Whether it’s tyres or toys, retailers failing to provide an online sales option are going to lose out as more shoppers opt for e-commerce over high street shopping, a new report claims.
Car tyres are a good example of how consumers can save money by shopping on line with a company like etyres, which does not have the overheads of high street depots and can therefore offer lower prices to customers.
The stark warning follows the report that online retail sales in the UK rose from £46.6 billion in 2007 to £53.2 billion in 2008 and businesses which do not invest in e-commerce are 30% more likely to fail, says Tenon Recovery, a turnaround, restructuring, recovery and insolvency specialist.
Carl Jackson, national head of Tenon Recovery, says that the new-age consumers like to go shopping with their fingers rather than their feet, as it is easier for them to compare prices online than move around the high street.
He added that businesses which do not enable their consumers to shop 24 hours a day are at a disadvantage.
Mr Jackson said: “By transferring from bricks to clicks, retailers can boost their profits substantially, reduce their running costs and capture consumer spend around the clock. A business needs far less capital to create an online empire than expand its presence on the high street.”