Retail: Retailers should embrace technology to thrive

HIGH street retailers need to embrace technology if they want to stop losing sales, experts have warned.

Yorkshire businesses have highlighted the importance of having an omni-channel approach to optimise sales in TheBusinessDesk.com’s latest supplement, focused on the retail industry. Click here to read it.

Alex Craven, chief executive of Leeds- based digital agency Bloom, said: “Today’s consumers expect to be able to research products and make purchases online, via mobile and tablet devices, and through social recommendations.”

He added that marketing is moving from ‘shouting’ to developing one-on-one communication.

“Personal recommendation has always been one of the most effective ways to social media and communities to enable customers to help build the brand through their own discussions and recommendations. Social is definitely part of an omni-channel retail shopping experience as experiments in stores prove,” he said.

The recommendations follow the announcement this week that Yorkshire business Barratts has gone into administration.

Keith Nesbitt, chief operating officer of shirt maker TM Lewin – which sees 25% of its online orders delivered in store – said multichannel is absolutely crucial.

He said: “For us it’s the complexity of marrying the two without distracting from the core strategy of the business.

“Multichannel is absolutely crucial, but as part of the overall strategy not a separate strategy.There should be a seamless interaction between the website and store.”

This week, TheBusinessDesk.com announced that Leeds Metropolitan University is launching an omni-channel retail Masters degree, which aims to up-skill the industry.

Cathy Barnes, professor of retail innovation at Leeds Metropolitan University, said very few retailers have a truly converged omni-channel strategy.

“Most have a key channel and then use the technology to support that. They are online with a physical presence or viceversa – the back room operations show they are not truly omni-channel but have physical and virtual offerings that meet.”

Matthew Lewis, head of retail at law firm Squire Sanders, added: “For most retailers, it’s usually free to have something delivered to a store but they will charge to deliver at home – that’s because up to 40% of people who collect from a store will also make an additional purchase in store and retailers want to encourage the extra footfall.

“With the retail landscape constantly evolving, it is vital that businesses embrace new technologies and processes to strengthen their brand and increase customer loyalty.

“Even small changes in businesses’ approach to retail can be the difference between success and failure in the marketplace.”