How pro shops can make the most of the spending surge

With shoppers returning to high streets and shopping centres, retailers are busy preparing to maximise the potential of physical stores and meet pent-up consumer demand.

The anticipated return of experiential shopping has raised customer’s spirits – GSK’s consumer confidence index improved by seven points in March and spending is predicted to increase by an additional £50 billion later this year.

In light of this, Brian Flesk, head of Retail at Hitachi Capital Consumer Finance, provides his top tips on how retailers can capitalise on the reopening of non-essential retail and make the most of the anticipated spending surge in bricks and mortar stores over the coming months as restrictions ease.

Hitachi Capital Consumer Finance’s top tips for reopening:

Maximise sales through point of sale finance solutions – The availability of affordable credit products at the point of sale plays a huge role in converting browsers into buyers. Funding options can accelerate purchasing decisions and drive sales within a highly competitive market: our own research shows 55 percent of customers cite finance solutions as a key reason for completing the purchase of a big ticket item.

Implement an effective omnichannel approach – Consumers have become adept in making digital purchases through the pandemic, altering their shopping expectations. Ensure the customers’ purchase experience is as frictionless as possible, in store and online, across any device or platform. Integrating bricks and mortar retail with e-commerce attracts consumers, increases spend and conversions and creates a seamless customer experience.

Destination experiences on the high-street will drive footfall – Bricks and mortar retailers need to grasp the opportunity to create experiential shopping experiences which are harder to replicate online. Becoming true experience hubs and bringing the ‘theatre’ back to retail will revitalise the role of high street stores as shoppers return in-store, helping consumers in their pre-purchase decisioning.