. A weak currency leads to higher import costs that can lead to increased prices on the shelves, with the opposite being true when a currency is performing well</li><li>Economic growth - a country’s economic state, as measured by things like GDP and unemployment levels, plays a significant part in how the retail market fairs. During periods of economic growth, consumer spending is usually higher as people tend to have a greater disposable income. If an economy is shrinking, they tighten their purse strings, and consequently, retail spending goes down</li><li>Government policies - taxation, trade tariffs, and regulations affecting products and services can have a direct impact on retail profitability. Increased taxation leaves people with less to spend. Tariffs can force prices up or even reduce the availability of imported goods</li><li>Demographic trends - these can affect the types of products and services people use. For example, spending on youth fashion will be less in an ageing population. So retailers need to have strategies in place to meet changing consumer needs</li></ul>

<h2>What we’re seeing in the real world</h2><p>Virtually all of the factors above, with the exception of demographic trends, have a direct impact on consumer confidence and spending - the lifeblood of retailers.</p><p>However, perhaps somewhat surprisingly, the recent report from Barclays Bank shows that 85% of retailers are more confident about growth over the next 12 months compared to last year. This is despite the impact of Covid-19 and the pressures on global markets caused by the war in Ukraine.</p><p>But companies will have to compete harder for each customer’s ‘share of wallet’. The report also points out that 84% of non-grocery and 86% of grocery shoppers have changed their spending habits and are looking around for deals because of rising prices.</p><p>Whether it’s because they have less to spend or they’re becoming more environmentally conscious, people are repairing things more than before, rather than replacing them. A Deloitte report showed over 50% of people did this in 2022. The same report showed that 40% of consumers are turning to second-hand or refurbished goods.</p><h2>The power of invite-only verified customer reviews to influence shoppers</h2><p>The good news for retailers is savvy shoppers aren’t buying products and services based on price alone. <a href="https://www.barclayscorporate.com/insights/industry-expertise/the-new-retail-reality/?cid=socialpaid2linVideo_Viewsthe_new_retail_reality_02RW_Video" target="_blank">Research from Retail Economics</a> has shown that in the last year, 34% of consumers have increased the time they spend researching products before they buy them.</p><p>True value for money, as well as the overall customer experience, still play a parts in people's decision-making. This is where retailers can use a verified customer reviews strategy to help them maintain sales and profitability.</p><p>A survey we carried out with YouGov in July 2023 showed that a massive 96% of UK consumers read reviews before making a purchase. It also showed that 70% of consumers trust reviews more if they’re from verified buyers - that is, people who have actually purchased the product or experienced the service before leaving a review.</p><p>As part of this research, we also asked people why they left reviews:</p><ul><li>30% were telling businesses what they liked or disliked about their products or services. This type of feedback can provide insights that help companies sharpen their competitive edges.</li><li>50% left feedback to help other people like them spend wisely.</li></ul><p>The way you reply to customer reviews, positive or negative, can also have a big impact on how people feel about your business. In research we carried out, 44% of people who left negative feedback would use a company again if it gave them a satisfactory reply. And 40% posted positive social media comments about a business that handled complaints well. It’s not just the reviewers that are influenced by your replies either. People reading the reviews and replies will see that you take what your customers say seriously and that you do something about it.</p><p>The Barclays retail trends research shows that retailers are taking all of this to heart and are ‘especially optimistic’ when it comes to capturing consumer feedback and confidence. 60% of them now say they’ll use what they learn to guide their business practices - for example, to develop hyper-personalised marketing strategies.</p>

<h2>Turning verified reviewers into loyal customers and brand advocates</h2><p>More than ever, customers are desperately looking for honest, helpful guidance when it comes to making choices about where to shop and what to buy.</p><p>So, investing in creating brand advocates is something any smart marketer or business owner should have high on their list of priorities.</p><p>Why? Because consumer advocates can help:</p><ul><li>Increase brand trust</li><li>Reduce marketing spend</li><li>Provide invaluable social proof</li><li>Increase sales</li><li>Protect your brand</li><li>Generate invaluable insights</li></ul><h3>But how do you go about creating advocates?</h3><p>Engaging with customers by asking them to leave a review is a great way to start, as it automatically extends the relationship beyond the point of purchase. It opens up a conversation.</p><p>To create true advocacy, brands need to do more than just listen, though. They must prove they care about their customers’ needs and pain points. They have to act on feedback and show consumers that their voices are heard and their opinions count. By demonstrating that you value what you’re being told and are committed to providing the best possible products and services, you can build a base of loyal customers who will become your greatest brand advocates. At Feefo, we call this The Value Exchange.</p><p>Creating advocates is, therefore, a long-term strategy. There will be some customers that engage immediately with a product or service. But, the strongest connections will form over time through repeated interactions, all of which serve to strengthen the bond between the customer and the brand.</p><h2>What this all means for retailers today</h2><p>The issues caused by the Covid-19 pandemic are declining, on the whole, and the majority of retailers are feeling optimistic about the future - despite the other macro-economic challenges they face. However optimism alone doesn’t guarantee business success. And old assumptions are no longer valid. Smart retailers need to steal a march on their competitors by talking to their customers, listening to what they have to say, and acting on the insights they learn. By meeting the needs and addressing the issues consumers are facing today, brands can create the lifelong advocates they need to guarantee a profitable future.</p><p>If you want to learn more about creating advocates for your business, download our <a href="https://www.feefo.com/uk/business/resources/customer-retention/the-power-of-advocacy" target="_self">Power of Advocacy report</a>.</p><h2>Talk to us</h2><p>If you’d like to discover how Feefo can work for your business,<a href="https://www.feefo.com/uk/business/enquiry/get-in-touch" target="_self"> get in touch</a>. One of our team will be happy to talk you through the benefits of working with the world’s largest verified customer ratings and reviews platform.</p>

