Ten trends that are changing the landscape of the UK retail sector
Retail has gone through enormous structural change over the last few years with digital, ecommerce and technology at the heart of transforming the retail landscape in the UK. The growth and adoption of digital and mobile technologies has caused a fundamental shift in the way consumers shop and interact with retailers of all sizes and types, in all locations. The power dynamic between retailers and consumers has shifted and today’s consumers are more empowered than ever before.Here are the top 10 trends that are transforming the UK retail sector.
1. Consumer 2.0- Transparency in pricing, service and quality- Empowered consumers- Mobile will revolutionalise retail spending habits
2. One Touch Retailing- Access to information on products, price, availability, reviews and purchasing is one touch away- Delivery speed essential for continued online growth
3. Retailtainment- Role of stores and formats will change- Digital experience will be brought to physical environments
4. New Spaces and New Markets- Retail destinations will increase mix of leisure and residential- UK brands will continue to grow online exports
5. Robo-Retail- In-store automation will grow as margins are eroded- Shop-floor workers under threat from access and transparency in product information and reviews
6. Co-creation and Mass personalisation- Technology has allowed mass personalisation which will continue to grow fast- 3D printing could be retail game changer
7. Big Data and Continuous Computing- ''Internet of things'' means consumers are connected continuously- Digitalising in-store environments bridges online and offline worlds
8. Power of Platforms- Battle for the consumer interface- Sharing economy is here to stay
9. Omni-present Retailing- Consumers shop 24/7- Online penetration – tip of the iceberg- Wearable technology
10. Data Ownership- Custodians of data will come under close scrutiny- Possible consumer backlash
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Ten trends that are changing the landscape of the UK retail sector.
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