"With consumers now spending one in every five pounds online, it's easy to assume that everyone only shops online. However, is it all as dark and gloomy as it first appears? Firstly, you can't deny the growth of online. There has been consistent growth over the last few years with 71% of people now shopping online."
"In 2018 there were 2500 individual store closures from 500 retailers in the UK, a 40% increase year on year from 2017. Not a very reassuring picture so far. However, the high street and shopping malls still have a high spend and whilst there may be store closures across Britain, people are still spending, with 41% saying that they enjoy shopping for clothes."
"Retailers need to not look to emulate online but instead focus on what they do best. Offering unique, branded instore experiences that are still sought out by shoppers. For example, in recent years Lush has shifted away from opening new sto"
Retail is experiencing significant disruption with store closures increasing 40% year-on-year in 2018, driven by online shopping growth where 71% of people now shop online and one in five pounds are spent digitally. Social media and mobile platforms have redirected consumer spending from physical stores. However, the high street remains economically important with 41% of consumers enjoying clothes shopping and over half maintaining dedicated clothing budgets. Men particularly allocate substantial budgets averaging £400 or more. Rather than competing with online retailers, physical retailers should leverage their unique advantage by creating distinctive, branded in-store experiences that consumers actively seek out.
#retail-transformation #e-commerce-growth #physical-retail-strategy #consumer-behavior #omnichannel-retail
Read at www.thedrum.com
Unable to calculate read time
Collection
[
|
...
]