Exploring how UK retailers are diversifying to thrive in a changing market.
- Advertising, subscriptions, and collaborations are emerging as key revenue sources.
- Uber’s advertising strategy integrates innovative features for partners.
- Bloom & Wild enhances customer engagement through loyalty programmes.
- Brityard blends physical retail with events to create fresh revenue channels.
In the face of evolving business environments, UK retailers are branching into diverse revenue streams to fuel growth and ensure resilience. By examining new income pathways, these businesses adapt and flourish beyond their traditional offerings.
Uber has ventured into the advertising realm, a sector growing within both its Uber Eats and Uber Rides services. Paul Wright, at the helm of advertising for the UK and Ireland, highlights the strategic expansion made possible by their products, such as Journey Ads and sponsored listings, enhancing profitability and supporting core business growth. As Wright explains, “With more advertisers on our platform, we can create more profit that we can reinvest into the growth of our core businesses.”
Bloom & Wild, a prominent online florist, continues to diversify, focusing on loyalty programs aimed at their most frequent shoppers. This initiative offers enhanced deals across a broader selection, allowing the company to better tailor its services. Aron Gelbard, co-founder and CEO, emphasises the benefits of extending product ranges, noting that it enriches customer relationships and expands market reach.
At Brityard, a unique evolution from an online marketplace into an immersive retail venue is underway. Co-founder Lara Chant believes in the underrepresentation of local talent and finds opportunity through novel retail space monetisation. Their model, which includes memberships and events, broadens their appeal and opens up fresh revenue streams to explore. Chant remarks on the potential in new ventures, maintaining that they are still exploring various possibilities.
The report further showcases insights from other industry leaders like OnBuy, Elvis & Kresse, COOK, Ribble, and Furniturebox. Each demonstrates distinct approaches to revenue diversification, whether through media sales or loyalty incentives, underscoring the vast potential for businesses to supplement their traditional income. The shared knowledge of these leaders provides a valuable blueprint for adapting to market changes while securing financial stability.
By tapping into versatile revenue streams, these UK retailers solidify their market presence and enhance their growth potential.
