The future of the high street lies within collaboration, not competition
What was once a shopping experience to look forward to has become a memory for many: will the high street ever feel the same?
For quite some time, the online and in-store worlds have been competing over the same simple access to products, for better or for worse.
Since the pandemic, consumers have gravitated towards a new way of shopping, subsequently causing many local retailers to quickly attempt to navigate what the digital road ahead of them will look like.
Amazon, Instagram and even Tiktok can now help deliver your entire Christmas wish-list within days, without having to ever leave the house. So how can small bricks and mortars ever compete with such ease and convenience?
Victoria Mann, founder and chief executive of digital high street platform VZTA Smart Towns, says the “solution lies in collaboration, not competition.”, says the “solution lies in collaboration, not competition.”
The collaborative approach Mann speaks of is a shared belief among many, with herself and a number of start-ups now providing technological solutions that help people get back to the high street.
The view follows the success of her Wales-headquartered technology company Near Me Now, which she founded in 2016 to provide small businesses with the digital tools required to compete with high street chains and online giants.
In 2022, Mann also launched her VZTA Smart Towns app, a new platform providing a “scalable digital solution for any town” looking to adopt a shared digital infrastructure for all businesses that co-exist on the same high street.
“It creates a single app that serves towns and high streets everywhere, providing consumers with a comprehensive view of local businesses and events in one accessible location,” Mann says.
“By fostering a shared digital space, VZTA Smart Towns software helps high streets unite their physical and digital presence, encouraging engagement in the real world.”
Can the independent high street survive?
Despite the challenging economy making its mark across the nation, Mann thinks a forward-thinking approach to digital transformation is what will keep Britain’s 5.5m small businesses ticking.
“High street businesses offer a level of personal service that is unmatched by online giants or chain stores,” Mann says.
High street businesses offer a level of personal service that is unmatched by online giants or chain stores.
“Yet, the current advice for small businesses often encourages them to adopt a stand-alone digital strategy, using multiple platforms to compete against each other—and against far larger competitors.”
This, she adds, creates the damaging risk of isolating small businesses who might drive up their spend in an overly-crowded digital marketplace.
The solution must be “promoting the high street as a collective destination.” One where the right data and collaboration can revolutionise the way consumers perceive the future of shopping.
“A unified approach creates a rising tide that lifts all ships, making the high street more attractive to residents, visitors, and tourists alike,” Mann adds.
A time to support small businesses
Mann’s confidence in the future of the high street comes ahead of what is seen as the largest small business support campaign every year. A day that encourages Brits in every part of the country to get out and support the independent high street.
Small Business Saturday UK, led by industry support group Small Business Britain and American Express, believes this year’s golden quarter could bring a collective spend of £4.4bn to local shops.
Last year, 11m Brits flocked to the high street in support of Small Business Saturday and spent a total of £669m.
As many look to ramp up their collaboration strategies and digital promotions, like the solutions Mann speaks so fondly of, you could say hope is on the horizon for some.
After all, entrepreneurs will always do what they do best: innovate during the most challenging of times.