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Partnerize Sales Director Will Wilson has had an article published in B&T. In it, he discusses several paths to retail growth in Australia – with the economy in flux – including offline tactics you can use to drive online sales
Here is an excerpt from Will’s article:
There is no shortage of opinion when it comes to the current state of the Australian economy. House prices have experienced a significant decline, wage growth has become stagnant, and interest rates are at historically low levels. In turn, this has contributed to a “negative wealth effect” — a theory that suggests people spend less when they perceive their assets to be worth less. Put simply, people are feeling less wealthy, which means they’re spending less.
Retail is one of the first victims when consumer spending is curbed, and this is somewhat apparent in today’s Australian retail landscape. We’ve seen established local brands like Big W close multiple stores and global brands like Esprit pulling out of the Australian offline retail landscape altogether.
Yet in the midst of this, it’s exciting to see one area of retail continue to exceed expectations: online. Online retail currently accounts for 8.9 percent of total retail spend, which represents only the beginning of what is broadly referred to as the Fourth Industrial Revolution. It’s imperative that retailers continue to understand ways to capitalise on this growth.
With the negative wealth effect in play, it takes more convincing to get customers to part with their dollars. The best way to achieve this is to create a higher perceived value, and there are multiple strategies you can use:
Offline tactics can also help you drive online sales. Here are two key activities that have been proven to work well:
Read the rest of the article in B&T.
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