Start-up success – focusing on the future of retail
There’s a lot going on in the start up scene in Australia, and Rocketeers of Retail is providing a space for these innovators to grow. In this interview, we got to learn the nitty gritty on what makes start ups succeed or fail, and how important they are in the industry.
The goal of our collaboration with Rocketeers of Retail is to help boost the knowledge sharing and community empowerment in the retail industry, especially in the start ups space. Read on to know more about how we can get this party started.
RLC: What is the overall situation/pulse in the start-ups space in Australia?
19 new retail businesses were born each day in 2017 alone. The pace of new businesses being established is accelerating and this is the result of everyday people being empowered by simpler software solutions, as the cost of entry is significantly lower than it’s ever been.
RLC: How can we help start-ups thrive in their niches or in the very competitive retail industry?
The competitive landscape is tough for new business owners to succeed in on their own. Startup founders are in desperate need of education and a community to support them when they are in need. From the basics like payments and shipping providers to the more advanced techniques like acquisition, conversion and site optimisation techniques – there is a major gap in the e-ecommerce education market today.
RLC: What do you usually advise start-ups when they are still in the early stages of business development?
Start-up founders must focus on creating quality experiences for their customers from the very beginning. In fact, they should not look to scale their business until they have made advocates of their first 100 customers. Customer obsession in the early stages of business development is the number one differentiator between those who succeed and those who don’t.
RLC: How important are start-ups in the industry as a whole?
Start-ups bring innovative thinking that is not constrained to old ways of retailing. The lines between online and offline are completely blurred and the adoption and/or creation of new technologies to support these new processes ignite new opportunities for the entire market. Great examples of selling innovation in recent years include Koala Mattresses, Kent & Lime and The Wine Gallery to name a few – all of these businesses have challenged old world business models with an obsessive focus on customer experience that lifts a entire industry.
RLC: What are the usual things that make or break start ups?
Cashflow, cashflow, cashflow.
RLC: Can you give us examples of start-ups that retailers can greatly learn from in terms of making their business successful?
Startups in the ecosystem are crucial to differentiating your business from the rest. New technologies in payments like Afterpay completely shift the buying experience for retailers whilst innovations in logistics like Shippit help change how retailers look at scaling their business.
From 2019, the Retail Learning Channel will partner with the Rocketeers of Retail to support the smaller players in the industry, bringing events to the SMBs and start-ups to enable them to become the industry leaders in the future retail world. The events will focus on equipping these companies with the skills they need to excel and develop their networks. The first event will be held alongside the Retail Learning Channel’s New Retail ‘19 event in February.
RLC: What are you looking forward to in this collaboration of RoR and RLC?
I am really excited about the impact the Rocketeers of Retail movement will have on the industry as a result of building on top of the powerful network and production capabilities of the RLC. My hope is that many more new and growing retailers across Australia will find easy to apply tactics they can use to build their businesses to greater heights and also enable them to share their successes with the community at large.
About Rob Hango-Zada
Rob is the Co-founder and Creative Director of Rocketeers of Retail, who are on mission to empower and enable small online businesses to become mighty household names.
About Andrew Waite
Andrew Waite started an eCommerce store trading in sporting goods at age 15. A decade later, he’s implemented eCommerce solutions for major retailers such as Forty Winks, kikki.K, Witchery, Mimco, Bed Bath N’ Table, Forever New and Country Racing Victoria.