new retail
DESCRIPTION
Insights into the changing retail landscape from a roundtable lunch with Australian industry icons Paul Greenberg (Executive Chairman of NORA.org.au and co-founder of DealsDirect) and Michael McRitchie (Managing Director of Satellite Office).TRANSCRIPT
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NEW RETAIL
Strategies for Success in a Rapidly
Changing Retail Market
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On the 7th March BridgePoint Group hosted a roundtable lunch
featuring keynote speakers Paul Greenberg and Michael McRitchie.
On the following pages, we share insights from the day.
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The global economy is upon us
• The Australian economy is undergoing a structural shift, as the world
seeks to allocate scare resources more efficiently.
• International brands can easily access Australian consumers and vice versa
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Consumers have more power than ever before
• The internet has allowed consumers to be better educated about value
• Consumers can source product from anywhere in the world
• Consumers trust what others have to say about you on social media
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The fundamentals of a good business remain the same
• Give the consumers what they want, where and when they want it
• Create value they will love
• It is still about making money –a fair margin that results in a profit
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Change is happening all the time
• Change will continue to happen – get used to it!
• Choose to see change as a new opportunity
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The bricks and mortar retail store is not dead!• It has just changed!
• Consumers still love the shopping experience
• Some ‘online’ businesses are now looking for a physical presence to reinforce their brand
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Become a learning organisation (part 1)
• Be aware of what is happening around you
• Look for lessons from other industries that could work for you
• Be prepared to experiment to see what works
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Become a learning organisation (part 2)
• Seek to understand the data that you collect
• Listen to your customers
• Be prepared to adapt
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