In today’s dynamic business landscape, diversifying revenue streams has become essential for sustained growth and resilience. But don’t take our word for it. We’ve spoken with some of the UK’s most interesting retailers to find out how they are using additional revenue to develop their organisations beyond their established, core revenue streams.
Each business has shared their experiences about how they have pushed into new areas such as advertising, subscription services, loyalty programmes, collaborations and more. Let’s take a look at some of the business leaders Webloyalty has spoken to in their new Diversifying Revenue Streams report.
Paul Wright, head of advertising for UK & IE at Uber understands the importance of creating new avenues for your business. Being responsible for all advertising from Uber’s Journey Ads to the sponsored messaging in Uber Eats, Paul believes extending businesses into new areas can work well when executed with the right strategic vision coupled with the right resources to support the new areas business growth.
Uber’s new revenue stream is advertising and it runs across both Uber Eats and Uber Rides. Having built a range of advertising products that can be bought, from sponsored listing for restaurant partners on Uber Eats, to Journey Ads in the Uber rides app, there are now many options to work with partners and build a strong additional revenue stream.
“With more advertisers on our platform, we can create more profit that we can reinvest into the growth of our core businesses – accelerating the flywheel effects of our advertising program.”
In just over a decade, Aron Gelbard, co-founder and CEO of Bloom & Wild has built the business into Europe’s leading online flower and plant business. Pioneering the letterbox flowers concept, Bloom & Wild have revolutionised the industry, expanding their reach considerably. Yet they are always on the lookout for more ways of expanding.
Bloom & Wild have moved into multiple new revenue streams, expanding on a number of fronts. One of those geared for 2024 is the inclusion of a loyalty programme for their most frequent customers who now widely shop in other gifting categories beyond flowers. This acts as an opportunity to not only provide better offers and lower prices, but also enable Aron and his team to better understand the audience and be more targeted by presenting a more personalised experience.
“Over the years we have developed a strong platform, which our customers love and trust and so there is a natural logic to extending our ranges into adjacent areas, where we can maintain our core values, as well as remaining true to our customer proposition. We have enriched our understanding of our customers by offering a wider proposition… These extra revenue streams have first and foremost helped us serve more customers and offer our customers more choice.”
Lara Chant, co-founder of Brityard has helped develop the business from a digital marketplace into a physical destination. Being a strong believer that homegrown brands and talent are underrepresented on the high street and in the media, Brityard partners with the finest UK brands to offer them a home in the heart of London, on Regent Street.
Brityard was initially a directory before becoming a drop-shipping ecommerce website, but has now developed into an immersive retail, hospitality and events destination. Re-imagining the use and monesitation of retail space is key to the Brityard concept, and offers them a wide variety of options to expand their additional revenue sources.
“Re-imagining the use and monetisation of retail space is key to the Brityard concept, whether that be through memberships, pop-ups, events and or even private space hire to a wider audience. We are still very early stage but our core revenue stream is B2B subscriptions, memberships, with hospitality, retail and events revenue in addition to this. Our partners in each of these core areas invariably present further additional opportunities for us to explore.”
The interesting concept in this report is simply how the definition of additional revenue varies depending on each business. Some have chosen the route of loyalty and subscriptions, whereas others have adopted retail media space for selling advertising, demonstrating the vast multitude of opportunities when looking to add additional revenue streams to any business. By speaking with these business leaders, as well as more from OnBuy, Elvis & Kresse, COOK, Ribble and Furniturebox, this report provides great insight into what large businesses are doing today in order to diversify their revenue streams and ensure they are bolstering their bottom line.
Read insight from all eight business leaders by downloading the full report today, Diversifying Revenue Streams, and see how your business can benefit from additional revenue streams today.
Click here to sign up to Retail Gazette‘s free daily email newsletter
