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.
The transition to digital will be a key test for the retail sector. Retailers must focus on building compelling shopping experiences and be present where their customers are.
“In 2019, more bricks-and-mortar retailers will embrace machine learning in merchandising… [and we] will see AI play a bigger role in retail through recommendations in new product introductions, range curation, tailoring unique store allocations, inventory quantities, price setting, price phasing, mechanics of promotions, and much more,” Mirpuri said.
Moreover, the alternative payment space will continue to grow as international entrants grow in popularity and relevance in the country.
Many retailers are beginning to see the convenience and efficiency of using payment service providers to drive more sales and increase customer satisfaction.
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