Future of online shopping in the UK
Since online shopping has achieved its massive popularity among customers, the UK’s high street retailers have struggled to sustain their businesses. Many probable reasons have a cumulative effect for this consequence, which includes an increased impact of higher business rates on smaller companies and large chains of retails exceeding their capacities to effectively meet the demands that come with the constant change in market trends. The high street faces the most significant challenge from the rise of online shopping whatsoever. The British Retail Consortium has reported eradicating almost 85000 retail jobs in the United Kingdom from October 2018 to October 2019. A sudden change in the customer perspective has transformed their outlook on high street retailers. What do you think about the future of online shopping in the UK?
Will the high street shops close?
In 2017, the Guardian reported an increasing trend for the working class to spend their income on excellent customer experiences rather than focusing the expenditure on goods alone. Customers frequently resort to online shopping when they are willing to purchase goods and products rather than physically travelling to stores. A recent report has stated that approximately nineteen per cent of all retail sales taking place in the UK is accounted for by online shopping. As per the statistics, this number shall increase to fifty-three per cent within the next decade. Customers find it easier to avail online shopping while staying within their homes’ comfortable confines or not changing their current locations. Around the world, 1.92 billion of the global population now shops online.
Future of Online Shopping?
Any brand’s online presence gives it a significant competitive advantage over brands with a digital identity. Customers will not know about your brand’s company without a digital identity. Brands identify the edge of an online presence and experience the same benefits. In addition, they have realised the convenience and efficiency of conducting business online rather than through physical retail stores. These factors have cumulatively led to the growth of online retailing.
Future of online shopping in the UK near me
The retailers have embraced the digital advancements and modifications they brought with them. Retailers are also willing to update themselves and their services to keep up with the constant changes and digital technologies. Impulse buying habits of online shoppers have also fueled retailers’ need to adopt a more digital approach. This customer behaviour will pose importance for a considerable amount of time. Generation Y will have said to account for 30 per cent of all retail sales in 2020. Retailers will also have to consider factors like social media marketing while planning their business strategy. Customer behaviour change has introduced a wide array of opportunities into the retail business that will eradicate the need for traditional offline shopping if appropriately utilised by brands.