Will traditional retail commerce pick up where it left off?
The COVID-19 pandemic is at the forefront of every business owners mind in 2020 and companies have had to adapt quickly in order to survive. One industry which has taken a huge hit is retail, but there is light at the end of the tunnel and many experts predict that the traditional high street will survive and be able to thrive once the threat of the virus has subsided.
A Slight Recovery Already Reported
The High Street has obviously been much quieter since the pandemic started with people opting to shop online and only visiting essential stores. Despite this, there are signs of hope as statistics show that there has been a rise in UK retail since the easing of restrictions to almost pre-pandemic levels which is welcome news for those in this industry.
Prior to the lockdown, there were areas of the UK where the high street was thriving even with the rise of e-commerce and it is these areas that are most likely to find success going forward. The North East was leading the way with the highest spending across all fashion and hospitality businesses and this is also the area with the lowest percentage of core online shoppers. The East of England was a close second with an income of £2,322 per high street fashion business, so these areas can rightfully be hopeful about what the future might hold.
The Recipe for Success
With a glimmer of hope over that the future might hold for the retail industry in the UK, the talk now is what the recipe for success is moving forward. As with any industry, being able to adapt and evolve with the times is critical and this is something that the high street was having to do long before the arrival of COVID-19. Digitization and online retail will be critical moving forward, as explained by Parcel2Go Head of Marketing, Larisha McGurty:
“As lockdown restrictions look to reduce further in the coming months and customers start to make a return to high street shops, we expect the demand for online purchases to remain high. The COVID-19 Pandemic turned parcel delivery into an essential service and ensured the experience was a safe one for those receiving deliveries. Whilst, it also highlighted to the public the array of items that can be delivered to your door with great ease and efficiency.”
It is easy to feel disheartened looking at the news as a retail business owner, but it is important to be aware that there are signs of hope and it is important to be optimistic. It seems that there has already been a slight recovery with the easing of lockdown, plus creativity and innovation can help a business to survive during challenges times and this will be vital moving forward.