The UK retail trading environment is facing a challenging and unprecedented period of change. Store closures are outstripping new openings. Operating costs are rising and profit margins are under pressure.
Despite these challenges, the online channel continues to drive growth for the industry. Online retail has risen four-fold in the last ten years, and is predicted to reach 50% of total retail sales by 2025. Businesses that are able to pivot toward a digitally-led and experience-led model, are the ones succeeding today.
In the “Retail Now” video series, Hitwise and Retail Economics have partnered to bring the latest trends and consumer insights on the UK industry. Each video summarises the key challenges and opportunities facing specific retail categories, starting with Fashion, and highlights the brands and retailers that are outperforming their peers today.
The customer journey is becoming infinitely more complex
The customer journey is constantly changing and brands must keep up to ensure that they are communicating to the consumer at the right place at the right time.
Richard Lim, CEO of Retail Economics, speaks about the key shifts occurring in the fashion industry, and highlights why experiences have becoming critical in the current retail climate.
Top learnings from fashion disruptors, Boohoo and FarFetch
The retail industry has witnessed single digit growth in online visits since the start of the year. But Fast Fashion brands like Boohoo, PrettyLittleThing and NastyGal, to Premium retailers like FarFetch, are bucking the trend.
Giles Longhurst, Managing Director at Hitwise, speaks about the key drivers behind these digital disruptors. He looks at how these businesses from different ends of the fashion spectrum are growing new audiences, optimising their experience on mobile, and expertly using search to win new trends.
About the partnership
Hitwise and Retail Economics are combining their expertise in economic modelling and retail forecasting with the vast data sets and online behavioural analytics at Hitwise. Through co-published industry reports and thought leadership content, this partnership will provide macro and micro-level, timely insights to the retail industry.
Read more about our guest blog by Richard Lim, CEO of Retail Economics here: The Constantly Connected Customer Journey