After-hours shopping will be worth £40 billion by 2010 and Britain’s businesses will profit by adapting to serve millions of consumers who are rejecting standard high street opening hours, states a new BT-sponsored report.
The new study called, the “Implications for business of the 24-hour society,” has been produced by The Future Foundation and follows a report on the consumer implications released earlier this year. According to the report, businesses who stick steadfastly to traditional operating hours will see customer loyalty taking a dive.
Consumers interviewed were keen on seeing outlets open longer hours than they are at present. Already, says the report, around 7 million consumers would like to see drycleaners open longer hours. These consumers indicated that in many instances they would be prepared to pay a premium of 3% for extended hours service or 5% for 24 hours service, and an additional premium to ensure that delivery times were more convenient to them.
The report indicated that high street businesses can expect to see a quarter of their transactions migrate outside normal hours by the year 2010—nationally that equates to £40 billion in revenues. By the same year the opening hours of 7 am-11pm will be established as “normal” for 55% of shops in city centres while today, already 9% of shopping trips are made before 9.00 am and after 6.00 pm.
BT has launched a guidebook in tandem with the report to help businesses gear up to extended hours service. “Wake up to the 24 hour society”, is available on BT’s freefone number 0800 800 800.
