British retailer investment in both physical and digital is on the up, says research

By

Barbara Santamaria

Published
Oct 19, 2017

With consumers shifting towards a more connected shopping experience, almost half of retailers (49%) have begun to jointly invest in their digital and physical presence, while only 8% continue to prioritise investment in the physical store alone.

This is highlighted in a new research from VoucherCodes, part of RetailMeNot, which demonstrates how the UK industry is stepping away from the traditional physical-only approach.

Retailers are clearly embracing technology, with 56% of them investing in new ways to accept payments in the last 12 months, while 47% have focused on digital receipts. This is a further show of the online/offline integration taking place across the industry.

“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,” commented Paul Lewis, Senior Director of Marketing at VoucherCodes.

The research reveals that 48% of retailers are also investing on their own mobile app and mobile payments, while 42% are gearing towards mobile coupons. In-store tablets, third-party apps and geofencing technology are also popular areas of investment while only 15% of retailers are investing in AR and/or VR technology.

Customer expectations are they key motivator for retailers trying out new technology, with 73% of companies admitting customer demand as their main driver. This is hurting retailers’ ability to plan for the long term, as 7 in 10 state they simply could not predict what the retail industry will look like in five years’ time. 

“What this research shows is retailers are finally beginning to understand that the industry is incredibly fickle and requires constant adaptation in order to keep up with consumer demand. Ultimately, consumers are in the driving seat, and retailers can no longer sit regimented if they want to boost sales and keep up with the constant pace of change,” said Lewis, from VoucherCodes.

“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.”