Retail in the UK has faced one of the toughest years to date, with even huge well known retailers such as ASOS, Debenhams and Sports Direct struggling. It has also been a year where House of Fraser, Toys R Us, HMV and Poundworld went into administration, following falling sales figures and online competition.
What can be done to help retailers
We have taken a look at some of the things that could help bring more customers to the UK’s high streets in an attempt to breathe fresh life into UK shops
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 Virgin showed that 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 article from YouGov 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 81% of people 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
Whether you are a high street shop requiring shop insurance or an online retailer requiring ecommerce insurance, we can compare retail insurance quotes to suit your business.
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.
Related articles
You might also be interested in these other news and insight features:
Business insurance with Premierline
It is important to make sure that you have the right insurance in place to protect the business that you have built. Every business is different and has its own business insurance needs, which is why we work with some of the UK’s most well-known insurers to ensure that you are getting the right insurance cover for your business.
The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.