The retail industry has been constantly evolving since its inception, but the changes that have happened in the last decade, and are still happening now, are on another level. The internet and the technology that has come along since have changed how the world operates, and the retail industry has certainly not escaped these major updates and changes.
While your business or service operates exactly as it always has, the way you do business has changed drastically, and it is essential to keep up. The changes are countless; whether a high-rated roster software or an automated cashier, the retail industry is looking very different than it once did. Moving forward, the retail industry will continue to grow, evolve and change, so it is important, as a business owner, that you keep up with the latest changes.
Let’s take a closer look at some of the major changes Australia’s retail industry is going through so you stay ahead of the game moving forward.
Online Ordering
When buying online, you can only order books and similar items on the internet. Fast forward to today, and you can get anything you want online. Your neighbour could be on his smartphone ordering steaks from America while you sit on your laptop and buy a new car. Consumers essentially demand you have an online presence these days, and online ordering with home delivery is the status quo. Retailers who have dealt exclusively with foot traffic are seeing an increasing need to diversify and add an online store.
Increased Delivery Demand
Tied into the first point, but something that is its own beast entirely, is the increased demand for shipping across the world. There have never been more packages floating around trucks, trains, and ships than ever before. Unfortunately, the transport industry is suffering from a drastic employee shortage, as the need for drivers is urgent. The major shift in demand has burdened carriers, and delivery costs and times have been affected. There is a need for a big innovation in shipping and receiving, which will directly affect the new retail industry landscape.
Customer Service
Your customers have more options than ever to get the help they need from your business. Customer service used to be exclusively on the phone or face-to-face, but that is no longer the way things work. Not only can you typically get customer service help on a company’s website or social media, but many companies also employ artificial intelligence to help customers with typical inquiries and issues. These chatbots can answer certain inquiries, talk like a real person, and direct the customer to a real person if needed.
Marketing and Advertising
The days of huge billboards, magazine advertisements, and television grabbing all of the advertising revenue are long gone. While there are some people that will argue that these seemingly archaic marketing channels may still have a purpose, and they might be right, there are so many more opportunities and avenues available nowadays. Direct-to-consumer advertising and marketing is a major platform these days, as companies can efficiently track target markets and create content directed solely at them and their interests. Social media has given companies an actual voice online, and the way they market to customers is much more direct and personal.
Payment Options
In reality, cash is no longer king, especially as we see the difficult economic times that the world is dealing with. While it is always important to have some cash for certain situations, the majority of purchases are now made via debit or credit cards. There is also an increasing interest in cryptocurrency, which has quickly established itself as an alternative method of payment for certain industries.
Automation
You may not think automation has affected your retail establishment directly, but there is a very good chance it has. Automation has improved everything from gathering core materials to packaging the end product off the line and delivering it to the retailer. It even extends into retail stores themselves, as automated cashiers are becoming more and more common. With the rise in automation and technology in general, retail is going to see a shift in the types of jobs that are required to be performed by a human. The jobs available in the future are not going to be the same jobs that were available just a few short years ago.
The Changes Will Keep Coming, So Make Sure You Are Ready
There is no way to predict what the future will bring for the retail industry. We now see the internet and automation making huge changes, improving efficiency in just about every area of the retail niche, and that will not stop any time soon. Embracing these changes will allow retail businesses to thrive in the future, while ignoring them will be extremely detrimental. It is still all about the customer in the retail industry and always will be, so if these technological changes are what they want, it is what is going to happen. As long as your retail business goes with the flow and adapts to these changes, the customers should keep coming.
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