With 2018 already in full swing, it’s time to think about how to take your business to the next level this year. To get some inspiration, we asked three retail industry insiders for their best piece of advice.
Articulate your value proposition
Gary Mortimer, Associate Professor at Queensland University of Technology Business School
This is possibly the biggest challenge retailers will face in 2018, as competition grows and new foreign entrants arrive. Retailers will need to ask themselves the question: What is my value proposition? A better way to ask the question is from the view point of the consumer: What does my customer see as my value proposition? Every retailer today claims low price, great service, location, convenience and range—the challenge retailers will face is articulating to their market how they are different from their competitors.
Focus on personalisation
Russell Zimmerman, executive director of the Australian Retailers Association
I believe that 2018 will be the year in which we see personalisation climb even higher in retail. I think those SME retailers who are quick to embrace technology will be those that thrive in 2018. With The Dailey Edited, Mon Purse and Myer already personalising their products including phone cases, purses and Tim Tams, other retailers will need to be more creative in developing personalised offers to grow their businesses. This may not necessarily be around personalised products; however it is important to ensure you are connected to your customer in the future to ensure you provide a personal and customised experience for your consumers in whatever form that may be.
Keep your business moving
Dominique Lamb, CEO of the National Retail Association
Always be on the lookout for ways to take your business forward and don’t remain stagnant. The retail landscape is constantly evolving with changes in technology. What is a successful model of doing business today may not be the case tomorrow. Hence, it’s important to listen closely to your client base and pay close attention to market trends.