The COVID-19 pandemic had a devastating impact on the UK economy but now it is all set to recover after the passing of the second wave of COVID-19.
The UK is still trying to salvage itself from the devastating impact of the COVID-19 pandemic on its economy and the Brexit negotiations. However, experts believe that after the passing of the second wave of COVID-19, the UK economy will recover sharply and may even return to its level observed in the pre-pandemic stage.
After the country went into lockdown, many retailers who were hesitant to adopt the digital model had no choice but to accept it, to keep their businesses alive. It resulted in a massive surge in online sales. Though the closure of high street stores had a significant impact on the retail sector, the total volume of retail sales has now recovered to the pre-pandemic levels. Also, as pubs and restaurants remained closed and consumers spent less on various services during the lockdown, the supermarket sales dramatically escalated. The DIY and gardening sector also witnessed a sharp increase in sales as people were forced to spend more time at home.
“It’s reassuring to see retail activity in the UK resume to pre-pandemic levels following a boom in online activity. But we’re not out of the woods yet,” says Stephen Paterson, Chief of Consulting at AND Digital, “As non-essential shops remain closed, businesses must continue to focus on improving the e-commerce experience. Eliminating friction for customers along every part of their journey and bolstering security measures around the process will be key in ensuring the long-term success of digital sales.”
Furthermore, the UK government is actively taking steps to strengthen its hold in the technological landscape. In its top tech priorities of 2021, the UK wants to diversify its economy with more focus on running operations on digital platforms.
The UK government is planning to roll out 5G networks to deliver excellent infrastructure across the country. The government also plans to leverage data to improve and enhance the life of its citizens. From investing heavily in strategies for bolstering the digital infrastructure to attract talent across the globe with new incentives, the UK is eying to get back to its elite position in terms of dominating the global economic landscape. However, it is crucial that the government take steps to address the economic issues.
In light of the constantly evolving and surging cyberattacks, the UK and its businesses must remain vigilant. As Stephen Paterson puts it, “it’s important for businesses not to take their eye off the ball – we must remain mindful that online transactions are always vulnerable to a variety of security issues. The pandemic has inspired a steep incline of online fraudsters exploiting users, so it’s important for businesses to remain vigilant. Building and operating on secure digital platforms, whilst prioritizing customer experience, will future proof omnichannel retail as lockdown restrictions continue to ease and high streets reopen.”
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