Another year is at its end and as it is time for festivities, retailers are set on a strong foot for the better. To make sure that business keeps growing, it is always advisable to continue taking hints from the surrounding consumer-based environment.
While online retailers are establishing themselves by offering a wide range of goods at a low price, in a convenient model and speedy delivery, there are also some popular retail companies who have changed the face of the retail industry.
These companies do not just blindly go about imitating the online retailers, rather they have secured their own space with an exceptional personalised customer experience and reliable and speedy delivery.
Check out these 5 predictions on retail trends that can have significant effects on the Australian market.
#1 Online marketplaces affecting Physical retailers
Not every retailer or brand would be efficient to carry an online market, for they want to maintain a good customer experience at a lower cost within their known periphery. For they believe intruding into a different field might strip away many of the controls that they have had in their own channels.
But, they must keep in mind to explore the differences between the major marketplaces so that they have a clear idea of the latest market waves.
#2 Customer experience will be driven by the power of data
Customer experience can be optimised only if you have proper analysed business data of your customers. This will lead to better interactions between consumers and retailers which would result in stronger loyalty on the part of the customers.
With the growth of online marketplaces, customers are not only happy with low prices, but they also want value for money along with a wide range of products. Retailers will have to understand their customer base to provide better opportunities.
#3 Redefined fulfilment
#4 Omni-channel strategies will remain important
It is always safe to mention a two-way traffic. Online retailers are looking forward to growing through their physical stores and also we might find many physical retailers taking refuge to online marketplaces to increase their sales. This two-way traffic provides advantages to both online and physical retails.
#5 The growth of cross-border e-commerce in the near future
Innovative technology and efficient logistics will improve the path for cross-border e-commerce in Australia. This will help in the entry of international entrants in the Australian market, also help Australian retailers to broaden their channels into global markets.
Though Australia happens to be a distant island, with improved marketing skills, availability of a wide range of products and faster shipping Australia will serve as a better field of business in the global market.
The Asian e-commerce market is expected to reach US$ 1.8 trillion by 2018. Australian marketers are targeting China and South Korea which are the largest and the third-largest e-commerce markets in Australia respectively.
Australian retailers in the near future will increasingly focus on near-shore warehousing solutions to improve the experience of their customers with greater efficiency and speedy delivery into these markets.
These above predictions will help Australian retailers to understand their customers better, it will also ensure their products and services to reverberate all over the world. Even while competition heats up in the market this will put their business in a better aspect of success.