British retailers are jointly investing in physical and digital shopping experience
New research released today from VoucherCodes, reveals almost 49% of major UK retailers now consider it best practice to jointly invest in both the physical and digital shopping experience.
The research, highlighted in VoucherCodes’ report, finds just 8% of UK retailers are prioritising investment in the physical store alone, demonstrating a significant step away from the traditional siloed approach.
The research shows whilst there is a considerable way to go before a joint approach is universally accepted as best practice across the board, retailers are showing positive signs of steering in the right direction to a dual approach.
The research surveyed 100 senior executives at major UK retailers from the fashion, luxury, sports, homeware, consumer electronics and DIY industries.
Flexible and mobile payment technology attracts the most investment
When it comes to what retailers are investing in, the research has revealed the majority of UK retailers (56%) are prioritising payment technology before any other kind of technology.
47% of UK retailers confessed to investing in digital receipts during the last 12 months, demonstrating a clear attempt to integrate online and offline channels.
VoucherCodes has discovered that 73% of UK retailers believe the main motivator for these investments to be customer demand – a significant shift from just 59% in 2016, showing retailers consider customer motivation higher now than ever before.
And it seems this pace of change is set to only get quicker over the next few years, particularly with growing political uncertainty and ongoing questions surrounding Britain’s exit from the European Union.
As shown through the data, UK retailers anticipate an unprecedented rate of change over the next few years, with 69% stating they simply could not predict the consumer purchasing habits of the future or what the retail industry will look like in five years’ time.
Resistors to change
However, the data has also revealed there are a number of challenges UK retailers are facing when it comes to implementing change and gaining traction for these new investments.
51% of retailers admit they often face a leadership problem when it comes to adopting change, with leading business figureheads resisting or failing to lead when direction is clearly needed.
Paul Lewis, Senior Director of Marketing at VoucherCodes said: “It is hugely satisfying to see more retailers than ever before investing in a joint approach to the shopping experience – an approach retail experts have been championing for years to encourage a step away from siloed, ineffective teams.
“Change must be implemented across every level of the business and retailers should be looking directly to consumers for inspiration for their next investment in order to reap the rewards.”