How Retailers Can Compete in the Changing Global Landscape of Commerce

Australia’s retail landscape has changed dramatically over the last five years; there’s no doubt about it. With more people travelling the world and spending increased amounts of time online, our exposure to global brands and products has proliferated and consumer mindset has shifted.

Buying decisions are now, more than ever, prioritised based on price point and convenience, rather than localisation or loyalty.

The entrance of global fashion giants H&M, Zara and UniQlo into the Australian market has already put pressure on more traditional retailers, like Myer and David Jones. And while Amazon’s soft launch didn’t have quite as big of an impact as we anticipated, the megastore is well and truly changing the game for Australian shoppers.

As a retail business owner, it’s essential to put processes in place that will help your business evolve to reflect the digital economy. Stores still following traditional commerce practices are going to be left behind.

 

Here are four things retailers can implement now to ensure they’ll be able to keep up.

1. Expand the range of products you sell

Consumers want convenience, which for most, means being able to shop in one place for multiple items. This isn’t to say you should go crazy and create a one-stop-shop for all things retail, but expanding your product range to incorporate a few extra bonuses will benefit both your customers and your profits.

T2 is an excellent example of this, with their extensive tea range fitting nicely with the teapots, water bottles, gifts and accessories they offer their tea loving customer.

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2. Utilise data to deliver personalised information and experiences to customers

One of the key reasons behind Amazon’s success is their ability to put customers at the forefront of their strategies. How do they know what their customers want and when? By tracking and consolidating their data.

Retaining and matching information from POS transactions, e-commerce platforms, loyalty programs and marketing databases allows businesses to better understand their consumers’ needs, shopping habits, and product preferences. This information can then be used as a base from which improved, individualised customer experiences can be created.

Having a POS system that integrates seamlessly with your ERP will streamline this data matching process.

3. Create unique experiences inside your store to keep customers coming back

“Experiential retailing” is the term coined to the act of bringing real-life experiences into your retail store. LuluLemon is one brand that has taken the lead on this, by dedicating floor space in each of their stores to conduct free yoga sessions for customers. Combining your retail products with tangible experiences that you know your target market will enjoy is a surefire way to keep them coming back.

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4. Embrace the digital shift and utilise social media to your advantage

Your consumers are online, which means your business needs to be. Setting up an e-commerce platform and embracing social media for business promotions is a non-negotiable if you want to stay on par with the bigger players. Note: your e-commerce should always be built for mobiles, as a whopping 80% of internet users are also using mobiles.

 

Are you a Retailer that wants greater control of all facets of your business? Are you frustrated with your current Retail solution? InfoPOS has joined forces with Sage ERP to deliver a complete omni-channel Sage Retail solution that offers greater transparency and flexibility over your daily operations. Contact us to find out more.