As per the insights, whole retail market is shifting towards being Digital, while Australian Retail Market is still in its sprouting period.
This means opportunities are at the doorsteps of retailers to benefit from market growth. Following are some of the insights that will help retailers to survive in this digital age by identifying best practices and areas of improvement.
Retailers predict that online sales will grow 20% over the year ahead.
Predicting an average of 40% sales growth by 2020.
Retailers are more focused to create an outstanding customer experience to drive online sales.
To convert a web browsing into actual sales by completing a purchase.
Lack of integration with other channels / systems
Cost of technology solutions
Strength of competition
Insufficient budget for marketing
Lack of skilled resources / technical capability
Keeping pace with consumer behaviour
Improving visualisation & usability of website
Offering better products or product range
More competitive Promotions
More effective Search Engine Optimisation
Improving cart & payment functionality
Online sales happen on a mobile device.
Retailers expect to make more than half of their online sale via mobile in next 12 months.
Predict mobile devices will increase the level of competition they face.
Competitive pricing / Cheaper products
Establishing / Keeping up with mobile ecommerce
High costs / Lack of funds
Lack of skills / strategy
Retailers optimising their websites for mobile use
Plan to invest in mobility over the next 12 months
Mobility is highest priority investment