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Navigating the effects of macro-economics in retail with verified customer reviews

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Navigating the effects of macro-economics in retail

<p>Thanks to the wild world of social media and influencers, the never-ending drama of politics, and the growing chorus demanding real action on sustainability (side-eye to those businesses pretending to be green), trust is now the make-or-break for brands. And let's not forget the AI revolution – as tech gets smarter, consumers are demanding more than just innovation. They want transparency, authenticity, and a bit of real talk. In this digital age, if you're not keeping it 100, you're not keeping your customers.</p><p>Now, everyone knows that predictions are hard. But sometimes it’s even harder to resist the temptation. So, we’re going to make a prediction: this year, the issue of trust (particularly online) will become more pertinent than ever.</p><p>Not just in relation to the everyday things we do online, like shopping or banking, but trust in the people and institutions that govern our societies, too.</p><p>This year will continue to be dominated by the US presidential election. The past two such elections were hotbeds of online campaigning. Social media was an important tool for engaging with voters, news organisations, and campaign teams. Sadly, it was also used to sow discontent and disinformation – phrases like ‘fake news’ and ‘<a href="https://www.forbes.com/sites/lbsbusinessstrategyreview/2017/05/22/the-post-truth-world-why-have-we-had-enough-of-experts/?sh=601352f854e6" target="_blank">post-truth era</a>’ became part of everyday life.</p><p><a href="https://www.cfr.org/blog/ten-elections-watch-2024" target="_blank">More than three dozen countries, with a total population of around four billion people</a>, will hold a major election in 2024. According to a 2021 survey from the OECD, <a href="https://www.oecd.org/governance/trust-in-government/" target="_blank">only around 40% of people trust their national governments</a>. The same survey found that levels of trust in government among younger people are even lower.</p><p>Whether or not you subscribe to the view that democracy is under threat, it’s reasonable to assume that trust is about to come under fire – from all directions.</p><h2>Beyond the political arena</h2><p>As much as we now take things like ecommerce and banking apps for granted, trust is the absolute foundation of the online economy. Whether we’re talking about the physical or the digital, business or personal, from the political realm to where you choose to buy your lunch, we’re all looking for the same thing. A reason to trust.</p><p>But according to Wired: “<a href="https://www.wired.co.uk/article/bots-online-advertising" target="_blank">Bots are polluting the internet. Fake online users make up as much as 40% of all web traffic</a>."</p><p>On social media platforms, the blue tick became synonymous with verification, although some of the shine may have worn off that recently. More broadly, the use of HTTPS along with TLS/SSL certificates to show a website is using up to date encryption, has helped consumers feel confident about online shopping. Privacy statements, cookie usage details, data protection regulation – you name it, there is a lot of great work that’s been done to make it possible for consumers to verify who they are dealing with.</p><p>The problems of fakery, however, persist. Like some dreadful, digital version of Whack-a-Mole, almost as soon as one avenue is closed off to them, those who seek to trick, trap, and generally try the patience of consumers online, find other ways to pop up when least expected.</p><h2>Openness and transparency</h2><p>The Digital Markets, Competition and Consumers Bill has now (as of January 2024) <a href="https://bills.parliament.uk/bills/3453" target="_blank">reached the committee stage in the House of Lords</a> and is expected to enter the statute books before the end of the year.</p><p>If and when it is passed, this new Act will, the government says: “Ensure that consumers and traders <a href="https://www.gov.uk/government/news/government-clampdown-on-fake-reviews-and-hidden-fees-to-help-customers-cut-the-costs-of-living" target="_blank">continue to benefit from reviews that represent a genuine experience</a>, while stamping out the purchase and sales of fake reviews, and ensuring firms take an appropriate level of responsibility for reviews on their websites.”</p><p>A separate report from the UK Department for Business &amp; Trade suggests that: “<a href="https://assets.publishing.service.gov.uk/media/6447c00c529eda000c3b03c5/fake-online-reviews-research.pdf" target="_blank">For all ecommerce platforms widely used by UK consumers, we estimate that 11% to 15% of all reviews for (consumer electronics, home and kitchen, sports and outdoors) are fake</a>.”</p><p>Put simply, to stay on the right side of consumer law, it’s in everyone’s interests to start getting this stuff right sooner rather than later. That means we all need to be able to verify that the opinions and information we’re being fed can be safely consumed.</p><p>That applies just as much if you’re a marketing manager trying not to waste money advertising to bots, or a shopper relying on reviews from so-called ‘shoppers like you’ as part of your decision-making process.</p><p>If your business isn’t currently being robust about something as simple as cracking down on fake reviews, it’s not too late to make an addition to your list of 2024 objectives.</p><p>Start by examining your current reviews strategy and try looking at it through the eyes of a brand-new customer. How recent are your reviews? Are they easy to access and easy to understand? Is it possible to filter or refine them? And is it abundantly clear that those reviews were left by verified customers? We’ve created a handy guide on the <a href="https://www.feefo.com/uk/business/resources/business-insights/the-importance-of-understanding-consumer-behaviour-for-business-insights" target="_self">importance of understanding consumer behaviour</a> for business insights which might be worth a quick read too.</p><p>Helping people find trustworthy information is one of the things we do best at Feefo. It’s also one of the things we’re proudest of. If that sounds like something that might help your customer reviews strategy run like clockwork, why not drop us a line?</p>