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What is changing in the Retail Sector?

The old saying ‘the only constant in this world is change’ rings ever so true when we examine industries like the retail sector! A recent analysis by the MYOB radar report proposes what will change and what, for now, will not.

What will change?

  • The way we pay for things.  Think Cyrptocurrency, Zip-pay, Afterpay
  • Online and offline will start to merge together for the client experience
  • Websites will become even more important and interactive
  • Technology and data collection (by Google for instance) will be more involved in the process by providing trusted recommendations
  • There will be a rise of worldwide businesses like Amazon who will wield even more power in the retail market.
  • Home delivery will become more sophisticated (think drones, the Uber Model)

 

What won’t change?

  • Our need for nice things!  Our culture is based on massive personal consumption and is unlikely to change anytime soon.
  • Branding and ‘personal stories’ about your business are still needed.
  • Competition will still be strong
  • A focus on treating your customers well is still important
  • The customer will still be significantly empowered. (think rankings, ability to locate alternatives)

What can you do?

  • Work towards getting your bricks and mortar business and products an online presence.
  • Keep a close eye on your customer experience.  Look at market leaders in your industry, and assess carefully the selecting, buying and post buying experiences.  What can be more streamlined, efficient or enjoyable?
  • Learn to locate and connect your business with communities and events with an eye to liase with other brands and innovative people. (online and local community groups abound these days – you may find you have something in common with them?  Perhaps providing support or resources?)
  • Strengthen your brand and businesses ‘story’ – encourage your customers to buy in and align themselves with you.
  • Keep an eye out on other industries outside retail for inspiration on attracting and retaining customers.