# Top Trumps: How the high-street can unlock its winning card
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-05-11
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Surviving the High Street: Innovative Solutions for Small
Meta Description: Discover how high-street shops can thrive in the face of online retail competition with innovative solutions from First Data UK. Survive and thrive today!
URL: https://financedigest.com/top-trumps-how-the-high-street-can-unlock-its-winning-cardhtml

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By **Russell Jones**, General Manager, First Data UK

In 2017, nearly 6000 high-street shops shut – more than any other year, since 2010. As expected, those that have been hardest hit are small and mid-size businesses including clothes and shoe shops, as well as travel agents and estate agents. It is more competitive than ever out there and [market share](https://www.financedigest.com/skull-deformity-implants-market-share-top-operating-players-recent-enhancements-and-regional-analysis-2028.html "Skull Deformity Implants Market Share, Top Operating Players, Recent Enhancements and Regional Analysis 2028") has been gobbled up by pure-play online retailers, who are able to provide cheaper goods without the traditional overhead costs attached. In this harsh climate, for high-street shops to survive,they need to adopt a new [outlook on business](https://www.financedigest.com/meningitis-diagnostic-testing-market-analysis-status-and-business-outlook-2017-to-2025.html "Meningitis Diagnostic Testing Market Analysis, Status and Business Outlook 2017 to 2025"). More emphasis is [needed on intelligent innovation](https://www.financedigest.com/why-covid-has-increased-the-need-for-corporate-sustainability-innovation.html "Why COVID Has Increased the Need for Corporate Sustainability Innovation") – only then will the high street be able to unlock the true benefits of its winning trump card.

**Bricks and Mortar vs. Online**

eCommerce will continue its [rapid growth](https://www.financedigest.com/rapidly-growing-end-use-industries-worldwide-is-providing-traction-to-the-13-dioxolane-market-growth-fact-mr-report.html "Rapidly growing End-use Industries Worldwide is Providing Traction to the 1,3-dioxolane Market Growth: Fact.MR Report") –customers will be wooed by quick, effortless shopping experiences from the comfort of their living room, or mobile phone. It’s not all doom and gloom for high-street businesses, though, as [research shows physical shops still play a vital role in which the internet](https://www.financedigest.com/we-researched-dfinitys-internet-computer-and-this-is-what-we-learned.html "We Researched Dfinity’s Internet Computer and This Is What We Learned") can’t. [Customers continue to be receptive to personalised shopping experiences and knowledgeable shop staff](https://www.financedigest.com/mcdonalds-makes-masks-mandatory-for-all-customers-staff.html "McDonald’s makes masks mandatory for all customers, staff"), which help inform their in-store purchases.

High street shops can also use their physical presence not just as a place to [drive sales](https://www.financedigest.com/baby-food-industry-will-turn-to-drive-sales-growth-of-functional-dairy-ingredient-market-fact-mr-report.html "Baby Food Industry Will Turn To Drive Sales Growth Of Functional Dairy Ingredient Market, Fact.MR Report"), but also as a platform to build and nurture real –face-to-face – relationships with customers. However, smaller [businesses need](https://www.financedigest.com/what-you-need-to-know-about-tax-savings-for-businesses-in-las-vegas-nv.html "What You Need to Know About Tax Savings for Businesses in Las Vegas NV") to improve in certain areas – ensuring their queues are short, always providing value for money and having a variety of payment options to hand. Whilst high street survival might not be simple, there’s [opportunity to implement these innovative](https://www.financedigest.com/maximising-the-opportunities-available-from-marketing-technology-and-innovation-focused-thinking.html "Maximising the opportunities available from marketing technology and innovation focused thinking") solutions, which ultimately could prove to be the winning formula for those willing to work for it.

**Kicking Queues to the Curb**

According to data from First Data UK, three-quarters of customers are only going to tolerate standing in a shop queue for six to ten minutes. Anything beyond that and you’ve practically lost them for good. That’s why it is essential for shop managers to understand the effect waiting times at the [till will have on overall sales](https://www.financedigest.com/sales-forecast-of-mental-fitness-apps-market-analysis-and-forecast-report-till-2031.html "Sales Forecast of Mental Fitness Apps Market , Analysis, and Forecast Report till 2031"). A five-minute wait might seem like nothing when you have tied up processing sales at the checkout, but this is enough time for a customer to ditch their goods and head to the door, for good.

One way to curb the queues is by accepting mobile and proximity payments, which allow [businesses to check out customers](https://www.financedigest.com/why-late-payments-are-hurting-your-customer-as-well-as-your-business.html "Why late payments are hurting your customer, as well as your business") on the shop floor. As well as reducing the frustration that comes with queuing, such tools can actually help businesses encourage more impulse sales with their customers. Integrating different mobile payment platforms can give a [competitive edge](https://www.financedigest.com/leveraging-ai-for-the-competitive-edge-in-insurance.html "Leveraging AI for the Competitive Edge in Insurance  ").

**The Personal Touch**

It will always be a [challenge to compete with large chain stores](https://www.financedigest.com/ikea-plans-new-u-s-stores-in-2-2-billion-push-to-challenge-walmart-and-wayfair.html "IKEA plans new U.S. stores in .2 billion push to challenge Walmart and Wayfair"), particularly when it comes to price and stock, after all it is often a numbers game. However, where smaller retailers can succeed is by hitting them where it hurts; providing a [personal approach to customers that larger businesses](https://www.financedigest.com/should-you-take-out-a-personal-loan-to-start-or-grow-your-business.html "Should You Take Out a Personal Loan to Start or Grow Your Business?") cannot. High-street retailers are often one-man-bands whose roles cover a number of titles from Manager to Shelf-stacker. For many it is a labour of love. But,it can be time-consuming and stressful. Incorporating innovative software can be beneficial – not only does it help alleviate time constraints and stress, but it can also collect data on how your customers shop, when they purchase certain items and what the bestselling items are, helping you [bridge the gap](https://www.financedigest.com/bridging-the-gap-between-banking-and-digital-accessibility-in-todays-digital-by-default-world.html "Bridging the Gap Between Banking and Digital Accessibility in Today’s ‘Digital by Default’ World") between vendor and customer.

Tools also exist today that help high-street shop owners use their [business and customer data to create more accurate sales and marketing strategies](https://www.financedigest.com/albumin-market-in-depth-analysis-business-strategies-and-growth-rate.html "Albumin Market In-depth Analysis, Business Strategies, and Growth Rate") from season to season, personalising these on an individual basis. These same tools can be put to use picking up mundane tasks such as taking stock and accounting, allowing store owners to spend more time engaging with customers over products or getting to know them on a personal basis to encourage loyalty.

**Adopting Change**

Whatever the state of the Great British high street, rest assured there are [ways to prevent small or mid-size retailers](https://www.financedigest.com/the-future-of-retail-and-the-ways-that-retail-has-changed-for-consumers-during-the-pandemic.html "The future of retail and the ways that retail has changed for consumers during the pandemic") from going bust. Whether it is deciding to use [technology to get to know customers](https://www.financedigest.com/the-advanced-wound-management-technologies-market-to-grow-based-on-customized-digitization.html "The Advanced Wound Management Technologies Market to grow based on customized digitization") better, to save time and avoid errors by automatically monitoring stock, or to speed up transaction processes with various payment methods, the technology is out there – and it’s waiting to be used. If the high street adopts change, it will be [well on the way to dealing](https://www.financedigest.com/uk-says-baker-hughes-altus-deal-may-hurt-competition-in-oil-well-services.html "UK says Baker Hughes-Altus deal may hurt competition in oil well services") itself a winning hand.


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