Managing director of buying group KBBG Bill Miller offers his predictions for kbb retail in 2021
2020 brought unimaginable challenges for businesses. However, it is important to look forward with optimism.
One key development accelerated by COVID has been the increase in online sales. Despite this, we remain in a unique position in the Kbb industry whereby consumers still prefer to visit a physical showroom when investing in a new kitchen or bathroom.
What’s more, with consumers having spent more time at home than ever before, we foresee a rise in home improvement projects in 2021.
Home project growth
Statistics show that 33% of ABC1s agree that now is the right time to think about larger home improvements such as a new kitchen or bathroom.
Furthermore, 70% of adults in the UK agreed they get better advice from small/independent retailers and 66% expect small/independent retailers to have better experience, compared to larger chain stores.
This demonstrates that the respect for the quality of service offered by independents is valued among UK consumers.
The Brexit effect
Additionally, Brexit is undoubtedly going to have an effect on kbb businesses. European kitchen furniture suppliers will be responsible for completing the export paperwork prior to the goods leaving their factories.
If you purchase your kitchen direct froma European supplier and pay in Euros, then you are more than likely going to be considered as the ‘importer’ by HMRC, and this has significant implications.
Be sure you stay ahead of the game and do what you can to make the Brexit transition as smooth as possible for your businesses.
Times are tough but there are glimpses of positivity that we must all hold on to.
The challenges of business will always be there, regardless of the economic, political climate or a pandemic.
However, it is the aim of the KBBG to ensure that we provide support for the entrepreneurial kitchen and bathroom retailer to enable them to grow and overcome whatever challenge that they may encounter.
The KBBG announced its annual supplier bonus in 2020, which was its best to date, and the group claimed it was a reflection of the members’ trading success.