The advancement in technology and the internet have made the retail industry a global one. The retail industry of any country is offering tailored customer needs to meet their specific requirements. Technology has also boosted global competition among retailers. UK and the Us are the two countries that have a flourished retail industry. However, there’s a huge difference in the current trends of their retail sector of both the countries. Let’s have a look at the difference in their retail industry, their trends and how they’re making their brands reach the consumers.
But, before that, understand the statistics of the retail industry-
Retail industry in the UK
Today, the total retail sales in the UK have doubled since 1989. This rapid rise has been reported because of the rise in online sales. The retail industry of the UK comprises 5.2% of the UK’s gross domestic product in the financial year 2020.
- The country’s retail industry consists of over 300,000 separate businesses.
- This contributes to more than 3 million people which is over 8% of all UK jobs,
- The retail sales in the UK in the year 2019 were approximately £439 billion.
Retail industry in the US
In 2020, the total retail sales were 4.06 trillion U.S. dollars which went up from around 3.81 trillion U.S. dollars from the previous year. Right from grocery stores to restaurants, retail establishments come in many forms.
- As per research conducted by the Euro Monitor in 2019, the retail industry generated an amount of total of USD 5.4 trillion in sales.
- Some of the giant names in the retail industry that are at the top are Target, Walmart, Kroger, Home Depot, and Costco.
Comparing the current trends in the retail sector in the US and the UK
Localized brand efforts
According to the researchers, it is believed that there is not much difference in the purchasing way and habits of consumers of the US and the UK. The main difference that can be witnessed is how retailers are promoting and marketing to consumers in the U.S. and the U.K. They both follow digital channels to the global reach of the customers. The two retail sectors mainly differ in terms of localized brand efforts.
Click and collect feature
Some UK brands only beat U.S. brands in “click-and-collect” which is date collection when consumers register on omnichannel. Unfortunately, all other aspects of the omnichannel experience are still lacking in the UK. The click-and-collect has been around for much longer in the UK which has set an example for the retail business.
Own label
In the US, brands are still retaining a stronghold while the popularity and usage of their own brands have grown exponentially in the UK. Approx 65% of UK consumers use own-label.
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