British consumer morale unexpectedly rose in August to match June’s 15-year high, as low inflation and a recent pick-up in wages made Britons more upbeat about their financial prospects.
With a just a month or two until the peak online retail period is upon us Andy Burton, CEO of leading retail managed services provider and systems integrator, Tryzens, is urging retailers to be prepared to ride the crest of consumer confidence. Market Research Company GfK said its monthly sentiment index jumped to +7 in August from +4 in July, matching June’s figure, which was the highest since January 2000.
Andy Burton, CEO, Tryzens, stated: “Low inflation has given household incomes a much-needed boost and greater spending power. Add into that mix of rising house prices, improving employment growth prospects, combined with falling petrol prices and day-to-day living costs, as well as low interest rates, and what you get are higher levels of consumer confidence and optimism. But it is not just the UK market that retailers need to focus on. We are well placed here with great Brands and online advances to facilitate the growth coming from international demand, and that means ensuring that they have a shop window fit for growth on a truly international scale.
A rise in sterling and fall in commodity prices have kept price pressures in check in Britain and, combined with record low interest rates, have helped boost disposable income. “For retailers the message is clear: these figures point to a likely increase in discretionary spending and that provides business opportunity for retailers through more spend both on the High Street and online,” continued Andy.
“There is a solid growth opportunity here in the UK, and to succeed it is essential to deliver a positive experience to consumers when shopping online. Search, navigation, responsive designs, range of stock, payment options, delivery options etc can all help enhance the customer experience. Providing consistency of offers (and access to them) across channels and reward brand loyalty are also key priorities to be pursued.
There has never been a better time to leverage the power of consumer online behaviour and to delight the customer, the key is to be intuitive, easy to find and easy to transact with regardless of the device they are visiting you on. Whilst many retailers have an eCommerce capability today, we are seeing more and more clients seek assistance to assess and prioritise activity which can enhance their existing investments in technology and engage their clients to increase sales,”
“It is also essential at this quieter time that housekeeping is carried out ahead of the impending peak period covering Cyber Weekend and Christmas. Retailer’s eCommerce systems have to be robust to cope with demand and with appropriate access to stock to give a positive customer experience and a solid financial return. We see retailers pay much more attention to the proactive maintenance and management of their systems to ensure an efficient experience 24/7 either in-house or through firms like ours delivering a manage service.” he concluded.
Source: TRYZENS Limited
