Economic Woes

Economic Woes. The economic slowdown has forced brands to adapt to economic uncertainty, resulting in strategic pricing, timely discounts, new income streams, and cutting overhead costs. Customer loyalty is a key focus for 2023, with businesses investing in retention to build trust that can outlast a recession. However, the economic uncertainty and higher prices are causing buyers to spend less, with shoppers switching to lower-priced brands and merchants seeing shrinking average cart sizes, less site traffic, and lower conversion rates.