By Daniel Hunter
With the Office for National Statistics (ONS) retail sales figures to be announced today (Thursday) it is of the utmost importance for retailers to face the facts as they look to make the most of the run up to Christmas, according to Powa Technologies.
Although retail sales figures have been positive with a 0.1 per cent rise after falling behind in August by 0.9%, the future is not looking good for the British retail sector. Turning back the clock to the worst year for the high street, 2012 saw 54 companies fail and over 48,000 employees effected by the double dip and it looks like the future of the high street will be far worse off.
The fact of the matter is that by 2018 it is predicted that a further 164 major or medium sized companies in retail will go into administration according to the centre of retail research. The research also stated that over 140,000 people across the nation are due to lose their jobs and the high street will continue to suffer as 415 of town centres will loose 27,638 stores.
The retail industry provides 5% of the overall GDP for the nation as well account for 10% of employment in the UK which has a significant impact to the wealth of the nation.
Dan Wagner, CEO of Powa Technologies, which has implemented payment platforms for major brands and retailers such as Tesco, Superdrug, Laura Ashley and Heal’s spoke out today to a group retail experts about the shortcomings of the retail sector, the hard road ahead and what could be done now to help retailers of tomorrow.
Dan said, “The retail industry is very important to the British economy and should be nurtured. What retailers have to come to terms with is the fact that they will have to change and evolve if they want to keep their heads above water in the future. They also need to realise that it is time to invest time and money into making the store experience unique by having unparalleled service and a personal touch. People are already put off leaving their homes to go shopping so the experience should be exceptional.”
Powa Technologies is seen as the next market leader in the mobile payment solutions sector and has recently received a huge investment to grow the business in the UK and worldwide. Dan believes that Powa’s services can be a vital part of the high streets revival.
He continued, “The way that consumers view shopping has changed and retailers should learn to embrace technology, online retailers, multi channel shopping and not shy away from it. Mobile point of sales devices need be at the heart of the payment process of retailers. People are always on their mobile phone or device and it should be used to its fully capacity, having shop assistants walking about the store taking payments on mobile tills will eliminate long queues and the feeling of frustration.”
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