How retailers are responding to online growth
Posted on in Business News , Cycles News
Amazon is set to take 19.8% of the UK online retail market within the next five years.
The growth of the online market space within retail is having a wider effect on the high street. According to a report from the ONS, there is a decline in retail businesses and jobs that is balanced by a rise in residential housing and in restaurants.
This should not necessarily be seen as a negative effect as it is making the high streets more rounded, this rebalancing of the high street could give more people reasons to come to the high streets, not only to buy, but also to eat and to live.
For independent retailers, moving into the online market space is not always the answer especially if you are putting the customer at the centre of your business model. Independent retailers and larger corporate retailers are not the same, the customers are different, the products and services are different and the culture is different.
By understanding what a customer wants and needs, a business can then develop and rebuild the business model to the customer.
Loyalty programmes and schemes are becoming more and more popular among retailers, however, these loyalty schemes are not targeted at independent retailers. booost is the only scheme that is created solely for independent retailers. But, it is more than just a loyalty scheme, it is a three-in-one app that offers loyalty, gifting and promotions.
