Australian retail brands are experiencing counter-intuitive growth to the UK, as the UK aims to fast-track innovation and connections to new sources of growth.
Brexit came and like Y2K, it was a fizzer for doomsayers. According to the UK’s Office of National Statistics, UK retail sales are up 6.2 percent by volume and 4.1 percent by value, in August this year. Online sales are up 50 percent per annum compared to the same period last year.
The future of retail in the UK is seeing a “millennial centricity” guiding innovation that Australian brands are learning from and may deliver to our shores soon. Hybrid stores popping up in London’s Shoreditch area may soon be replicated here, representing a complete rethink of how a store should operate for millennial’s preferences, with features like:
- Time delay mirrors that allow the shopper to video, watch and share themselves trying on clothes
- Smart change rooms with an applications that provide matching in-stock suggestions and can request staff to bring items directly to the changeroom without the customer leaving
- Wearable technology for store assistants to enhance customer service and payment options
- B2B enhancements such as RFID stock analytics, floor heat maps, ship to floor, ship store to store and online store stock allocation options
Tony Hughes, the“dealmaker” for the UK Department for International Trade Retail is on a global tour scouting innovative brands and technology providers to connect to the UK economy. The Department are supporting, with fast-track access to the market, through a range of benefits, from visas to guidance on loans, equity, tax and market research, to expand your online retail sales in the UK.
17 projects over the past two years with Australian brands such as Cotton On, Lovisa, Nixon, Element and Windsor Smith , to name a few, have contributed over 1,800 jobs and $300 million to the UK economy.
Hughes, along with a host of other online retail industry leaders, will be presenting at next month’s Online Fashion Success event, which will be held on 7th November at Sydney’s University of Technology Sydney.
Hughes will showcase the latest in UK retail innovation and host a workshop with Australian entrepreneurs such as Gary Elphick, founder of Disrupt Sports and Ryan Murtagh, founder of e-Commerce platform Neto. Carl Jackson, CEO of MySale Group, is also part of the Online Fashion Success event line-up, presenting on his view that “UK Growth” is one of his top business strategies to focus on next.
To register for the event, or find out more on how you can join the UK on-boarding workshop for Australian fashion brands, retailers and retail technology enablers go to: www.onlinefashionsuccess.com