Recent news has made grim reading for high street retailers, with one in ten high street stores standing empty and, seemingly, no light at the end of the tunnel.

Footfall has continued to drop through March and April and consumer spending is on track for its worst performance in six years. Many would be forgiven for thinking that perhaps the end of bricks-and-mortar retail is nigh.

However, for those looking to fight against the ongoing dip and rejuvenate, there is hope.  

Personalised Engagement

Businesses operating on the high street must face the issue of online purchasing and why the spending public is so enamoured with it. They need to understand that people like convenience and they like a range of choice. But retailers can use this in their favour.

With this in mind, providing a personalised customer experience is paramount to high street survival. If shoppers are looking for in-depth knowledge and bespoke customer care, then that is what is needed. Providing this level of attention and knowledge is what will separate superior retailers from their competition – high street and online.

Post-Purchase Care

In order to survive and flourish, high street retailers need to think beyond numbers through the door and purchases. Building trust and a relationship post-purchase is an invaluable tool for the public-facing business.

At their core, shoppers like knowing they are in good hands. Great knowledge and attentiveness are brilliant tools to build a brand bond, but so is after care. Shoppers need to know that their post-purchase needs are just as important to a retailer as their pre-purchase requirements. Offering top-line return policies and a caring attitude are strong methods for building a relationship between retailer and shopper.

Buyer Persona

The reason many retailers struggle on the high street is that they’re not really sure who it is they are trying to attract. Knowing your buyer’s persona feeds through into all areas of operations, from branding to stock.

Defining age, income range, product preferences, gender and other factors can go a long way toward making it clearer just who a retailer’s prime market is. From this flows the needed adjustments and changes to ensure this shopper becomes a repeat customer. At its core, retail comes down to understanding, engaging and tailoring the shopping experience to the right person.

The flurry of stories about collapsing high street stores and the growth of e-commerce is leading many people to draw the conclusion that bricks and mortar retail is dead.

Last year in the UK we saw 5,855 high street stores close, with fashion and footwear outlets being the hardest hit according to statistics compiled by The Local Data Company.

The problem is one that is getting progressively worse, and this year both Toys R Us and Maplin buckled under mounting pressures, resulting in the loss of over 5,000 jobs.

E-commerce refers to the buying and selling of products and services online and offers both consumers and businesses a plethora of benefits.

For businesses, e-commerce gives them the ability to overcome geographical locations and take advantage of global markets while also gaining new custom thanks to the potential of search engine visibility.

So, in an ever-expanding digital society, how can retail stores continue to compete?

Personalize customer interactions

Sure, e-commerce platforms can offer customers speed and accessibility in equal measure, but one thing that they struggle to provide is that personal touch.

Many people that visit retail shops are looking for an experience, so it’s important for business owners to instil this idea into their workforce. Ensuring that every single employee is engaged while they are at work, are knowledgeable of their product range and are approaching customers to offer recommendations and support all help to strengthen interactions.

Up the ante with merchandise

If retail stores really want to compete, they need to be offering their customers something that they won’t be able to find elsewhere. Exclusivity is a great USP and is guaranteed to keep customers coming back for more. Brands could even consider making their own merchandise which could be personalised with designs and colours.

Offer flexible payment

Some online stores have already cottoned onto the benefits of this, with leading e-commerce site ASOS having fairly recently teamed up with Klarna to give shoppers the option to buy now and pay later. There’s no reason why bricks and mortar stores shouldn’t follow suit though. Partial payments, split payment and layaways are all options that businesses could consider.

Go online

This doesn’t mean stores should throw in the towel and funnel all of their energy into their website, but instead means that stores should recognize the potential of having some sort of online platform. Luckily there are many cloud-based solutions offering up templates and other tools to make creating a website relatively easy. 

At present, the retail industry is going through a wave of change thanks to one main component. E-commerce.

E-commerce is the activity of buying and selling goods online and is growing increasingly powerful in the world of retail, mainly because of a shift in the way that consumers are looking to purchase goods. Buying online offers people freedom and convenience, especially when busy working days are getting in the way and a reliance on technology continues to be present for most.

So, how much an impact is e-commerce really having and what are the benefits and drawbacks for the UK retail industry?

The impact of e-commerce is far-reaching and can be seen across a number of major retail outlets, including formal clothing chain Moss Bros, who have lost nearly a quarter of its market value following supply chain problems and a drop in the number of customers walking through the door.

It seems that, for the modern day consumer, purchasing online eliminates a number of problem. Why leave the house and wait in lengthy queues when you can get everything you need from the comfort of your own home?

But what about the UK retail industry? How are they set to benefit (or not) from a surge in e-commerce?

Benefits

Attract more customers with search engine visibility

All retailers are looking for new ways that they can draw in customers, whether it be by enhancing their marketing techniques or launching new products. Choosing to get on board with e-commerce can help retailers as they will become visible on search engines, meaning more people are likely to visit their site and make purchases.

Keep an eye on consumers purchasing habits

Every business wants to know more about what motivates their customers to make purchases and e-commerce makes it easy to track buyer behaviours and tailor services to suit purchasing habits.

Drawbacks

It lacks that personal touch

For some retailers, their biggest selling point is the fact that they can offer shoppers a personal experience and give them something that makes them feel special and valued. Often, e-commerce platforms lack this, would might not work for certain brands.

There is no exclusivity attached

E-commerce is lowering the barriers and making it easier for almost anyone to become a retailer without the need to rent or purchase premises. But is this a good thing? When anybody can set up an online store in less than a day, surely that speaks volumes about a lack of validity and exclusiveness within the industry.

We know that for retail companies, typical business loans don’t always work, which is why our Pay as You Trade service offers an alternative that is flexible and doesn’t come with the usual red tape. 

If you are an avid Instagram user and happen to follow a number of different retail outlets on the social media site, you’ve probably noticed a new feature that has appeared recently.

Embracing the potential for Instagram to be a key platform for retail outlets, brands are now able to tag products in their posts, which will direct customers to purchase pages.

Leading retail brands like ASOS, Topshop and Urban Outfitters already make massive use of the site, but will this new feature allow them to step things up another level? Read on to find out how it can.

It will increase efficiency for customers

Prior to the introduction of this new feature, customers might have found something that they liked on a retailer’s Instagram, but then they would have to leave the platform, open up the store’s app or visit their website for shop. Directing customers in this way makes for a smooth transition between company websites and social media and will also improve the user experience.

It drives traffic back to your site

Even if customers aren’t going to necessarily make the purchase, this new feature is going to encourage them to visit your site and perhaps look at other new products you are selling. It’s another way to increase engagement on your website and is likely to have a big impact on your overall sales.

The best ways to use Instagram as a retail brand

If you are keen to cash in on the potential of social media as a retail brand, you need to get on board with the power of Instagram. Read on for our top tips on how to utilise the site to your advantage.

Engage with your customers

Social media is of course a platform for communication and engagement, so this kind of goes without saying, don’t ignore your customers! If people are asking you questions about restocks and sizing, answer them. This makes your brand seem personable and like you care about your consumer’s needs.

It’s also important to keep on top of posts with your products tagged in. You could use this on your profile to promote your brand further and show your customers that you also engage with their profiles.  

Create a brand story

Remember, your brand is more than just your products, and Instagram is a great place to create your very own brand story. A good way to do this is by ensuring that you post more than just images of your products. Focus on finding quotes or fun imagery that aligns with your company values. This will make for a more engaging profile that customers will love to visit.