Online shopping could more than double its share of the retail market by 2028, according to a report that spells further difficulties for landlords, stores and communities.
As our lives become more and more digitalised and there is increased demand for faster, cheaper home deliveries meaning online shopping will soon be the dominant channel for retail and physical stores will continue to decrease in number.
Innovative retail shopping app, Ubamarket has conducted nationally representative research in light of these changing shopping trends:
> 7.6 million consumers struggle to find items in-store
> 17.8 million people said that waiting times could deter them from in-store shopping
> 73% of UK consumers – 37.5 million people – have changed their mind and decided not to buy something having seen the size of a queue in a shop
> 71% of online shoppers said they are frustrated with their online supermarket experience
> 17.5 million of the nation want an app that combines with the in-store experience and offers an end-to-end solution to payment, offers, loyalty cards and navigation
Ubamarket’s research reveals the pressure for retailers to adapt to the changing consumer climate in order to compete with their online competitors. With some of the UK’s largest retailers such as Arcadia group and Boots recently announcing the need to close stores across the country, what can retailers do to modernise the shopping experience?
Will Broome, CEO and Founder of Ubamarket, said, “The recent report highlights the necessity for retailers to advance their in-store offering. Ubamarket research has unveiled that over half of consumers prioritise convenience as the most important factor when shopping in physical stores. Retailers would do well to take this on board and amalgamating retail tech and human interaction is the best way forward.
'Technology can make the in-store experience more efficient and personalised, for example by sending shoppers personalised and real-time offers, which helps enhance brand loyalty. However, retailers have a duty to find a balance in their responsibilities to their employees and consumers, therefore retail should combine technology and human interaction to help their communities thrive.”
(source: Ubamarket, image: pexels)