Thursday, August 18, 2022

London‘s high street small businesses lead the way in digital technology

Research has found that London‘s small businesses in the retail sector are way ahead of the rest of the country in implementing digital technologies.

Research published by Worldpay today found 95 per cent of retailers in London and the south are investing in digital technologies to give them a competitive edge.

This is seven per cent higher than the national average.

The research also indicated that businesses in the capital were also 16 per more likely to invest in ecommerce platforms and digital marketing tools aimed at expanding their online reach and streamlining day-to-day responsibilities.

London-based retailers are more than twice as likely to allow customers to purchase online as well as in store.

They are also 20 per cent more likely to have invested in technology to streamline admin tasks over the past two years.

The findings suggest that during the unpredictable economic forecast following Brexit, retailers are turning to new technology to adapt to the changing market.

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“Londoners are fiercely protective of the city‘s rich mix of culture, people and shops, with more residents actively seeking out independent stores than anywhere else in the UK,” Worldpay UK managing director Dave Hobday said.

“Against a background of market change, it‘s encouraging to see that the capital‘s businesses are leading the nation in technology investment, but all independent businesses need to continue to adapt to remain relevant to the modern consumer.

“Our research shows there‘s still unexploited territory for smaller retailers in London to explore.”  

Despite being ahead of the curve, 24 per cent of retailers surveyed in the capital have yet to build a website and embrace digital technology.

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