UM: 2018 Retail Trend Report

UM has released its 2018 Retail Trends Report, which is based on a survey of 4,800 adults in the UK.

35% of UK consumers research products online and buy them online, while 41% go to a physical store to shop. This showrooming phenomenon is most common in the DIY/home improvement and automotive industries, with 64% and 51% of consumers doing so respectively.

These consumers spend more than pure online shoppers, the survey showed, with the former spending 53% more when asked what their most recent order was.

Overall, nearly two-thirds of consumers say they still prefer to go to a store in person (64%), and people prefer to shop in-store if a retailer’s prices are the same online and in-store, in 10 of the 12 product categories surveyed.

Therefore, retailers need to improve their in-store experience to satisfy consumers who already know what they want. Interest in in-store shopping remains high, but retailers have identified online consumers as a key audience. Consumers who enter a store have most likely already researched items online and may even know more about the product than an employee. To fully understand the tremendous growth of online shopping, one must understand that its business model is based on online research - leading to in-store purchases.

The UK high street has been in trouble in the last 12 months, with some famous stores closing. In fact, the high street experience is improving, and some have caught up with many of the big brands. Retailers need to attract shoppers, which does not mean creating a loyal relationship that lasts for decades. By looking for popular trends and providing customers with a short, enjoyable in-store experience, retailers may be more successful.

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