What can be done to help retailers
How can you help your high street and your business
Lobby your local MP
As part of the Budget in November 2018, the government announced that they would be investing £650 million into the Future High Streets Fund and also implementing a tax on digital services to help make large online companies pay their fair share of tax. By getting in touch with your local MP, you will be able to have your voice heard about further measures to help level the playing field for high street businesses who may be struggling to compete against the threats of online shopping.
Offer an experience
Research from people are spending their money on experiences rather than things, showing a 12% rise between 2016 and 2017. This has been attributed to the Millennial generation looking for more value for money when shopping, and looking for a better digital experience.
By offering your customers an experience at your business, you could increase your chances of bringing in more customers who are looking for those different types of shopping experiences. Why not offer free samples or trials of your products to encourage people to try things at your business.
Evaluate your pricing
An examined peoples’ attitudes to the high street and found that people were looking for more value for money whilst doing their shopping, which is why clothing retailers such as Primark and Asda’s George are thriving. Changes to perceptions of quality have also led to better attitudes to companies such as Wilko, Argos and Ikea, ranked in the top 10 most highly thought of homeware companies.
It was also found that the younger age demographic were less likely to have a positive perception of department stores such as John Lewis or Debenhams, perhaps showing a trend of younger shoppers choosing more cost effective places to shop.
Taking a look at your own price structure may help when trying to attract more customers looking for a more cost effective way of spending their money.
Collect online reviews
Last year, RSM International, a multi-national network of accountancy firms, conducted a piece of research that showed that will read reviews before they make a purchase. 72% will change their mind if they hear or read a bad review, but more interestingly, 51% of people surveyed would actually not go somewhere, buy or do something if there were no reviews at all.
By collecting good reviews, whether this is via your Facebook page, via Google Reviews, Feefo, Trustpilot or your Trip Advisor page, you will be able to attract people to your business. You could prompt customers to leave a quick review, however if you offer an amazing service, people may write a review off their own back.
Retail insurance with Premierline
Premierline Business Insurance Broker understands that each business has individual needs when it comes to business insurance, which is why our insurance experts are trained to find the perfect insurance covers for your business.