Your next store should be online
Retail sales are growing by 16% year-on-year, new stores are opening daily, and store owners are investing heavily with the realistic expectation of continued profitable growth into 2013. Is this a retail industry that you recognise?
It is, in fact, the prevailing view from a part of the retail industry that has managed to grow strongly throughout the recession and during the ongoing economic troubles.
The woes of high street retailing have been exacerbated by the structural changes taking place within the retail industry as a whole. Consumers are shifting their spending onto the internet at a faster rate than ever before, and in the absence of overall growth, this is having a significant effect on viability of many high street stores. Around 20% of retail spending now takes place online, amounting to around £60bn in 2011.
Many retailers have already taken the plunge and invested heavily into online retail, with ecommerce websites and supporting service to match.
As consumers we expect choice and availability – we do not like to wait - not even for the shops to be open. Analysis of our own ecommerce retail client base shows that the busiest times for their customers to be on their websites, and buying, is in the evening from around 8- 10pm. A time of the day when the vast majority of retail stores are closed for business.
The growth of mobile internet devices such as smartphones and tablet computers means that consumers are spending more time online, some of that spent researching their retail purchases. If you have an ecommerce website then you can be part of that research and a share of the sales.
A good quality ecommerce website is the first step to protecting your business for future and providing a sales channel with proven ongoing growth. This is why the next store you open should be online.