Following my recent presentations at Autumn Fair, here are 4 key trends that independent retailers need to consider heading into 2018:
- Purchasing online continues to grow (15.6% up on 2016) though there are signs of the rate of growth slowing down.
- The immediate impact of Brexit was on exchange rates which over the last year has lead to price increases in some areas which has effected those sales specifically
- The recent ONS and BRC figures confirmed that sales have dropped month on month and year on year by approx. 1% as customers have less disposable income to spend on treats and non-essentials because food and utility costs start to increase.
- The general sense of unease around Brexit and what will happen next is also making consumers and businesses cautious about what they are spending. When I spoke at the Autumn Fair last year I said we must all keep spending both personally and in our businesses and this is still the case. Our purchases will definitely be more considered but if we all stop buying things it will lead to even bigger problems in our economy in the next few years.
What impact are these trends having on your business? What can you do to about it? Making sure your business is in the best shape possible is the key to a profitable 2018 – so now is a great time to revisit my 5-point health check and make some new year’s resolutions that will improve your chance of success.