Retailers are likely to suffer unless they are able to bolster consumer confidence by convincing them that their individual needs are catered from, a leading retail expert has claimed.
New research by the Economist Intelligence Unit has revealed that the UK is set to become the world’s third slowest-growing retail market in 2018, as the fallout of Brexit takes its toll on UK sales.
The research also revealed that the UK’s average retail growth forecast is set to decline by 0.4% in 2018, making it one of only three markets in the world to experience negative growth, alongside Egypt and Venezuela.
Dave Stark, CEO at Conversity, said: “This research highlights the tough times retailers are going to face in 2018, and underlines the amount of work that needs to be done to address the issues.
“Customers have become used to shopping across a wide variety of different channels, and expect a high level of personalised service. In order to offset the effects of this predicted negative growth, retailers must do more to instil confidence in their consumers, by assuring them that their individual needs are at the heart of the customer journey.”
Stark concluded: “The UK retail sector is at serious risk of falling behind the rest of the world and is failing to do the best for its customers at present. Organisations in the sector need to take matters into their own hands, by embracing technology that is designed to optimise the buying process.”