Fashnopsis:
- UK retail embraces omnichannel: Online platforms get revamps or launches (32%) alongside new store openings (29%).
- Digital focus remains strong: Nearly a third of retailers prioritize revamping e-commerce experiences.
- Brick-and-mortar stores defy expectations: Physical expansion plans are robust, especially among larger retailers (53%).
- Overall optimism reigns: 80% of retailers feel confident about attracting and retaining customers.
- Marketing gets a refresh: Investment in business development and social media engagement is a key focus (35%).
Get ready for a dynamic year in UK retail! A new study by American Express reveals a strategic shift towards a multi-channel approach for growth in 2024. The research, surveying 500 retail and hospitality leaders, highlights a two-pronged attack: boosting online capabilities alongside expanding physical store presence.
Digital Frontrunners
Consumers are flocking online, and UK retailers are taking notice. Nearly a third (32%) plan to revamp existing e-commerce platforms or launch brand new ones within the year. This focus on digital transformation signifies a commitment to creating a seamless online shopping experience.
Brick-and-Mortar Surprise
Physical stores aren’t going anywhere! Despite the digital surge, 29% of respondents plan to open new stores in 2024. This trend is even stronger for larger retailers, with over half (53%) gearing up for physical expansion.
Overall Optimism
The outlook for UK retail is bright! A whopping 80% of respondents are confident in their ability to attract and retain customers. This confidence fuels investment in business development and marketing (35%), highlighting the importance of fostering strong customer connections.
Engaging the Modern Shopper
Savvy retailers understand the evolving customer landscape. The study reveals plans to experiment with new marketing channels and ramp up social media engagement. This proactive approach ensures UK retailers stay ahead of the curve and reach a wider audience.
Quote for Impact
“UK retailers are recognizing that the key to success lies in offering a seamless omnichannel experience,” says Dan Edelman, General Manager, UK Merchant Services at American Express. “This research underscores the industry’s commitment to investing in both physical and digital channels to create a winning customer engagement strategy.”
This multi-channel approach positions UK retail for a strong 2024, with a focus on innovation and meeting the needs of today’s tech-savvy shoppers.
Image Source:Bloomberg
