Last week, the Office of National Statistics has announced UK retail figures for March 2012, revealing that the value of retail sales in March 2012 increased by 5.7% when compared with March 2011 and sales volumes in March 2012 increased by 3.3% when compared with March 2011. Adam Stewart, Marketing Director of Rakuten’s Play.com, takes at look at what this means for retailers.
Last week, the Office of National Statistics released retail statistics which show in March retailers saw year on year growth in sales of 5.7% with internet sales soaring 15.2%.
Retail figures in 2012 have been erratic to date, with strong growth in January, fuelled by widespread sales, followed by a sharp drop in February.
As households start to feel the effects of last month’s budget announcements and income squeeze, it’s encouraging to see the retail sector is still growing.
With incomes tight, retailers instinct is to compete on lowest price, but as we saw in January this results in peaks and troughs for the economy.
In reality attention should be turned to adding value. In the coming months, independent retailers and SME’s need to find ways to make the customer feel special and the service or shopping experience they deliver feel distinctive both in store and online.
By Adam Stewart
Marketing Director
Rakuten’s Play.com
www.play.com
