Today’s InternetRetailing newsletter reflects some major trends in the way that we shop – from the way online shopping is now shaping retail to the rising costs that are now hitting businesses hard.
Firstly, we report on how shoppers are expected to spend across channels over the course of this week’s Platinum Jubilee celebrations, boosting sales of food, memorabilia – as well as in-store footfall.
The shift towards online shopping is further reflected in news from the Royal Mail that from this week it will be delivering parcels seven days a week, enabling many shoppers to order on marketplaces or from small and medium-sized retailers for next-day delivery. This, says Royal Mail, will do for online shopping the same as Sunday opening did for physical shops. It sees the change as one that will revolutionise the industry – certainly, it seems to reflect the growing influence that online now has on the way shoppers want to buy.
However, this innovation comes at a time when rising costs and the effect of those costs both on businesses and consumer demand are hitting hard. Missguided has gone into administration as its own rising costs come up against shoppers’ falling confidence in buying. Administrators from Teneo Financial Advisory are now looking to sell the business quickly, and Teneo says there are high levels of interest in a purchase.
The cost-of-living and climate crises are combining to make secondhand clothing a growing area of fashion retail, according to eBay Ads. Marketplace eBay is currently sponsoring Love Island, bringing in a celebrity stylist to dress those taking part in secondhand styles. The move also recognises that secondhand can be a more sustainable option. Today we’re also reporting on another story linked to the theme of sustainability – how supermarkets are to use virtual reality to test environmental labelling over the summer, in a project led by grocery analyst the IGD.
In today’s timely guest comment, Raghav Singh of EDF argues that on retail’s road to net zero, it’s important not to get stuck in the slow lane – and has advice on how traders can move towards the transition in terms of their energy use.
This newsletter is the only one of this Platinum Jubilee week, since two bank holidays fall at the end of this week. We’ll be back on Tuesday. Enjoy the long weekend!