We are indeed in times of inflation and instability! This is not the first time our planet faces a crisis, and for sure won't be the last. Instead of focusing on the problems & limitations caused by the situation, how about we welcome the solutions & opportunities.

Since 2022, businesses have been taking conservative decisions, cutting down on budgets and letting go of their precious employees for them to "survive" the upcoming challenges. We are here to tell you that this is a big mistake.

Flashback to 2008

During the 2008 recession, Germany was the fastest country to get its economy back up on its feet. This was achieved by the government taking strategic decisions that worked in favor of German enterprises, as well as German enterprises taking strategic decisions that worked in favor of their shoppers. In short, tax cuts by the government led to businesses offering convenient deals to their shoppers. This initiated the comeback we witnessed in 2008.

Change in shopping behavior

According to a study performed on 2000 UK consumers, the current inflation has definitely changed the way people plan to shop. Not necessarily that they will be purchasing less, but rather that they will be waiting for special sales occasions and discounts in order to get more out of their money. People still need the goods, they are just waiting for the right time to purchase them. Through this key insight, arises the solution to make the best out of these times.

Create your own Black Fridays 🛍

Retailers have the opportunity to push their already discounted products and package them under a shopping event concept with the help of live & video shopping. This gives shoppers the impression that NOW is the right time to buy, as they would be getting more out of their money. Instead of waiting for next year's Black Friday, Christmas or Valentines, combine great content with great deals to make it worthwhile for your shoppers and crush your competition.

Example: Gaming Weekends 🎮

To illustrate how simple it is to adopt this strategy, I will pretend to be the owner of a leading electronic retailer. As the owner of this business, I decide to create a weekly shopping event "Gaming Weekends". During Gaming Weekends, I collaborate with content creators from the gaming world to highlight the games & consoles that are already on sale on my online store. One weekend could be the Nintendo weekend, going back down memory lane to showcase the vintage Nintendo games of our childhoods that we still love. On another weekend, I could create an Xbox vs PlayStation event, and have two gamers talk about the pros and cons of each. As long as the content is entertaining, I am confident that I would sell like crazy! The key to the success of this strategy is proper promotion of the live shopping campaign. Create a fuss about it! Here's a guide to help you do that.

As you can see, every downfall has a silver lining, in the case of this inflation, it can be a golden lining when combined with video shopping!