Online Selling Key To Retail Growth, Report Finds
It’s estimated that a hesitation to adopt mobile technology has cost UK small retailers £6.6bn a year, with over a third failing to sell online
The key to small businesses growth is selling your products online, according to new research by Close Brothers Retail Finance.
Their survey of over 500 small retailers revealed that 52% of respondents who sell over the web expect increased growth for 2017, compared to just 40% of firms who have a physical presence only.
Online-sellers’ optimism is not without basis, however, as 75% of all retail growth has come through online channels since the start of the century.
Despite the rapid growth of e-commence in previous years, some small businesses appear hesitant to take the leap – with 35% still without a website and 36% still not selling online.
Indeed, it’s estimated such a reluctance among enterprises to adopt more mobile-friendly tech has cost UK retailers £6.6bn a year in missed sales.
Alongside building an online presence, retailers are also advised to offer consumers more flexible payment options – with 30% of those surveyed reporting an increase in sales when offering retail finance.
Alex Marsh, managing director Close Brothers Retail Finance, said:
“It is vital that small businesses innovate by capitalising on the benefits of available technology in order to achieve their desired growth. This is where point of sale finance can be an important addition.
“Having the right partners who can provide the technology and value-add services to react to changing customer demand is essential for retailers, leaving them to focus on what they do best – sell their products.
“Having these relationships and tools in place will leave retailers in a strong place to focus on what they need to do to compete in today’s challenging marketplace and successfully unlock their business potential.”
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