UK retailers “in a race to stay relevant”

A third of small and independent British retailers fear that they may no longer be relevant due to advancements of technology and changing consumer habits, according to new research from Worldpay.

Just under two-thirds (61 percent) of respondents to the Worldpay nationwide survey said technology poses a significant threat to their survival, while half (50 percent) said it can get in the way of providing a personalised experience to customers, and 88 percent added that understanding and embracing new technology represents their best chance of survival.

According to the research, business owners in London and the south of England are the most eager to embrace new technologies, with 95 percent of respondents claimed to be investing in technology to expand their reach online, improve the in-store experience and become more efficient.

Further north however there is more resistance to change, with 28 percent of Scottish retailers stating that they have not invested in technology to offer online sales or improved customer experience, and retailers in the Midlands were the least likely to have built a website or to have used social media.

Worldpay UK managing director, David Hobday, said: “As far as retail and technology are concerned, the time for ‘wait and see’ has gone. Digital technology could unlock 18.8 billion pounds of revenue for SMEs, while reducing their costs by up to a fifth.

“Whilst we’re seeing pockets of innovation in many corners of the UK, we also know that many small businesses are struggling to adapt. We want to empower these businesses to turn uncertainty into opportunity and reassure them that technology is a friend, not a foe.”

To help small businesses to embrace and invest in technology, Worldpay is launching a national awareness campaign, ‘iStreet hub’, which will provide practical technology guidance from a panel of small business experts, discussing areas including marketing, accountancy, and other professional services.