Top 5 disruptive eCommerce trends in the UK that every retail brand should prepare for
The retail and eCommerce landscape in the UK is changing. It’s not all because of the pandemic.
The political scenario, changing user expectations, and online marketplace stores, all have a hand in dictating new trends.
As a retail business owner, you’ll have to consider these rising trends to keep winning despite their impact.
Our eBook discusses the top 5 trends that would disrupt eCommerce beyond 2020 to help you align your business to the changing market and stay futureproof.
Trends Discussed :
- COVID-19 and its long-term impacts
- Brexit paves the way for more online sales
- The Rise of Online Marketplaces
- eCommerce Dominance
- Gen Z Consumer Activism
Preview the first 3 chapters of the book
A nation of shopkeepers faces new challenges
The UK has always had a proud tradition of small, independent shop owners. In 2019, the country boasted some 5.82 million small businesses, representing 99.3% of the total business. Well, more than half of these businesses (59%) are sole proprietorships.
And they carry substantial weight. According to Retail Economics, retail is Britain's largest private-sector employer, providing jobs for almost 3 million people, or about 10% of UK employment. Despite the uncertainty of Brexit and contentious elections, UK retail sales in 2019 grew 3.4%, reaching £394 billion. According to Oxford research, that's about 20% of the UK's GDP.
On the evening of March 23, Boris Johnson announced lockdown measures as an attempt to stem the spread of COVID-19. The safety measures banned all "non-essential" travel and contact with people outside one's home (including family and partners) and shuttered almost all schools, businesses, venues, facilities, amenities, and places of worship.
Panic buying and stockpiling ensued immediately. As per a survey conducted by Blacktower Financial Management Group, shopping in the UK increased by £361.4 per week. However, the boon was short-lived. The British Retail Consortium (BRC) estimated that the lockdown meant a hefty £1.8 billion in lost sales each week for non-food shops and warned that many might be shut permanently.
Long term impacts
It’s difficult to say what the long-term impacts of COVID-19 will have on British retailers and brands, but many predict that while numerous outlets will close, their brands will remain. In other words, consumers will remain loyal to their favorite brands, even if they fear entering their shops.
A survey by Retail Economics found that two-thirds of UK shoppers said they had switched to purchasing products online that they have always purchased in-store before the pandemic. Many who traditionally resisted e-commerce now had no choice in the matter.
Check out our eBook
The retail and eCommerce landscape in the UK is changing. Unlike other countries, the Covid-19 pandemic has not been the lone contributor to this change. Factors like political scenarios and changing user expectations have played their part. As a retail business owner, you’ll have to consider these rising trends to keep winning despite their impact. Our eBook discusses the top 5 trends that would disrupt the UK eCommerce market beyond 2020.Download