What does the future hold for construction industry traders?

How will the changing face of technology, politics, the economy and other factors affect the future for construction industry traders?

11th September 2014

Future cloudsEvery sector is subject to the whims of numerous external forces, and construction retail is no exception. What sets the most successful businesses apart from their competitors is their ability to identify future trends and respond to them as they occur. What does the future hold for construction industry traders, and can builders’ merchant software help your firm to prepare for it? Integrity Trader forecasts just some of the changes the industry is likely to face over the next few years.

The economy
You’ll not have failed to notice that the economic recovery is well underway – or so we’re led to believe. The latest figures suggest that rates of employment are up and people are spending more, which is good news for businesses in every sector. An expanding economy means a greater number of construction projects, and more money in the pockets of normal people means spending on DIY is equally likely to increase. Construction industry traders will be in a position to take advantage of these new opportunities as the economic recovery gains pace. Consider using point-of-sale software to gain invaluable customer information you can use to initiate offers and promotions, further boosting trade.

Politics
Politics and business are intimately entwined – whether we like it or not. Every year businesses of all sizes await the chancellor’s budget announcement, and in recent times we’ve seen increases in the level of small business rate relief alongside reductions in business rates. However, some analysts have suggested that the government could be doing more for business, particularly SMEs (often described as the lifeblood of the economy). Will this change in future – particularly considering that 2015 is an election year? It’s impossible to say. Integrity Software would preach caution, and suggest that it’s safer not to expect much help from the government in future. Our builders’ merchant software boasts stock control and point-of-sale functions capable of improving your cashflow processes – if help isn’t forthcoming in the future, you won’t be left in the lurch.

Technology
Technology can come to the aid of construction industry traders – as we’ve seen with point-of-sale software – or it can negatively affect retail business in the manner of online shopping. How will technology affect construction industry retailers in future? We can expect to see online and mobile shopping command an even greater market share than it does right now, but only up to a point – certain products and services cannot be sold remotely. What’s more likely is that cash transactions will increasingly fall out of favour, with card payments, contactless payments and even mobile payments taking their place. It’s important that construction industry retailers have the hardware and point-of-sale software in place to process these transactions for their customers.

The construction industry
Although tied to the economy, changes in the construction industry will naturally affect the retail sector. The sector has expanded rapidly over the past year or so, but the immediate future is difficult to predict. Recent construction industry growth has been driven by the housing market, and many have suggested that the bubble is set to burst – although there are no signs of it doing so as yet. On the other hand, proposed infrastructure projects promise to ensure that contractors are kept busy in the near future – and that construction industry retailers can expect plenty of trade. Make use of our stock control module to ensure that you can meet demand, should the industry continue to expand.

No-one can predict the future with unerring accuracy, so all you can do is futureproof your business for both the good and the bad. Builders’ merchant software can help in this regard. To find out more about the benefits our point-of-sale software can offer your business, contact Integrity Trader today.

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