The cost of living crisis is putting immense pressure on retailers. With consumers struggling to make ends meet due to increasing gas and electricity prices, many are cutting back on spending which is having a knock-on effect on businesses. <\/p>\n\n\n\n
How does it affect retailers? <\/strong><\/p>\n\n\n\n According to Go Compare, 83% of consumers have changed their purchasing habits<\/a> with 42% saying they will stop dining out and a further 18% planning to cancel their gym memberships. <\/p>\n\n\n\n Retailers are naturally feeling the squeeze in trying to navigate an uncertain environment. <\/p>\n\n\n\n There are difficult choices to choose between such as keeping costs down to support customers, or charge higher prices instead to combat rising rental, utility and maintenance fees. But in doing so, out-of-town stores and retail sites fear that this will discourage customers from travelling to avoid costly fuel consumption, resulting in a decline in footfall – already the total number of UK retail park visits are down by 4.1%<\/a> in August, while shopping centre foot traffic fell by 22.7%. <\/p>\n\n\n\n Using footfall data to mitigate the cost of living crisis <\/strong><\/p>\n\n\n\n In a climate of limited resources, footfall data can be a powerful tool for helping retailers to weather the storm of the cost of living crisis. By understanding the postcode origins of visitors and their footfall patterns, retailers can make informed decisions on marketing initiatives, staffing levels, store locations and resource management to continue serving their customers and to promote the benefits of visiting their site to new potential customers with enticing offers.<\/p>\n\n\n\n