Research shows that the online market is developing at an incredible rate in the UK. At present, online retailing is growing an incredible fifteen times faster than the offline retail market. By 2022, online retailing is expected to make up more than a third of the entire retail market in the UK.
This 13-percent advantage of online sellers over offline retailers will have a variety of effects. For consumers, shopping will be easier because they will frequently be able to avoid driving and parking on high street. Retailers will probably need to adjust their checkout services and reduce their expectations for consumers to try goods offline first.
In addition, high street is likely to lose its place as the main site of consumer transactions. To explore the changes in store for high street, top representatives from local government, banking, property and retail have joined to make a task force that will foster vitality among offline retailers.
Who’s Buying What
The UK retail market changes may bring different shopping habits among consumers. For example, some consumers may choose more discount items offline to increase their funds for luxury items they find online. This means that while retail will develop in general, the market will probably be shifting toward online purchases.
Presently, online purchases are a combination of conventional e-commerce, those that originate in social media and those that are made through smartphones. A sizable portion of all mobile purchases are being made by tech-minded consumers, who are most comfortable in this environment.
How Sales Are Changing
As offline retailing scales back, many retailers will be increasing their online offerings, and consumers will be ready for it. Already, purchases from mobile devices are increasing rapidly. The ease of online shopping means that consumers are more likely to search for the best prices. Impulse purchases are more common online as well.
More British consumers are buying items impulsively after having a few drinks on Friday nights. After going back to work on Monday, many British consumers enjoy a shopping spree that night. Finally, tech shoppers enjoy making their orders in the early morning hours to catch newly released items, such as video games.
Expansion of Online Shopping
Economic research has shown that online retailing will continue to grow during the next decade. Although offline retailing on high street will continue to play an important part in the marketplace, the approach retailers take online is what will shape overall retail growth in the future. Many retailers are boosting their promotions with multimedia, such as live video streams and 360-degree images of products.
Research has shown that consumers value this rich media in the retail context. Thanks to increasing availability of broadband Internet, this form of online store enhancement is becoming more accessible for retailers and consumers.
Impact Around the World
The UK isn’t the only place where online retailing is on the rise. A report from the Economist Intelligence Unit found that retail markets in Russia, India, Brazil and China are quickly taking their place among the largest in the world.
By 2022, China is expected to have a retail market worth $8.3 trillion, a quarter of the total worldwide and twice that of the American market. This decade could also easily see India develop a retail market as big as Western Europe’s.
Currently, the UK online retail market is growing three times faster than that of the United States. A wider variety of consumers are now choosing online shopping over visits to high street, especially for impulse purchases. With the greater range of products and lower prices available at many online retailers, such as the engelbert strauss online-store, British shoppers are set to buy even more items online as the market continues to evolve.
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