Around six in ten consumers claim low prices will become more influential when choosing where to shop and what to buy in the next two years.
According to the Institute of Customer Service which surveyed over 10,000 people, businesses need to offer more than just discounts to customers.
The institute’s chief executive Jo Causon also clarified that consumers were looking for products that weren’t “just cheap”, and wanted flexibility and transparency from businesses as well.
Causon added that staff needed to be understanding of financial pressures and offer a range of payment options.
On top of this, the charity said firms should offer advice on budgeting, maximising product usage as well as implementing technology where necessary.
The advice comes as prices have risen at their fastest rate in 40 years, with inflation reaching a CPI of 9.1%.
“Organisations cannot avoid these issues. They will need to develop service strategies that are responsive to evolving customer needs but also protect short and long-term business performance,” Causon said.
Over 17% of those surveyed said they experienced a product or service problem, the highest overall level since records began in 2008.
However, customer service issues have also seen a spike of abuse from shoppers towards service staff. Recent data revealed 44% of frontline service staff had experienced hostility from customers in the past six months.