The future of the retail industry

These days it’s so easy to shop online, if I need anything then the first thing I do is open up my MacBook or pick up my iPhone to have a browse for the cheapest products. Unfortunately, this means that the future of the high street retail industry isn’t looking good. As you can often find things online at a bargain price and most places will offer free delivery, it just makes a lot of sense to order online. A lot of our high street shops are closing which is a shame as I do also like to wander around the shops and being able to buy things after seeing them first – especially clothes and shoes as it can be a hassle to return something that doesn’t fit if you’ve bought it online.

In the past few months, my local high street has lost quite a few of its shops including big brands like LK Bennett, Next and Jaeger. Retailers operating from stores made of bricks and mortar are facing a struggle. In the last twelve months, approximately 87% of UK consumers have bought at least one product online – with online sales increasing 21.3% in the year 2016, and forecast to increase by 30% by the end of 2017. Consumer buying patterns have shifted a great deal. Consumers are choosing to shop in their spare time, usually on an evening or during the night, making it difficult for retail high street stores to compete with their limited shopping hours.

Social media is a big reason as to why shopping online is so popular. It’s so easy to see something linked on Twitter or Facebook and you can just click through to purchase it yourself. If a celebrity or a big influencer posts about something, it’s not uncommon for it to then sell out! Rosie Huntington-Whiteley is the face of denim designer, PAIGE jeans, and with over 7.6 million followers, the fashion brand is guaranteed exposure to those 7.6 million followers with every picture that Rosie posts on her Instagram account – tagging the brand in each photo. Imagine how many of her followers now own PAIGE jeans? 

Do you prefer to shop online?

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1 Comment

  1. October 9, 2017 / 10:37 am

    This will only change if we all make an effort to buy local. Which is hard when there is not the range and where products are available they tend to be a lot more expensive.

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