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Tech in Business

Advancing technology can be implemented into business, creating new possibilities and making the working day increasingly effective and efficient. In recent years, a large number of products and companies have emerged with new and innovative facilities to help simplify everyday work. However, it is not easy for small companies to find out which products are needed or fit their needs. There is no uniform recipe for all companies since they are active in different sectors, segments, etc. and therefore also have different needs.

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The UK Fashion Retail Industry

Worth £60.2bn in 2015, the fashion industry grew at a compound annual growth rate of 4.3% during the previous five years but saw a major slowdown in late 2015. In 2016, growth was “exceptionally weak”, with average monthly clothing and footwear sales up 1% for the 10 months ended October 2016. However, For the period ended 31 July 2016, online fashion sales grew by 7.5% year-on-year, while store sales declined by 3% creating expectations for online sales to outperform the market, with growth of 9-10% in 2017. 

The fashion and retail industry is an extremely competitive market that can reap huge rewards. The employment within fashion and fashion related industries within the UK stands at 555,000.  As seen in the pie chart below, most jobs in fashion related industries are in the retail sale of clothing. This sub industry employs 75 percent of all total employees, with 414,000 people working in the retail sale of clothing. The retail and sale of footwear and leather goods further provides a sizable weighting of jobs in the fashion industry, being 11 percent (59,000 jobs). Another 8 percent, 43,000 employers, work in the wholesale of clothing and footwear. 

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The UK Food Industry Analysis

As of 2016 the food service market within the UK was worth a value of £87.2 billion, being up 2.3% in comparison to the 2015 market value. When broken down in to sub-categories the food service industry is valued as follows:

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The E-commerce Market

The online shopping market has witnessed a spike in growth over the period of 2016, with a 16% growth in the UK market. This has been said to have been largely driven by an increase in purchases made from smartphones with a 47% YOY growth from December 2015 through to December 2016, with further expectations of growth throughout 2017. In contrast, sales made on tablets were down 3% YoY. In December, smartphones accounted for 54% of mobile device sales, with tablets accounting for the other 46%. This is a huge uplift on December 2015, when smartphones accounted for 39% of mobile device sales. 

As expected the Christmas period is the bussiest time of year for ecommerce, being defined as running from 13th November through to 24th December. Over this period in 2016 £25 billion was spent online. This was up an impressive 16% on the amount spent in 2015 as consumers continued to shop for presents online.

Further reasons for increased sales online would include, but not limited to:

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