In today’s InternetRetailing newsletter we report on what retailers are doing to encourage shoppers to come to their stores at a time when retail spending is falling fast. Figures from the BRC and KPMG this week suggest September was the worst ever month for online spending growth – and the worst September when it came to spending across all channels. Shoppers concerned about Brexit appear to be holding back from spending - while retailers and suppliers also appear to be stockpiling ahead of October 31, with a knock on effect for working capital, warns business adviser Duff & Phelps.
Selfridges may offer an example of how retailers can retool their businesses to offer shoppers a reason to visit their stores rather than others. At a time when other department stores are seeing their sales and footfall decline, Selfridges has invested in experiences that shoppers simply can’t experience when they buy online – from a skate bowl area to what it says will be the world’s first cinema in a department store. In a way, it’s bringing the choice of leisure, dining and experiences alongside retail that larger shopping centres offer into its single store. Shoppers may well find that a more convenient experience, especially once allied to the digital investment that Selfridges has also made.
In today’s final interview before IRC 2019, we hear from Emilie Mouquot of notonthehighstreet, who considers how retailers can respond as the nature of customer loyalty changes - and the tools they can use to make their strategies reality.
And today’s guest comment comes from Julien Rio of RingCentral, Engage Digital, who suggests that customer experience will soon become the major differentiator between brands.
Image courtesy of Selfridges