The new everyday in retail
Innovation and transformation.
Two of the words most commonly used to describe how the UK’s retail sector has had to adapt to lockdown.
The environment has been incredibly tough over the last 12 months, but the outlook is potentially very positive indeed.
From speeding up supply and delivery chains to revolutionising websites and checkout processes, all the evidence suggests that investment in digital transformation can bring enormous benefits to retailers that invest.
For Britain’s butchers, bakers and artisanal candle makers, digital transformation is now key
We recently commissioned the Centre for Economics and Business Research (Cebr) to look at the potential benefits to the UK Economy of the continued investment in digital transformation projects, similar to what we’ve seen over the last year.
They estimate that continuing to adopt new digital technologies could boost the retail sector by more than 6% between now and 2040.
Across the UK, Cebr estimates that continued investment in digital change projects could increase UK GDP by £232bn, or 6.9%, by 2040.
And we talked to retailers nationwide to find out how they have been investing in digital, and the growth they have seen as a result.
You’ll learn how:
- Hilliers Nurseries went from being practically off-grid to a truly digital first business
- New Covent Garden Market’s fruit and veg dealers developed ambitious new digital strategies to ensure they could still offer customers the very best produce during lockdown and beyond.
- Mighty Small did the seemingly impossible: engineering a successful start-up during Covid. Going digital-first, from day one.
- Both Warners Gin and cocktail mixers Drinksfusion transformed their entire business models to cope with the challenges of trading in lockdown - with sparkling results.
- Retail experts see a digital future for whole sector
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The Cebr Methodology
The methodology is centered on producing a cumulative economics delta between a baseline scenario, in which there is no accelerated adoption of digital transformation initiatives, and a scenario in which there is.
The research considered a number of modelling inputs to estimate the productivity impacts of various forms of technology to derive the ‘Post Covid-19 Digital Transformation’ technology uplift coefficient.
This coefficient is then scaled to reflect the proportion of the workforce to whom it applies.
The model also estimates the rate of technological adoption across different sectors and a rate of re-investment.
All of the estimates are rooted in a detailed literature review.
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