There is no denying e-commerce is successful, the UK has the third largest e-commerce market in the world with government figures indicating customers will have spent £106.46 billion online in 2019. By 2021, digital shopping is expected to reach an all-time high with around 93% of the UK’s population shopping online according to retailtechnologyreview.com.
Yet it is misleading to think it has taken over physical stores, £8 out of £10 spent in retail is still from physical stores. The decline of the high street might seem to contradict this, yet newer more innovative retailers are doing it right – the retailers who successfully manage their different channels in a combination of “bricks and clicks” are thriving.
Stores are often more “showrooms” for what a retailer can offer and allow customers a chance to interact with the brand, meaning they are more likely to trust the retailer because they can touch and feel products.
Retailers in 2020 should take advantage of the complex and diverse environment of shopping by being innovative and using an omnichannel strategy.
CEO
Martin is the CEO of Retail247. Involved in many large scale and customer focused projects Martin brings a real world thinking, pragmatic approach to innovation and strategy.