As the UK continues its route out of prohibitive pandemic restrictions, retailers must navigate an altered shopper landscape. Catering to new consumer needs won’t be easy, but it will be vital for success.
How big is the retail opportunity in the UK?
Retail sales dipped slightly during the height of the pandemic but will recover this year to pass £500 billion ($641.18 billion), a figure higher than pre-pandemic sales. Digital sales will underpin most of that growth, with an increase of 19.0% expected in 2021, pushing ecommerce sales to £182.92 billion ($234.57 billion).
What trends are disrupting retail?
There are five key factors UK retailers should note. All retailers should immediately address the three issues of omnichannel retail (specifically, linking physical and digital retailing), delivery, and sustainability. Meanwhile, specific retailers should consider direct-to-consumer (D2C) retail and subscription commerce.
What must UK retailers do to address the opportunities?
Adaptation is key. Traditional, physical-first retailers that have failed to adapt to digital are disappearing from the high street. Digital-only retailers that benefited during the pandemic, meanwhile, are struggling now that shoppers are heading back into stores.
WHAT’S IN THIS REPORT? This report sizes the opportunity for UK retailers and outlines the key strategies they need to adopt to stay relevant.
KEY STAT: Nearly 40% of UK retail sales will occur online in 2022. But retailers need to focus on both the digital and physical aspects of their customers’ shopping journeys to succeed and thrive.
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