Recently released figures show that the average basket value for online retailers in January this year was £85, and UK online retail sales also showed a 12% year-on-year increase.
Fashion retailer’s online sales were up by 11% over the previous year, but were slightly marred by being the lowest rise since March last year.
Growth for the gifts sector reached an eight-year high with sales up 62% to mark the highest growth since December 2009.
The savvier shoppers are turning to online outlets for their wardrobe updates, bolstering the slower high street sales. Retailers with their feet in both camps are therefore faring better than pure bricks & mortar shops.
The Brexit fuelled reduction in the value of the pound is causing concern for high-value imports such as computing and electrical goods where traditionally sales are low at this time of year, normally boosted by heavy discounting.
This presents a clear opportunity for XCM’s multi-channel clients to focus on increasing their share of the UK market. Alongside that, strengthening or commencing international business should also be high on the agenda, given the current weakened state of the UK pound.
Jonathan Miles, XCM’s Director of Multi-Channel stated ”Consumers still want to spend, but they will be doing so with a higher degree of caution than before. The upshot of this is that marketing communications must be enhanced alongside. XCM will be striving to strengthen the competitive position of all our clients by creating enhanced marketing strategies from within the XCM CRM Toolkit.”