The majority of Australian retail businesses haven’t adapted with the times – and it’s having a detrimental impact on not just independent companies, but also the industry.
So, here are my top tips that I will be expanding upon at the Life Instyle Melbourne show on 2 August on how to stay not only relevant, but profitable.
- Update your business plan
Many businesses are operating with a plan that doesn’t take into account the retail revolution currently happening both here in Australia and overseas. The gift industry is very different today than it was 20 years ago, and you need to update your methods accordingly. 20 years ago, retailers who specialised in the gift space, with stores very similar to my own that touch on everything from gifts to homewares to designer fashion even, looked locally for their customers and the majority of their business. With the world becoming a much smaller place, and your original customers having possibly moved through the full lifecycle of your range, every retailer needs a business plan that looks not only at how you sell, but who you’re selling to.
- Be aware
The retail landscape is changing – fast, and dramatically. You need to be aware of not only what is happening in your own business, but in the industry. Look at the threats and opportunities that exist outside of your own business and see how you can mitigate the negatives and benefit from the positives. Think internationally – the internet has made the shopping world a much smaller place, so you’re not just competing with the store down the road any more – you’re competing with the store in the next city, and even the next country.
- Get social
Although the internet has made the world much smaller, and competition much broader, it’s made your potential customer base much, much larger – and that’s a great thing. But as much as online shopping opens up literally a world of possibility for retailers, it’s also changing the expectations of customers and you need to adapt or be left behind. That means retailers now need to think beyond just online shopping and take the entire online platform into account. The ability to shop directly from social media means that understanding and using these platforms is also key to longevity and also attracting younger buyers.
Chris Tourgelis, Director, OPUS Design and Founder Think Cups
