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Blog - Published 8th February 2019

Has the high street really saturated its life cycle?

Retail shops

In store shopping: the traditionalist way to identify the products you need, and more importantly didn’t realise you needed. But are us millennials turning this age-old experience on its head?

In recent years the idea of online shopping, and its consumer offering, has grown exponentially. Online shopping is quite simply a sale that is done via the internet. The ease of this transaction has given both buyers and consumers the ability to come together regardless of; location, previous interaction or demand.


The rise of online retailers

Online retailersThe consumer market was predicted to be internet-driven, with around two thirds of millennials expecting to buy online rather than in-store. As a result we are seeing high-street retailers adapt their sales pitch. Stores are investing in their customer base to keep their loyalties; corporate branding and digital marketing is at an all-time high with celebrities endorsing products from toothpaste to trainers. At every touch point of a millennials day there are in-store discounts, loyalty schemes and rewards enticing people to head to the shops. But is it necessary for the old and the new to be competing?


Who are the Millennials?

The millennial generation is one of the largest and best-educated populations in history. They grew up during a digital revolution with unprecedented access to information at the end of their fingertips: innovations and advancements are what they crave. While it was once thought that online shopping and shopping in physical stores were in competition, this is not actually the case. Both channels are blending together rather than one superseding the other.

The majority of millennials want to visit the shop; they want to see, touch and test the product before buying. Instead of competing on price, stores should continue to invest to entice customers. By focusing on their core competencies—one-on-one, human-to-human customer service, sensory-stimulating in-store experiences, and promise of instant gratification—traditional stores have an opportunity to excel where websites falter; and if retailers can merge both in store and e-commerce sales they will far exceed their competition.

Menzies specialist retail team works alongside a number of business that face these very issues. With our tailored, focussed and informed approach we will be able to provide you with meaningful management information for you to effectively incorporate into your strategy for the future.

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Rebecca Jones

Manager

Rebecca Jones is a Manager at Menzies in London specialising in business audit and compliance advisory services for SME businesses.