EURO 2020 boosts retail revenues, but demand for goods prompts out-of-stocks to rise

Retail sales have been given a lift as the UEFA EURO 2020 tournament group stages got underway, however spikes in demand – especially across electricals – is translating into poor online inventory availability.

This is according to OneStock, the Order Management System (OMS) provider for omnichannel retail. It said the international tournament, which was delayed by 12 months due to the pandemic, is expected to prompt a £1 billion boost to the UK economy as Brits celebrate the football matches with new TVs – as well as food and drink.

With pubs restricting indoor activities slightly, electrical retailers were feeling the strain of demand as footie fans invested in new TVs and audio equipment to tune in and watch games at home. Analysis of over 1.85 million SKUs across the UK’s leading electrical retailers by OneStock’s Inventory Availability Index showed that unavailable online inventory made up over a fifth of electrical retailers’ ranging in the week ending 21 June, meaning many maybe missing out on sales opportunities, just at the time consumers are ready and wanting to buy.

Romulus Grigoras, Founder and CEO at OneStock, commented: “It might be a case of ‘football coming home’, but sadly the same can’t be said for UK shoppers’ online orders, as available stock levels – especially among electrical retailers – have seen a dip with the rising levels of demand prompted by the EUROs.

“Not only is this highly frustrating for shoppers, negatively impacting customer experience just at the moment the customer is ready to buy, it also erodes long-term customer loyalty; our research shows nearly three quarters of shoppers are less likely to buy again from a retailer if they experienced product unavailability.”

Mr Grigoras concluded: “By unifying stock visibility centrally across channels – whether it’s from the DC, warehouse or store – orders can then be picked from any channel, meaning retailers can extend their available ranging to meet demand all while improving customer convenience, conversions and customer-life time value.”