Former Liverpool striker Robbie Fowler believes the summer transfer window will be vital for the club.
The Reds completed the signing of goalkeeper Loris Karius from German club Mainz on Tuesday, who joins Schalke defender Joel Matip as a new arrival at Anfield.
Liverpool manager Jurgen Klopp has already stated he intends to rebuild the team from the back, and is expected to be busy before the start of the new season.
Fowler, who scored 129 league goals for Liverpool, believes the team's failure to clinch a Champions League place will have an impact on what players arrive at Anfield.
"It a massive thing for every club obviously to buy a few players, and Liverpool will be trying to strengthen their squad," Fowler said.
"It's going to be tough. I think getting into the Champions League would have been a little bit better, but it is what it is, we go with what we've got.
"Hopefully he'll sign good players that will help the squad and we can go from strength to strength."
Despite the disappointment of missing out on European football next season, Fowler is hopeful a quieter schedule will help Liverpool progress domestically.
Liverpool were in a similar situation in 2013 when Klopp's predecessor Brendan Rodgers led his team to second in the Premier League table, the club's highest finish since 2009.
"I think under Brendan we finished second, a real good year actually, and obviously that was without the cups, so fingers crossed it's more of the same and hopefully that is the case," Fowler added.