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April 7, 2014updated 04 Apr 2017 4:07pm

Retailers favour physical stores but recognise importance of mpayments – TLT

Three-quarters of UK retailers still favour physical stores over online, according to the TLT Retail Growth Strategies Survey 2014.

By Sebastian Whale

Three-quarters of UK retailers still favour physical stores over online, according to the TLT Retail Growth Strategies Survey 2014.

Although 25% of the 64 retailers surveyed would operate solely through a website, over 90% of retailers plan to invest in website and mobile sites over the next year.

Further to this, mobile payments are viewed by over 50% of participants as offering the best prospects for future growth and more than 75% are looking to use mobile payments in the future.

Perran Jarvis, head of retail and consumer goods at TLT, said: "With savvy customers now using various channels simultaneously to research and buy, retailers have to respond.

"For many, the response has been to invest in stores as well as technologies that link on and offline," he added.

73.7% of the retailers surveyed are trading abroad, with 63.2% of them using their online presence as the main component for overseas expansion.

78.9% of retailers believe that online growth is the key method of international expansio over the next five years.

Perran continued: "Expansion plans are focused on ‘less risky’ web and mobile offerings.

"They do offer huge opportunities for growth and improved service for customers but they aren’t without their risks and shouldn’t be seen as the easy option.

"Product, price and convenience still apply in the online world, but with the added complexities of regulation around issues such as data usage, distance selling, payment methods and fulfilment," he concluded.

 

Related to:

UK’s mobile money service Paym to launch at end of April

Half of UK consumers put off mobile payments by complicated checkout process – Oxygen8

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