We’ve been told the high street has been dying for years…
People generally prefer home comforts to braving the harsh British weather. A lot of you responded, making that first leap into digital transformation. Some, however, sat idly by, content in their comfort zone of brick and mortar – or scared and directionless.
Now, COVID-19 has dragged the truth of the statement into the light and we can see just how frail physical commerce is. Online sales as a proportion of all retailing reached a record high of 22.3% in March 2020 and remain 50.4% higher than February’s pre-coronavirus levels (as of July). Your customers still expect that same experience and brand offering they got in your stores, except it’s now from their sofas.
It’s clear to see the early bird gets the worm. We saw it with the end of the recession in 2008. Companies such as Amazon accelerated and increased their sales thanks to decisive and timely action. Their sales grew by 28% in 2009 and this is down to their excellent anticipation of change and customer-centric offering. They described their vision of business in 2008 as “relentlessly focusing on customer experience”, whilst offering customers low prices, convenience, and a wide selection of merchandise. It worked.
Taking the initiative and expanding what you can offer is vital. Your customers have the luxury of choice. Brand loyalty is becoming more about what you can present to them online.