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Modern Retail: ONS Retail Sales January 2023 Findings – What They Mean
Philip Hall, Managing Director, Europe at Rithum said: “It’s been a challenging start to the year for many retailers and brands. Consumer confidence has taken a hit, and the low discretionary spending reflects the fact that consumers are battening down the hatches in response to the economic storm overhead.
“With the uncertainty set to continue for the foreseeable, brands and retailers are focused on profitability over everything else. Ecommerce will be a big focus of conversation for those looking for ways to adapt quickly to shifting demand patterns, maintain profitability and meet consumers where they shop.
“As every penny counts, consumers are more price-conscious than ever, with some looking in-store, then checking prices online before making a decision. Retailers and brands are also assessing every channel’s performance and honing their marketing strategies to avoid any wastage.
“Any bets taken in the next few months will need to be carefully calculated as the margins are so fine. Retailers are leaning into unowned inventory to meet customer needs more profitably, and one option that brands are exploring is consolidating stock pools. This minimises risk as if one retailer sells out of a product, then the brand can shift over any excess stock to ensure the customer can still make the purchase.”
About Rithum
Rithum (formerly CommerceHub and ChannelAdvisor) is a leading global commerce solution that supports the entire commerce journey—from product listing and discovery to order fulfillment and performance optimization. By streamlining the path to purchase, Rithum enables brands and retailers to operate more efficiently, so they can maximize profitability.
With AI-powered automation, unified insights, and seamless integration across commerce and media channels, Rithum allows your team to focus on growth strategies while we handle the complexity of omnichannel orchestration. Whether you’re launching new products, expanding into new markets, or optimizing retail media campaigns, Rithum helps you turn every customer touchpoint into a revenue-driving opportunity.
Top global retailers and brands, such as Adidas, Best Buy, B&Q, Draper Tools, The Home Depot, and Zalando, trust Rithum to streamline their commerce operations and maximize results. With teams based in the U.S., U.K., Ireland, Spain, and Australia, we partner with clients worldwide to make commerce smarter, faster, and more connected.
Media Contact
Walker Sands, for Rithum
rithum@walkersands.com
