Last year represented one of the worst years ever faced by the traditional retail industry since records began in 1995, as one in three UK retailers posted profit warnings and December footfall figures dropped 3.5% across the board from 2018. However, there are some bricks and mortar retailers, particularly discounters such as Aldi, Lidl and Primark, who have prospered despite the poor conditions.
In a time where shoppers can order and purchase a vast range of products, including every-day groceries and necessities online, it is essential that traditional retailers take heed of consumer behaviour and dramatically improve the in-store shopping experience to ensure continued prosperity.
Now, new nationally representative research from retail tech pioneers Ubamarket sheds light on the ways in which British shopping habits have changed, and suggests how these statistics can be acted upon by struggling retailers: 52% of people in Britain (almost 24 million people) are happy for retailers to collect and use their consumer data if it means there are money saving opportunities attached to it (this figure increases to 60% for millennials).
In today's data-driven culture, investing in technology, particularly mobile apps which hyper-personalise the shopping experience for each consumer base, can help retailers to better target each individual customer. They can then better observe the shopping trends and continue to successfully make the in-store experience more appealing.
The research suggests that the answer to the retail industry's woes could well be a unique blend of deals and data. If traditional retailers can implement technology which provides more insightful data on the shopping habits of their consumers, and allows consumers to enjoy a hyper-personalised shopping experience with easy access to money saving opportunities, there is huge potential for long-term success and growth.
Will Broome, CEO and Founder of retail shopping app Ubamarket, provides insight into how Britain's and retailers can use tech to revitalise and reclaim the high street: "When you look at the sales figures, 2019 was an unbelievably tough year for the retail industry, with widely reported store closures across the country and constant announcements of falling sales figures. However, I think the pessimistic view taken by many that the high street is dying and traditional retail is outdated is simply not true.In my view, it all comes back to the experience. If the physical store does not offer an attractive experience and compelling money-saving opportunities, the customer can fall back on e-commerce. Therefore, bricks and mortar retailers can't continue to replicate the same offerings that have been around for years. Our research clearly shows that a huge portion of consumers see personalised shopping and easy access to offers and loyalty benefits as key elements of their shopping experience. Incorporating technology, such as in-app payments and personalised offers, can make the high street offering as convenient as possible and encourage more footfall into stores. Technology gives shoppers a reason to get up off the couch and feel excited to shop in-person again, and at Ubamarket, we are committed to providing this technology to help traditional retailers not only survive, but thrive."
