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Impact of Covid-19 on the UK retail industry and the shift towards online
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Richard Lim, CEO of Retail Economics discusses the impact of Covid-19 on the UK retail industry and the shift towards online retailing.
Effectively, Covid-19 has accelerated the shift towards online retailing at a blistering pace. Many UK retailers and brands are struggling to keep up with the speed at which consumer behaviour is changing.
Our research shows that 45% of consumers have purchased a retail product online for the first time that they have only ever previously purchased in-store.
Many consumers, particularly older shoppers, have been 'forced' to overcome initial barriers like setting up online accounts and have had to trust online payment systems.
Customer expectations are changing rapidly, and retailers need to pre-empt these changes through access to timely insights and restructure their business models if they are to thrive in this 'new normal'.
Topics covered include:
Covid-19 impact on UK retail
The shift towards online retailing
Consumer profiles online
Retail trends
Retail Economics contacts:
T: +44(0)20 3633 3698
Disclaimer:
The opinions contained in this publication do not necessarily reflect the views of Retail Economics. Whilst Retail Economics endeavours to ensure that the information in this publication is accurate and that the articles contain nothing prejudicial to the position or reputation of any party, Retail Economics shall not be liable for any damages (including without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from this publication or any information contained in it, or from any action or decision as a result of this publication.
(C) Retail Economics (2019). The contents of this publication and those of all ancillary documents and preparatory materials are the sole property of Retail Economics and are not to be copied, modified, published, distributed or commercially exploited other than with the express permission of Retail Economics. All rights reserved.
Effectively, Covid-19 has accelerated the shift towards online retailing at a blistering pace. Many UK retailers and brands are struggling to keep up with the speed at which consumer behaviour is changing.
Our research shows that 45% of consumers have purchased a retail product online for the first time that they have only ever previously purchased in-store.
Many consumers, particularly older shoppers, have been 'forced' to overcome initial barriers like setting up online accounts and have had to trust online payment systems.
Customer expectations are changing rapidly, and retailers need to pre-empt these changes through access to timely insights and restructure their business models if they are to thrive in this 'new normal'.
Topics covered include:
Covid-19 impact on UK retail
The shift towards online retailing
Consumer profiles online
Retail trends
Retail Economics contacts:
T: +44(0)20 3633 3698
Disclaimer:
The opinions contained in this publication do not necessarily reflect the views of Retail Economics. Whilst Retail Economics endeavours to ensure that the information in this publication is accurate and that the articles contain nothing prejudicial to the position or reputation of any party, Retail Economics shall not be liable for any damages (including without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from this publication or any information contained in it, or from any action or decision as a result of this publication.
(C) Retail Economics (2019). The contents of this publication and those of all ancillary documents and preparatory materials are the sole property of Retail Economics and are not to be copied, modified, published, distributed or commercially exploited other than with the express permission of Retail Economics. All rights reserved.
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