Australian Retailers Need To Change Their Marketing Strategy

Australia's Macquarie Bank (Macquarie Bank) survey shows that the recent Australian

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The stagnation of per capita consumption and the decrease in household goods expenditure are not due to the rising cost of living and the shrinking household income, but because of the increase in online shopping in consumer spending.

Australian retailers are facing fierce competition.

They must respond to challenges by changing marketing strategies and innovating service concepts.

Greg Dring, a retail analyst at Macquarie Bank, said in a report that the argument that "the depressed retail market in Australia has been caused by consumer spending" has been biased, which has led to a sharp decline in the sales, yield and market assessment of the discretionary retail business in Australia in.

According to statistics, Australian household disposable income grows at a rate of 6.4% per year, and household disposable cash surplus amounts to $50 billion.

Dring pointed out that when Australian consumers face more complex economic environment, they also have more choices. Therefore, the confused consumers need visionary retailers to tap their consumption potential and stimulate market demand.

Dring said that retailers need to make money, not just to maintain balance of payments. If we want to change the status quo, the structural adjustment of the Australian consumer market needs to be put on the agenda.

There are too many retail outlets in Australia that are not yet able to meet the needs of consumers.

Most of these stores were created by retailers during the rapid growth of the consumer market in 2004~2008.

But with the popularity of online sales and mobile tool marketing, the full price shop is increasingly showing no advantage. Traditional retail promotion does not meet the needs of the market, and its marketing measures seem to be inadequate in stimulating sales growth.

In the market competition, these department stores, discount department stores, music and toy retailers, consumer electronics products and household goods retailers will obviously be in the lead in the crisis.

Australian industry optimists believe that the retail economy is recovering, and the traditional retail cycle is rising again.

What retailers need to be warned is that although financial analysis shows that consumers are able to consume and enjoy shopping while they prefer saving, retailers need to rely on glamour to tap loyal fans and followers who are keen on shopping.

Dring believes that although the market outlook is bleak, some retail groups still have certain profit potential.

For example, David Jones company, JB Hi-Fi company, Wuhrer Voss (Woolworths) company, Fantastic company and super retail group (Super Retail Group).

Dring also said that the good and bad market situation should not just look at the retail industry itself, but should take a comprehensive look at the relative position and related business models in this field.

Future success will no longer depend on price, scope, services, channels and experience, because local retailers will face fierce competition from international online retailers.

Obviously, the success of the future will depend on whether retailers can play their respective advantages.

Department stores such as Myer have successfully withstood competition in the market, and their online store sales are maturing.

In the future, Australian Department stores need to innovate vigorously instead of simply copying and blindly following the successful cases of online shopping by overseas retailers.