Multi-channel offers new growth and profit opportunities for Australian retailersDOWNLOAD
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Australian retailers can fend off revenue leakage to overseas competitors and offset declining like-for-like sales through traditional channels, said Deloitte Australia’s Multi-Channel Retail specialist, Katherine Milesi.
Kasey Lobaugh, who leads Deloitte’s Retail Multi-Channel practice globally and is in Australia to address a conference said: “Australian retailers see the benefits of multi-channel retailing, however many of them lack a clear roadmap on how to get there.”
In a new paper titled: ‘Navigating multi-channel retail in Australia, moving from ‘if to how’?’ Ms Milesi discusses the best approach to multi-channel retail that encompasses online, mobile, phone and in-store self-service kiosks. She outlines how even in today’s difficult economic environment, retailers can achieve sustained cost reduction and develop new revenue streams.
Ms Milesi said: “In Australia multi-channel adoption by retailers has lagged the US and much of Europe. This has led to revenue leakage overseas in key sectors such as health and beauty, electronics and specialist apparel. Even after international delivery and exchange rates are taken into account these overseas competitors’ prices remain attractive to Australian based consumers and pose a new and unexpected threat to our retail sector.”
She added: “Investing in multi-channel retail during the downturn will put Australian retailers in a strong position to take advantage of the eventual upswing in consumer spending.”
According to the new Deloitte paper, much of the retailers’ activity has focused on small trials that have fallen into one or more of the traps below:
Mr Lobaugh said: “Much of the success achieved overseas could be replicated here and I would urge retailers to learn from the mistakes made by those in the US and Europe and focus on key areas. This will allow more Australian retailers to unlock the revenue growth potential of a truly multi-channel strategy.
“Currently many US based retailers are now investing aggressively to position themselves for the eventual turn-around of the business cycle and this includes expansion globally through the on-line channel,” he said.
The top tips for those developing a strategy in this area are:
NB: To download a copy of ‘Navigating multi-channel retail in Australia, moving from ‘if to how’? and other multi-channel related thought leadership visit: www.deloitte.com/au/multichannelretail
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