According to new research, nearly two-thirds of UK consumers expect Brexit to trigger a surge in high street prices next year.
The new survey has found that nearly a quarter of consumers expect a significant increase in high street retail prices due to Brexit, whilst 40 per cent expect a slight rise in prices.
Additionally, over half of the people involved in the survey said they expected more high street store closures next year, with 33 per cent saying there will be no impact at all. Only 11 per cent of those surveyed expected more stores to open.
When asked what technology retailers can develop to help win back customer trust, 24 per cent called for more smartphone apps which display product information. This was followed by fingerprint scanning technology to purchase items and voice assistants such as Amazon Alexa and Google Home to provide product suggestions based on conversations.
The survey recommended that retailers increase the use of technology to drive efficiencies and build stronger relationships with customers. While another key suggestion included increasing the personalisation of customer experiences as a way to drive brand loyalty.
Already this year there have been several high street chains collapse into administration, many of which fell behind in the race to deliver personalised digital experiences to customers.
It is clear that many expect store closures to continue next year but those changes do not need to signal the end for major high street outlets, as investing in technology can help struggling brands receive a boost through the ongoing uncertainty surrounding the Brexit deal.