Britain’s high street independent retailers could become an endangered species as they struggle to adapt to changing consumer shopping behaviors brought about by payment technology.
Worldpay research has uncovered that both consumers (75%) and small business owners (60%) are deeply concerned about the diversity of Britain’s high streets in a new study released today.
The Worldpay Watchlist analyses perceptions of technology amongst independent high street retailers, as well as the rate at which different sectors are incorporating innovations such as e-commerce, social media and flexible payment methods to address the demands of today’s shoppers and capitalize on the opportunities that technology also presents for long-term growth.
According to Worldpay’s research, home furnishing stores, arts and craft retailers and bookstores are amongst those at the greatest risk of being left behind and losing their connection to customers as technology changes the way that consumers search for and purchase goods in those sectors. The research also reveals that travel agents and pharmacies are the most concerned about how technology fuelled changes to consumer habits are likely to impact their future business.
Independent fashion boutiques, privately owned hotels and guest houses top the charts of the Worldpay’s Watchlist for using technology to stay top of customers’ minds. In the fashion sector, this is driven by the progressive use of e-commerce, social media and flexible in-store payment methods like adopting contactless and mobile payments.
Worldpay believes butchers and bakers are likely to become the next sectors undergoing a technology revolution.
These business owners have seen shoppers embrace easy payment and delivery services from larger grocery stores and know that they’re well placed to keep their loyal customers with some updates to how they provide their services.
High Street to iStreet is a national awareness campaign run by Worldpay in partnership with the Association of Town and City Managers to help all small and independent retailers understand how technology can help them run and grow their businesses.
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