Retailers add 'at-home' experiences - Barclaycard report
The coronavirus crisis has pushed many UK businesses to consider new partnerships to launch ‘at-home’ experiences, a new report has found.
Dubbed the ‘insperience economy’, 33% of retailers in the UK launched innovative products and services designed specifically to be used at home during the months of lockdown, according to new research from Barclaycard Payments.
This was facilitated by partnerships with other brands, with half of retailers with existing insperience offerings forming new partnerships during the lockdown.
Indeed, cross-sector partnerships are a growing trend as they can provide a new and lucrative revenue stream. The past few months have seen recipe box companies joining forces with famous chefs, alcohol and food companies teaming up to offer a one-stop-shop service and sports brands collaborating with the technology sector.
Barclaycard estimates that 82% of businesses with both a physical and online presence, and 78% of online pureplays, are likely to partner with another brand. Retailers with a purely physical presence are the least likely to work with another brand to launch an ‘insperience’, although a significant 60% are considering potential tie-ups in the future.
Department stores are among the top five sectors most likely to partner with another brand to launch an ‘insperience’, as well as healthcare and beauty retailers, books and stationery specialists and food and drink companies.
And it seems the trend towards ‘at-home’ experiences is here to stay, with the ‘insperience economy’ predicted to be worth £168 million in the next year. That is because consumers are enjoying these services, in fact almost 90% of retailers have seen increased demand for in-home experiences over the last three months.
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