The way consumers shop is changing – swapping high street retailers and shopping centres for the anytime, anywhere and anyhow convenience of multi-channel retailers. Currently, we are seeing an unprecedented change in consumers shopping behaviours, consumers want the ability to purchase items online using their laptops, smartphones and tablet devices, through call centres and through traditional channels such as retail stores. This shift in the demands of consumers has resulted in many Australian retailers struggling to identify and use the right channels to reach their customers. Without this understanding retailers will continue to find it difficult to make offerings that meet the needs of this new generation of consumer. In addition to trying to understand and cater to changing consumer needs, Australian retailers are also competing with GST-Free imports, a strong Australian dollar as well as the entry of large multi-nationals into the market.
With the Australian retail environment changing, retailers will need to re-evaluate the way they make offerings to the market. Australian retailers will need to evolve if they are to succeed in this changing market place. This evolution will see retailers offering products and services in new ways that harness traditional and non-traditional methods. However, if Australian retailers continue to operate under their current outdated model I fear we will see the demise of many iconic outlets and brands.
One organisation that has looked to meet the changing preferences of consumers is well know Australian retailer – City Beach
. City beach sought to appease the new breed of consumers by delivering a new omni-channel retail system and an invigorated online offering. Partnering with IBM, City Beach implemented a solution that transformed the way they did business in just 100 days – City Beach was able to deliver a customer centric online solution for its customers and in so doing tapping into new market segments. This solution saw revenue lift by 208%, their customer data base grow by 200% and an e-marketng ROI increase of 800%.
What could a Smarter Commerce solution do for your business?
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