UK becoming an increasingly internet-driven society
A report has highlighted the importance of making the correct "investment, strategic and staffing decisions as the retail sector is into online shopping, according to a report by BT.
The report, entitled Retailtopia, involved consultation from a panel of retail, payment and consumer experts and was chaired by Professor Patrick Barwise, the chairman of regulatory company Which?.
It stressed the role of m-commerce over the coming years as the UK becomes an increasingly internet-driven society, with the barrier between bricks-and-mortar and online shopping becoming blurred as people use smartphones and other mobile devices to access the internet when on the go.
Professor Barwise noted that the UK is already one of the biggest online economies in the world, with roughly £30 billion spent through internet channels over the course of 2011.
"But retailers face some of the toughest challenges in the current economy. There's a danger short-term focus on profitability and lack of investment in innovation could damage our longer term potential to create the best shopping experience in world," noted the professor.
He added that it is important retailers are encouraged to look at ways to enhance and expand their multichannel offering, with a move into international markets the next step for many companies as they attempt to step up their ecommerce sales.
Making the correct "investment, strategic and staffing decisions" will be crucial in making sure businesses move with the times, Professor Barwise concluded.
The report noted that making the customer experience more convenient by offering cheap and prompt delivery, instant online content and reliable stock availability will help the ecommerce market grow.