2020 has been a strange year to say the least, looking back to this time last year, we don’t think that anybody could have predicted the events that were to come. The world of business looks a whole different place to that of 12 months ago, businesses have had to overcome challenges they have never faced before, but in the face of true adversity we have seen so many react and adapt.
As shop doors were forced to close, many took their businesses online and those that were allowed to stay open invested in new payment systems to allow for different methods of payment.
The UK is the world’s third largest market for E-commerce, and Covid-19 and the lockdowns imposed as a result have seen an increasing number of businesses investing even further in online technologies. It is believed that the effects of the pandemic will add £5.3bn to UK E-commerce by the end of this year!
Black Friday events get bigger and bigger every year for retailers, but with national lockdown underway across the country those that are not thinking about taking their sales online are going to miss out on large amounts of income. UK online retail sales between November 23rd and November 30th are expected to grow by 35%-45% on last year’s figures, according to research from IMRG. The research also indicated that consumers were more likely to take advantage of Black Friday events in order to avoid receiving deliveries too close to Christmas.
But what will happen when lockdown is over?
A question many businesses are asking themselves, will life go back to normal after Covid-19? Some may be reluctant to invest in e-commerce or new payment technologies due to the fact that they may become irrelevant once lockdown is over and we are over the worst of the pandemic. However, industry leaders believe that this ‘technical revolution’ in retail was always coming, and the pandemic has merely accelerated it. Over the years shopper’s buying habits have changed, more and more of the population are looking for easier, more efficient ways of shopping and retailers need to be ready or be left behind.
How we can help
We are passionate about supporting businesses that have shown real determination through the hardest of times this year, there are a range of products that enable E-commerce, and CNG Switch can help you by understanding your business and your payment requirements.