Retailers are being encouraged to develop a multi-channel strategy following news that UK online retail sales grew in May by the strongest year-on-year rate for any month since November 2016.
The IMRG Capgemini e-Retail Sales Index stated that online retail sales for last month were up 19.4% year-on-year, and represented the highest increase for May since 2010. Footwear (54.4%), garden (40.2%) and health and beauty (23%) were the leading sectors.
The Index also revealed that the growth average over the three-month period between March and May was at 19%, noticeably higher than the six and 12-month growth trends of 15.3% and 13.8% respectively.
Mark Kozo, Head of Marketing at Portman Asset Finance, says: “These positive figures show that consumer confidence is up as people are clearly seeking the convenience and choice of shopping online.
“It also highlights the benefits of retailers investing further in their online offering, as with increasing demand comes increasing expectation. A slick online viewing journey and ordering system is crucial, as is producing many high-quality professional images of all your products.
“I should stress, however, that this doesn’t mean consumers are turning their backs on bricks-and-mortar shopping. There will always be demand for physical stores, and the successful retailers are those that are focusing on both their traditional and online services by developing a truly multi-channel approach to growing their business.”
Portman Asset Finance has helped arrange finance for retailers of all sizes and styles, including the fashion outlet Robert Goddard. The company was looking to boost its digital content so we sourced the funding that allowed the retailer to establish a more proficient photography system for its new e-commerce portal.
If you would like to invest in your retail business with asset finance, call our experienced Account Managers on 01604 321 995, while more details about our finance products for retail companies are available here.