Cost of living crisis: Industry reaction

Following today’s news that grocery price inflation has hit the highest level in 13 years as households struggle to pay bills, Mohit Paul, Chief Revenue Officer at Extenda Retail said: “If the pandemic taught us anything about retail, it’s that retailers that discover ways to adapt their business through adversity are the most successful. And now, as grocery costs rise, retailers must once again look to adapt their business, to deliver a seamless, secure, and enjoyable shopping experience that all consumers demand.

“Consumers will reward companies that provide a reliable and error-free experience on a consistent basis. While buyers are concerned with getting the best possible price, genuine loyalty comes from customer satisfaction. Above all, companies should prioritise having the appropriate goods in the right place at the right time. Proper warehouse management sets the stage for reliable delivery options, which may be important now that customers are more likely to buy their own-brand goods.

“Adopting an effective omnichannel strategy that can help to streamline processes and address the current cost of living crisis is what will differentiate businesses in an increasingly competitive market. Now is the moment for retailers to use cutting-edge technology to bridge the gap between physical and digital commerce and deliver genuine, long-term change.”