Using tech to boost footfall
Ubamarket lays out how the nation’s high streets can use tech to increase footfall.
According to recent research, February 2019 was the weakest February in the past five years with retail footfall dropping by 2%. Consumers have been cautious with their spending, meaning retailers need to do more to secure their position on the high street.
The shopping experience is constantly evolving, one such evolution being the ability for AI to greatly enhance how we shop, streamlining the journey from basket to bag and personalising each interaction with a retailer. Ubamarket’s research has found that 53% of consumers value convenience as the most important factor when it comes to their experiences in store and retailers need to acknowledge this by elevating their current offering.
The UK high street is under a microscope at the moment and now is the perfect time for major players in the industry to set a precedent for their competitors. These footfall figures are intensely worrying and the mounting store closures are indicative of industry-wide requirements to innovate in, and advance, their bricks and mortar offering. Retailers that will successfully keep their place on the high street will be the ones that deliver what consumers want. By offering an enhanced shopping model that takes into account preferences and shopping history to offer a more tailored experience, retailers will be able to encourage footfall.
This gap and more has been addressed by MPs, retail industry experts and, most recently, in Philip Hammond’s Spring Statement, that called for tighter competition regulations on digital companies. Bricks and mortar stores have, for the longest time, been negatively impacted by the growing monopoly of tech giants in the retail sector.
Philip Hammond, in addressing this issue, will give small businesses a chance to thrive in their respective markets. However, while this acknowledgement is a great step towards better competition, which is fundamental in ensuring the market is working to the advantage of consumers, not enough has been done to support the technological evolution of the high street from merely a provider of products and services to a retail destination that rivals the eCommerce institutions that are outperforming their bricks and mortar counterparts in the retail industry.
Find out how Ubamarket can help entice customers into your store.