Accelerated by the coronavirus pandemic, the spike in online shopping has seen more than one in seven UK retailers (15%) create roles specifically to cater to an increase in digital sales and boost online capacity, according to Barclays.
The bank reported a study of more than 300 senior retail executives conducted by Barclays Corporate Banking.
It was detailed that with £3 in every £10 now spent online, investment in new technology is a central theme in Barclays Corporate Banking’s new white paper: Survive and thrive: how the UK’s retailers are adapting to the ‘new normal’. Over a quarter (26%) of those surveyed think the pandemic has accelerated a ‘technological revolution’ in retail.
Karen Johnson, Head of Retail and Wholesale for Barclays Corporate Banking, commented: “The last few months have undoubtedly been challenging for the sector, and we are hearing frequent news of jobs being put at risk.
“Against that backdrop, however, e-commerce and digital sales have demonstrated significant improvement and have helped to maintain year-on-year growth for many businesses.
“Despite the unprecedented uncertainty and disruption, the results of our survey are encouraging, and it is great to see retail leaders confident about their prospects. Many are using the ‘new normal’ to innovate and adapt their business models.”
It comes as the UK elevates its position within the e-commerce sector as it has become the third-largest market for e-commerce, with a plethora of retailers embarking on website upgrades, as well as embracing new payment methods.
Debbie Robinson, Chief Executive of Central England Co-operative, added: “During the COVID-19 pandemic, we have made significant and lasting business improvements, including our ability to be more inclusive and diverse by reaching more members and customers in ways that they need us to.
“We’ve made great progress as a team, especially our colleagues on the frontline, who have truly been a fourth emergency service and have played a vital role in the national effort to support communities.”
