Is the high street losing it sparkle?
Data from MRI Software, a company that provides innovative real estate software solutions, reveals that footfall traffic on Boxing Day in the UK retail sector experienced a notable decline in 2024. High streets saw a 6.2% drop in visitors compared to 2023, while shopping centres faced a 4.2% decrease. This significant downturn, along with the choice of several major retailers closing their physical stores on Boxing Day in favour of eCommerce to optimise profits and reduce operational costs during an uncertain economic climate, raises concerns about the future of traditional high street shopping and the challenges it presents for independent retailers.
Reduced footfall, reduced revenue
A decline in foot traffic means fewer potential customers walking through the doors, which has a knock-on effect on revenue, particularly for businesses that depend on impulse purchases and casual browsing.
Rise of eCommerce
Independent retailers often struggle against online giants with greater finances and vast resources. The growth of eCommerce has been reshaping the retail environment for years, with the pandemic accelerating this shift.
Cost of living
The cost of living crisis is also affecting consumer spending habits. With tighter budgets, consumers are prioritising essential purchases over discretionary spending.
What can you do as an independent retailer
Embrace the digital world
While maintaining a physical presence is important, independent retailers must embrace the digital world. This includes establishing a strong online presence, exploring options like eCommerce and online marketplaces, and utilising social media effectively.
Offer unique experiences
Independent retailers can focus on offering in-store experiences that draw customers in. This could involve workshops, events, personalised styling sessions, book signing and exclusive collaborations with local artists.
Build community
Engage with the local community through events, sponsorships, and partnerships to promote a sense of loyalty and belonging among your customer base.
Work with us to embrace the digital world together
We know that managing multiple online platforms can be a daunting task for busy independent retailers. Juggling separate inventories, processing orders from various channels, and keeping track of customer information across different platforms can be time-consuming and prone to errors.
This is where we come in at Intelligent Retail. We offer a multichannel system that allows independent retailers like yourself to seamlessly manage your business online and offline from a centralised hub.
Imagine a world where you can effortlessly track stock levels across your physical store, online store, and marketplace listings in real time. A world where orders from multiple channels are automatically synced and processed through a single, streamlined workflow. A world where you can gain valuable insights into your sales to make data-driven decisions to help drive growth. Our system can bring this vision to life.