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PWG Business News: Keeping You Ahead in the Business World
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Consumer Staples
The Virgin Media O2 Business Movers Index continues to shed light on the evolving dynamics of the retail landscape in the UK. By combining anonymised and aggregated UK movement data from O2 Motion with national polling findings, the Movers Index provides a comprehensive overview of consumer movement patterns and the trends influencing them. As the retail sector faces numerous challenges, including the cost-of-living crisis and shifting consumer behavior, understanding these trends is crucial for businesses looking to innovate and thrive.
Recent insights from the Movers Index highlight the significance of technology in retail. For budget-conscious shoppers, technology enhances the in-person shopping experience by allowing them to check prices online and find deals. This is reflected in the fact that 77% of Brits use technology to enhance their shopping experiences, with 42% citing the ability to compare prices online as the most useful function. Moreover, good WiFi and strong mobile connectivity are among the top three features that attract shoppers to physical stores.
Several trends stand out in the Movers Index:
Despite ambitions to support local businesses, the cost-of-living crisis has led to reduced spending and increased online shopping. The Movers Index revealed a 7% fall in weekend high street and shopping center visits in 2024. Yet, there is optimism as 65% of Brits aim to support their local high street in 2025.
As the retail landscape continues to evolve, it's clear that technology must be at the heart of any successful strategy. By embracing digital innovations and enhancing in-store experiences, retailers can better engage customers and drive footfall. As Virgin Media O2 Business emphasizes, harnessing the power of data and connectivity is crucial for businesses seeking to thrive in the modern retail environment.
