Consumer behaviour has been fundamentally transformed by the macroeconomic shocks of the last few years. The pandemic, global supply chains disruption and recent soaring inflation have unsurprisingly all influenced the way people shop. In the face of rising prices and economic pressures, consumers are becoming more savvy in how they spend, with 34% of people now spending more time researching the best prices for the products they want. While 48% of shoppers say they are happy to pay more for better quality products. As consumers become more conscious of how they’re spending their money, retailers must in turn be prepared to quickly adapt to their demands to stay competitive in an increasingly difficult economy.. 

It is key that businesses have the necessary data to ensure their business models are able to pivot in an agile fashion to the changing demands of consumers, doing this requires access to and the effective analysis of external data. By understanding this, company’s are able to better inform their operations by targeting promotions and adapting their manufacturing and inventory to match demand which can reduce waste by limiting the amount of unsold stock. In addition, when faced with unexpected consumer trends; businesses are able to use historic data to better adapt their strategies to meet this behaviour and capitalise on the potential growth opportunities they offer. The challenge for leaders is turning insights into action and ensuring their organisational infrastructure is built to get the most value from this data. 

In this free webinar, hosted by the Financial Times in partnership with Prevedere, industry leaders explored how businesses can make better data-driven decisions to adapt in line with changing consumer behaviour and capitalise on short term trends without damaging their long term business goals.

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