Published on March 10, 2014
NEW RETAIL Strategies for Success in a Rapidly Changing Retail Market
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.
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
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
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
Change is happening all the time • Change will continue to happen – get used to it! • Choose to see change as a new opportunity
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
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
Become a learning organisation (part 2) • Seek to understand the data that you collect • Listen to your customers • Be prepared to adapt
www.bridgepointgroup.com.au Copyright BridgePoint Group Pty Ltd 2014
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