Business owners must adapt to change if they want to stay relevant. The market trend right now is geared towards digitalisation as consumers rely heavily on online transactions for their everyday needs.
Here are the different ways going online is making changes to the property market:
Warehouse Demand in the UK is Rising Due to E-commerce
In the UK, business-to-consumer (B2C) e-commerce will reach by €200 billion by the end of this year. This projection means that there will be an increase of 14.6% compared with last year. The growing popularity of e-commerce is evident in 87% of the UK population who will consider online shopping this year.
The growth of e-commerce has given birth to robust warehouse demand across the UK. According to the 2019 report by Savills Research, retail warehousing is receiving tons of investment this year. This interest in the warehouse industry reflects the defensiveness of the retail sector about online retailing. Most online stores are looking for industrial warehouses to store their goods before they get distributed to consumers. The market is facing difficulties because most of the warehousing requirements must be in urban areas where warehouses are low in supply.
Since brick and mortar retail will likely suffer from the rising online shopping behaviour of consumers, companies must find innovative ways to remain relevant. Last year, Dr Martens opened a new location in Bath. The store, which is part of their expansions across the UK, is an innovative take on the retail industry. The store will also serve as a venue where consumers can engage with the brand through personal and cultural expression. This expansion shows that Bath still has a robust retail market.
Remote Working Spaces: A Digital Nomad’s Friend
Touring the world while working has become a norm for some and highly envied by traditional workers. As digital nomads go mainstream, so too is the demand for co-working spaces. London, among the European cities, has the highest number of co-working spaces. Most of the businesses in the UK are now reviewing their business and how their workspaces can answer the demands of modern working life. According to research by JLL, the creative and tech industries are leading the need for these flexible working spaces.
This new-age lifestyle has also given birth to other services that provide convenience for digital nomads. One of the perks of this lifestyle is being able to work from anywhere in the world. Companies such as Villas Away offer rental properties such as luxury villas and apartments where digital nomads can stay. Remote workers can still work while enjoying a vacation in top holiday destinations such as Greece, Spain, or the Canary Islands to name a few.
Other services borne out of remote working include Nomad Cruise, the first floating conference that caters to remote workers. The tour service allows workers to explore the world and all its possibilities across the Atlantic. Jobbatical in Estonia is a job-hunting site that matches remote workers with both long-term and short-term job opportunities.
Almost everything that people do today is somehow connected to the internet. People have evolved on how they use the internet. Before, people would only go online if they need to research something. Now, a lot of people cannot live a day without going online. It has become their way of life, and it has changed the economy. Going online can now be a means of earning a living.
Wandering the globe while doing internet-enabled work is now a common fantasy among traditional workers and one that more are acting on, thanks to a cottage industry of supportive services, such as #vanlife blogs, co-living communities like Roam, tour services such as Nomad Cruise, and even marketplaces typified by Jobbatical, a site in Estonia that matches workers with both short-term and long-term global job opportunities, the research found.