Online marketplace, DownYourHighStreet.com, has published a report looking at the evolution of the British high street and how Covid-19 has been a catalyst for change within the retail environment.
The report – ‘The Evolution of the British High Street’ – found that what customers value most has changed considerably in the last few years, and this has been accelerated by Covid-19.
“Right now, customers want convenience above all else – and it will be the retailers who give them this that will thrive,” DownYourHighStreet.com says.
Consumer habits have also changed: they are more comfortable than ever answering questions about themselves online, they are less loyal to brands than in previous years; and buying online has increased considerably and continues to do so.
Although many independent retailers were already adding online to their bricks-and-mortar sales channels, the lockdowns have sped up this move. For example, DownYourHighStreet.com, which helps independent retailers create an online shop, said it has seen a “huge increase” in business with more retailers moving online in one day (2 November) than in the whole of January 2020.
And, the report found that some sectors have benefited from the pandemic including technology, general merchandise retailers, entertainment, biotech & pharmaceuticals, work from home firms and online retailers.
DownYourHighStreet.com says: “A ‘one size fits all’ approach can no longer be applied to retail. Customers want convenience more than anything and that means buying, receiving and returning products the way they want. In some cases, this means going into a shop, for others it means doing it all online.
“The report also shows there has been a rebirth of retail. The pandemic has brought a period of change like no other in retail. Lockdowns have shifted long-held consumer behaviours that retailers are having to adapt to for survival.”
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