Retailers Grappling with the New‑Year Price Surge
New research from workforce‑management tech firm Fourth tells a familiar story: the cost of running a shop is on the rise, and sales staff are feeling the pinch. In fact, 28% of retail leaders are buzzing about the expenses they’ll face this year, while 31% of them worry that inflation will force price hikes.
What’s Really Hot in Retail Right Now?
- Supply chain hiccups – 61% say the snags in getting products to shelves are the biggest headache.
- Energy crunch – the ongoing electricity and gas spike keeps the lights from going off for too long.
- Inflation‑induced price tag drama – 31% of leaders face pressures to raise prices to stay afloat.
With the energy crisis showing none of its sides, retailers are already planning how to shield both their books and their team against the storm.
Employees Want a Little More Flexibility
When you’re pulling in a paycheck, every day feels like a gamble. That’s why 81% of retail workers say it would help to access earned wages on demand, instead of waiting until the end of the month. But only 13% of employees actually have that option right now.
Financial stress, especially during a recession, is no joke. Retail bosses are stepping up: 23% of them plan to raise salaries to keep up with the cost of living.
The Challenge of Money‑Smart Employees
With prices climbing, many workers are realizing just how scarce their financial literacy is. 22% of retail staff are clamoring for more guidance—particularly on how to make the most of earned‑wage access before they start pulling it on their own.
Expert Take: The Road Ahead
According to Fourth’s MD EMEA, Sebastien Sepierre, “the financial crisis is making headlines in a way you can’t ignore. It’s also pointing us toward the tools our teams need to protect their money.”
He adds: “Whether it’s introducing earned‑wage programs, beefing up financial literacy, or bumping up salaries to keep up with inflation, retailers have several ways to support their staff right from Q1.”
Retail tech keeps evolving, offering everything from smart workforce solutions to advanced financial tools that put control back in employees’ hands. A willingness to experiment with these technologies could be the edge that helps retailers ride out the rest of the year.
Where to Find Out More
Fourth’s latest research is detailed in the white paper titled “A View from the Experts: The Shape of Retail 2023.” The document offers leaders insights into industry trends, opportunities, and the pain points they’re likely to tackle this year.
— Interested in the full scoop? The white paper can be downloaded from Fourth’s website (no link provided to keep this text simple). Enjoy the deep dive into the retail landscape!
