GUEST COMMENT How ecommerce retailers can combat falling consumer spending
Image: Fotolia Mark Elward (CMILT), chief commercial officer of Huboo Increasing energy prices, rising interest rates and a hugely volatile global oil and gas market are some of the factors currently driving an acute increase in the cost of living, impacting everything from the price of heating our homes to the weekly shop – the fundamental pillars of everyday life.
This is set to have a profound impact on ecommerce retailers’ bottom lines, as consumers look to cut back on non-essential, luxury items and even to reduce spending on essential items. Impulse buying may soon be a thing of the past, and people will generally be more frugal when it comes to spending their hard-earned cash.
The downward trend in consumer spending will only become more pronounced as the year progresses, leaving ecommerce retailers facing reduced sales at a time when they are also dealing with increased operating costs, and still battling to recoup their losses in a post-pandemic retail environment.
So the question is, with reality already starting to bite, what can online retailers – from global brands through to side hustlers – do to plug the sales gap?
1. Diversify your UK sales channels
The current climate is a wakeup call for ecommerce retailers to review their current selling platforms and to look to setting up a presence on additional UK marketplaces. This is a simple yet effective way to open up new opportunities and to counter the dropping demand from your existing sales channels.
For example, if your business is active on eBay and Amazon, consider expanding to include additional nationwide sites like OnBuy, Etsy and Facebook Marketplace. You could also look to identify regional or local marketplaces, or specialised sites that you could plug into. A more diversified multi-channel approach is an effective way to organically drum up sales […]
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