Online Retailers Steal Spotlight

12th January 2018.

High Street retailers are having a hell of a time, and online retailers are enjoying every moment. Over the last seven years, online sales of both food and clothing have soared. This has been at the expense of bricks and mortar shops who have seen their numbers decline. This has been of much concern for our retail Members who live in fear of their e-commerce competitors. In this digitised age the business world has constantly been forced to adapt accordingly, so we supply our Members with an old proverb- if you can’t beat ’em, join them. 

According to Glen Tooke, consumer insight director at Kantar Worldpanel, the online is now growing at the expense of the “offline” in the shops.

Mr Tooke pushes convenience as a factor, with the effort of strolling high streets too strenuous for some shoppers. Most online retailers also promote same-day delivery which further eases the effort for consumers.

Both Tooke and fellow expert, Nick Carroll, the senior retail analyst at Mintel, agree that shops will continue. Tooke insists that shoppers will still need advice on sizing and the shopping experience is still a social pleasure for many.

However exclusively-online companies such as Amazon and Ebay continue to be very successful, with the overwhelming success of Amazon Prime posing a threat to traditional TV networks. Mr Carroll reluctantly predicts at least one online-only operator to be in the top five retailers in a few years.

The Credit Protection Association encourages our Members to not give up the fight. To compete with these ever-growing online retailers, you must analyse the reason for their success. If you don’t already have a website for your business, make one. Keep the content engaging and make it as easy to operate as you can. Offer face-to-face support to compete with these faceless automatons but also ensure your website offers convenient delivery and engagement if possible. Here at CPA, we offer a welcome blend of personable contact with the customer, while also providing them with online services if they prefer.

 

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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