The country recorded its second-highest level of retail sales growth in the 12 months to December, and the number of people employed in the sector grew by 1.7% throughout 2022. The economic downturn is finally receding, so it’s time to be optimistic that 2023 will be Australia’s best year.
Despite these substantial numbers, we must recognize some disappointing trends Australian retailers will face: fewer shoppers, more Australians shopping at home, and increased competition from international brands such as Amazon and Aldi.
Get ahead with our high-growth tips.
Remember that most retailers are still trying to keep pace with the changing market. You’ll need thorough planning, strategic investment, and a strong sense of urgency to succeed in this market.
Optimism about the future of Australian retail is warranted as long as you prepare yourself for the coming changes. That starts with building a positive customer-first culture, acting like a business, and improving your financial planning.
A little bit of planning goes a long way in this industry. It would help if you started thinking about 2023 already. We’ve got the tips you need to rethink how you approach your business, so you can keep up with the changes and stay ahead of your competitors.
Consumers are feeling a lot of pressure. They’re experiencing a wave of anxiety as they feel overwhelmed by their decisions and responsibilities. While it’s easy to feel overwhelmed in this competitive market, this pressure suits businesses.
The pressure will force businesses to focus on what matters to their customer and what lies at the core of customer experience: making them happy!
You’ll need everything to meet today’s shoppers’ expectations to thrive in this complex market. You’ll need a strong focus on your customer-first strategy, a solid understanding of your customer’s needs and priorities, and the ability to deliver precisely what they want.
Digital media is changing rapidly — as are many jobs in our industry. With that comes creativity, flexibility, and an added level of responsibility in addition to regular work hours and duties.
To start, you should focus on your customer first: understand who they are and what they expect of your business. Generally, the customer is more than just a consumer; you should use this to your advantage by taking time to talk with them on a meaningful level for both of you.
As long as the shopper is still buying, it will be profitable — so learn how to adapt to changing demands and demands in general.