Barclays Group CEO, Jes Staley sees opportunities for UK high street businesses to succeed, post-pandemic
Jes Staley on the future of shopping, post-pandemic
Using our UK Spend Trends 2.0 (ST2) data, Barclays Group CEO Jes Staley sees opportunities for UK high street businesses to succeed, post-pandemic. Barclays UK ST2 data is a set of signals that builds on Barclays' strong history of publishing insights about UK consumer spending.
At Barclays, our Spend Trends 2.0 data drawn from card transactions gives us insight into how UK consumers are behaving. And based on what we’re seeing, it seems our high streets may have a healthier future than was thought.
As shops have reopened after lockdown, consumers have returned at pre-pandemic levels. In fact, almost 40% of consumers tell us they prefer shopping in person, particularly if they can shop closer to home and support their local communities.
What’s changing isn’t consumers’ desire to shop physically, but the desire for flexibility around how they shop and pay. Many retailers are recognising this new kind of hybrid demand.
Innovative business owners responded to changing demands by creating lockdown meal-kits, virtual events or online ordering and payment in pubs and restaurants.
They harnessed technology to optimise the shopping and check-out experience.
So the real opportunity for businesses is to provide the same seamless service whether a customer is online or standing in front of their till.
For many, progress will mean integrating their payments technology online and in-store. Consumers want a frictionless online experience and a great app, but they also expect a physical experience that is just as user-friendly.
This is the kind of next-generation commerce that Barclays is helping our customers and clients discover.