An online retailer goes against the UK’s economic gloom and doom forecasts
While positive business and company news in the UK remains scarce, Flooring Hut, a fast-growing online flooring retailer, is thriving, particularly in the light of the Government withdrawal of business energy bill support in April 2023.
Flooring Hut CEO, Paul Brewster comments “Our business model, remote working structure and the absence of any bricks-and-mortar stores puts us in a very favourable position to not just survive but thrive and prosper during these tough economic times.”
Choose Your Business Model Carefully
Chief Technology Officer at Flooring Hut David Greaves comments “We are fortunate that there are currently many competitive advantages to a business model like we have at Flooring Hut.
The latest Government decision to substantially cut support for energy bills for business plays to our strengths as we have no staffed head office and no costly stores to operate”.
Flooring Hut reinvests its profits back into its growing business. To this end, they are proud to say that in Q1 2023 generous pay rises were awarded to their small team of Sussex based customer service employees, rewarding them for their hard work and helping each of them financially with the cost-of-living crisis.
Chief Operating Officer at Flooring Hut Ashley Funnell adds, “If you are thinking of starting a new retail business or are an established retailer and considering a pivot into e-commerce, then consider the following competitive advantages that you may accrue by making the move”:
· Low overhead costs
· Ability to reach a global or UK-wide customer base
· Lower inventory costs
· Personalisation and data collection
· Flexibility and scalability
· 24/7 availability
What works for one business today, may be obsolete in 3 years’ time. The landscape for many businesses, large and small is changing at a rapid pace. Taking a longer-term perspective and approach may not deliver instant sales impact and revenue growth but it will have a much greater chance of future proofing businesses.
Businesses must understand the principle that the interests of customers and shareholders are perfectly aligned in the long term.