Retail Experts On UK & EMEA Trends, Data and Holiday Success
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Staying ahead in the retail industry requires innovation and a solid understanding of changing consumer behavior and market trends. RetailNext's Executive Sessions bring together leading experts in retail technology to share valuable insights. In a recent series of discussions, Deli Carter from RetailNext and Miya Knights, an acclaimed author and Rethink Retail expert, examined key retail challenges and opportunities. They discussed consumer traffic, holiday trends, and practical ways for retailers to adapt to evolving shopping habits. Here are some essential takeaways from these conversations.
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Retail’s Facing Economic Headwinds
Retailers across the UK and Europe have faced a challenging environment marked by inflation, shifts in discretionary spending, and unpredictable weather. Consumer costs have risen, influencing their buying behavior, with many people now spending more cautiously. In the UK, footfall data indicates that overall traffic has been marginally higher than the previous year, yet it remains unstable due to economic uncertainties and unusual weather patterns.
Carter and Knights discussed how inflation has squeezed consumer budgets, pushing retailers to think strategically about their pricing. They also noted that unusually wet weather has affected foot traffic, particularly in the clothing and footwear sectors, as consumers delay purchasing seasonal items. This trend highlights the importance of agile inventory management so retailers can respond to unexpected seasonal shifts without excess stock or lost sales.
Regional Differences In Shopping Behavior
One important insight from the sessions was the difference in consumer behavior among the UK, Europe, and the Middle East. While the UK and EU exhibit similar patterns, particularly with peak shopping periods around major holidays, the Middle East demonstrates distinct trends. Due to a strong emphasis on luxury shopping and a vibrant mall culture, consumers in the Middle East show more consistent foot traffic, with significant spikes during seasonal events. Retailers in this region often prioritize luxury and experiential shopping, which necessitates a different approach to promotions and customer engagement compared to the UK and EU, where sales are typically driven by discounts.
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Holiday Season Outlook, From Black Friday To Christmas
Black Friday and the lead-up to Christmas remain pivotal for retailers. However, the traditional one-day Black Friday rush has evolved into a month-long event in many markets, making it crucial for retailers to extend and carefully plan their promotional activities. Carter highlighted that while discounts aren’t as deep as in past years, consumers have become savvy, shopping earlier and spreading their purchases across November.
The timing of Christmas in 2024, with the holiday falling midweek, provides a distinct advantage. Many consumers are expected to take extended leave, creating an extended shopping window from 21 December through Christmas Eve. Retailers can capitalize on this by aligning promotions and ensuring stock availability to maximize traffic during these critical days.
Navigating Consumer Preferences With Omnichannel, Experiential Retail
The sessions also highlighted the continuing importance of an integrated online and in-store experience. Findings from a UK consumer sentiment survey underscore that while online shopping remains popular, consumers still value the in-store experience. A significant portion of shoppers prefer to research online before making purchases in-store. This trend underscores the need for retailers to ensure seamless transitions between digital and physical channels, providing online information that complements and enhances the in-store journey.
Interestingly, younger consumers like Gen Z are redefining the role of social media in their shopping habits. Thirty percent of Gen Z shoppers access a retailer’s social media channels during in-store visits, illustrating the need for strong digital touchpoints that can influence purchase decisions on the spot. Carter and Knights emphasized that retailers should be present on various social platforms, understanding that each demographic may use a different app for shopping inspiration.
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Optimizing In-Store Journeys
Creating an engaging in-store experience is crucial for driving conversions. According to RetailNext footfall data, there are recognizable patterns in how customers navigate stores and interact with different areas. For example, high-exposure locations with low engagement may suggest that products are not effectively displayed or that staff members need further training to spark customer interest. On the other hand, low-visibility areas with high engagement could benefit from better positioning to attract more attention.
The appropriate staffing levels and the roles of store associates are also vital. Retailers must find a balance between employees managing online order fulfillment and those assisting in-store customers. Carter highlighted that consumers often leave stores due to long checkout lines, an issue that becomes more urgent during peak shopping periods like Black Friday. She advised retailers to utilize traffic data to optimize staffing and improve checkout processes, thereby reducing customer frustration.
Leveraging Data For Operational Excellence
Ultimately, Carter and Knights stressed the value of retail analytics in making data-informed decisions. Analyzing metrics such as dwell time, conversion rates, and customer engagement can reveal actionable insights into shopper behavior, helping retailers allocate resources effectively and tailor in-store experiences. Retailers can use this data to better understand customer needs, identify high-value store zones, and ensure staff are available where they’re needed most.
RetailNext's Executive Sessions provide a valuable platform for exploring the challenges and innovations facing the retail industry, particularly in today's dynamic environment. Featuring insights from industry leaders such as Miya Knights, these discussions offer actionable takeaways to help retailers navigate economic uncertainties, improve omnichannel experiences, and strategically prepare for seasonal peaks. By staying adaptable and data-driven, retailers can not only meet but exceed consumer expectations in an increasingly complex market.
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About the author:
Ashton Kirsten, Marketing Communications Coordinator, RetailNext
Ashton holds a Master's Degree in English and is passionate about starting conversations through impactful content and executing data-driven creative strategies. She is based in Johannesburg, South Africa, where she can be found reading, writing and researching.