Is “Retail Armageddon” a Reality in 2018?
In a recent article by The Telegraph called “What will 2018 have in store for the retail sector?”, there was good news and bad news.
They expressed that there won’t be the retail Armageddon that was forecast, but there will be…
• Rising wage bills
• Increases in business rates
• A growing threat from the boom of online shopping
All this makes bricks and mortar stores less profitable and will ultimately lead to a shake-up in the industry.
• In 2017, 42 retailers closed their doors for the last time. That’s not your independent high street boutique, but major retail chains.
• In 2018, The Centre for Retail Research forecasts that this trend will continue and the UK could see an additional 22% decrease in the number of shops.
• They forecast that 164 major or medium sized companies will fail with a closure of 22,600 stores and the loss of 140,000 jobs.
This is indeed bad news, but there is
a silver lining in this cloud of doubt.
Technology offers a major opportunity to both GROW REVENUES and DECREASE COSTS!
New marketing and customer engagement capabilities offer retailers the opportunity to entice people back to the high street. Intelligent in-store systems are creating the ability to truly personalise the shopping experience and create competitive differentiation…
...all powerful and exciting strategies for GROWING SALES and REVENUE.
Whilst at the same time, growing independent Service Providers are cutting the costs of IT services compared to the incumbent giants or yester-year. At the same time, they are improving levels of customer service and providing more personalised business solutions…
…all helping to CUT COSTS and IMPROVE PROFITABILITY.
To address the doom and gloom predicted by the so-called pundits, retailers need to open their eyes to the exciting world of technology.
• I.T. is not just about connecting your branch EPOS system to your Head Office.
• I.T. should no longer be an overhead to the business. Instead...
• I.T. is a business enabler and a chance for survival!
Retail expert, Richard Hyman suggests that 2018 will become a year of “retail distress”.
I don’t believe it has to be like that. I’m excited about 2018. I’m excited about the opportunities that are availing themselves to the retail sector.
The key, as with all change, is to embrace it, not fight it.
Let’s prove the “experts” wrong!
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