Today, when we talk about Australian Retail Industry, it seems to be under some compelling forces mostly customer-based, as it’s widening diversely in hasty.
At the same time, the rise of digital generation and their online shopping behavior is unfolding. This change appears to be a matter of trust and acquaintance with the online shopping experience. Customers are now more likely to spend online because of the greater possibility of return and restoration services.
Australia’s Retail Insights To Survive in Digital Age Infographic Summary
Following are the major changes which have happened in the past and some of the best paths which retailers are going to try their luck in coming time.
Against of all the compelling forces and changes taking place, the Australian Retail Market saw a tremendous hike of 3.7%. This expansion is a positive sign showing that there are still many opportunities for retailers to benefit from a flourishing market. Even when they are stagnant, establishing a strong online presence till now.
Retail going Digital
As the generations are living digital, the retailers cannot lay back and relax and still think of growing without going digital. This behavior of customers is leading the retailers to adapt themselves as per the evolving industry and change their ways of operating and push them to work for new and better ways to engage with their customers. Talking about all the sectors of retail industry as a whole, the main focus of all the Australian retailers are online channels with top priorities including social media and personalisation, as every customer desires of something more personalized, meant only for him/her rather than all.
Mobile, the next frontier
Likewise, retailers are getting to know about the unrealised benefits of mobile channels. The customers are more relaxed and satisfied using the mobile device for shopping on the go. Mobile being easy, offers a rich source of information for retailers to plan and act accordingly, to the shoppers buying habits. We can say that mobile in real sense will be the next frontier for the retail industry.
Domestic market is focus
Australians are more into playing at home, which means Australian online retailers remain centralized on the domestic market more with only 21% generating sales offshore. Though they hold that the best opportunities are in their own neighborhood.
Creating customer experience
Keeping all the things to one side, the main focal point for every retailer is to create an outstanding customer experience for driving online sales. If the customer finds it’s difficult to access the products of his concern, he will eventually leave and will cause them the loss.
Use of digital platforms
Successful marketing of the digital platforms through promotions and search engine optimization is mandatory. It has been seen that many customers go to the retailer’s site and doesn’t end up making the purchase due to lack of information or motivation to convert. To overcome this, many retailers are seeking for the solutions to attract customers and boost sales by improving the information provided to the customers, offers as well as the usability of the website.
Infographic source: Octos.com.au