Dr Maggie Zeng, Senior Lecturer in Entrepreneurship at Kent Business School, explains why retailers still have a chance to shift to online…
It is no surprise that the businesses who had set up incredibly successful online provisions way before the pandemic hit our shores are now reaping the benefits.
Online giant Ocado, for example, has reported a 35 per cent jump in sales and when it comes to clothing, the likes of well established online retailers such as ASOS and Boo Hoo are now buying up former high street mainstays.
The question is, are high street retailers doomed, or is there still time to get their operations running successfully online?
Dr Maggie Zeng, Senior Lecturer in Entrepreneurship at Kent Business School thinks most have one last chance. She says:
“We have known for a while that high street stores and grocers were struggling before the pandemic, and with strict lockdown policies, the fate of these high street retailers have been pushed off the cliff and they have had no choice but to be acquired by online giants, such as Asos, Boo Hoo and Ocado. This seems to be becoming the new norm.
“With the most lucrative customer demographics being 20 to 40 years old who grew up with the internet, and online retailers who have been working hard on their digital assets, including data to make the customer experience as easy as possible, the fate of the remaining high street stores and grocers is not hard to predict.”
She suggests creating an online presence is an immediate option for high street retailers’ survival no matter how unequipped they may feel.
“It is not too late to be a solution, as the online retail realm is open to innovation and utilisation – even from the smallest of friendly local high street stores. This will be proven over time.’
Read her advice for businesses hoping to prosper online here.
Dr Zeng is one of Kent Business School’s experts in emerging strategies in the digital economy, business ecosystem, dynamic capabilities and innovation.
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