This 2019, Australian retailers must take a step up to meet consumer demand for value and digital services with system upgrades required to help them reverse their failing fortune from last year.
“Retailers continuing to ignore the essentiality of integrated e-commerce platforms and the rapidly changing shopping habits and expectations of their customers will continue to struggle and die,” said EasyShed co-founder Phil Suggate.
Australia is transforming into a cashless society slowly but surely with consumers today prefering to make digital payment methods for convenience and efficiency.
The rise of m-commerce and mobile payment methods since last year may significantly impact the use of credit cards and debit cards. It may or may not put an end to cards existence anytime soon.
“Your card is just a piece of plastic. It is a physical representation of a series of numbers. Those numbers can be digitalised in phones and devices.”
Moreover, banks should look over their shoulders or else tech giants like Amazon, Facebook and Snapchat could swoop in and steal their lunch.
“Banks are very inflexible and resistant to change, but they will have to change. They’re moving toward it in that they’ve started to close branches.
“The problem is people will recognise an Amazon brand quicker than they will the likes of AIB. It rings for a different reason in peoples’ heads and they might think ‘convenience, speed, security, reliability – Amazon has it all’. Those are the pillars for a good bank. And Amazon is already lending to businesses, so it’s going to be an interesting future.”
Everything is being automated, retailers and banks need to be flexible and adapt to changes. Technological advancement is here to stay; there’s no way you can resist it.
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