The Australian retail landscape is not only fascinating and dynamic but highly prospective, with significant growth in the size of the market forecast over the next five years.
Consumer Products & Retail turnover is strongly influenced by consumer demands, confidence and trends – not only in terms of what is fashionable but also how people like to shop and receive their goods.
In many ways, mid-sized businesses in the Consumer Products & Retail sector are in a great position to compete with the big retailers in how they respond to customers – creating a consistent and responsive in-store shopping experience, and a seamless end-to-end online experience. Much of the magic in the retail sector is actually invisible to the customer. Supply chains, automation, robotics, merchandise strategies, consumer analytics – hidden in the back-end, but essential to delivering a great product alongside a great shopping experience.
And of course, the retail sector is a barometer for the overall economy – the more the consumer spends, the healthier the economy. While government policy and programs that put more money back into the pockets of individuals will usually trickle into the Retail sector, there are a range of ways that the mid-sized retailers can also take control of trends in the marketplace and punch above their weight in the retail world.
Download our mid-sized business report to read the full Consumer Products & Retail insight.
Here is a short introduction to our three recommendations to boost your business:
Tapping into technology
Mid-sized business are small enough to be nimble and large enough to benefit from scale – and the advent of Software as a Service (SaaS) has been a game changer for the Retail industry.
A “delightful” customer experience
A key differentiator, and a marker of success, is the customer experience. But here is the rub – the Retail sector is one of the country’s largest employers, but the workforce is largely casual and transient. Not many people choose to make retail their career. In this environment, retailers that can still inspire their team to deliver a consistent and personal experience that delights customers stand out.
Product innovation and R&D
Product development is something we see right across the Retail sector – for instance Coles and Woolworths now both produce an ever-growing range of private label products, from tinned tomatoes and frozen lasagne through to confectionary and personal care. The key for all retailers is to understand what their customer desires and this should drive product innovation.