Retailers need to adjust strategies to entice savvy shoppers

One of the Christmas-themed shop-windows at Fortnum and Mason on Piccadilly in London.

This Christmas, while UK retailers are trying to recoup up to 80% of their yearly revenues, they are facing tough economic conditions on the high street according to the Office of National Statistics.  Many hope that tomorrow Friday Dec. 20th being the payday will help shoppers make those last-minute shopping decicions.  While the retail environment is also changing fast, many shoppers are opting to buy online as opposed to going to the high street.

One of the Christmas windows at Fortnum and Mason.
Photos by Lucia Carpio.

Dan Wagner, CEO of Powa Technologies says, "The fragile economy has meant that consumers are much more selective about where they spend their money and retailers have been forced to embark on aggressive discounting far earlier to entice shoppers through the door.
"Consumers are much savvier and are actively seeking for the best deals not only on the high street but also via tablets and mobile phones.  Past loyalties can no longer be relied on and retailers need to revise their business strategies to address rapidly changing consumer buying habits," Wagner added.