Revounts share the top 8 best investments for Aussie retailers in 2023, and safe from supply chain issues, and high interest rates... Find out more.
Published On: September 18, 2023
With inflation, supply chain issues, and high interest rates galore, many Aussie retailers find themselves navigating turbulent economic waters in 2023. However, while many things are out of a retailer’s control, one thing stays the same now and forevermore: adapt or die. And what better way to adapt than by harnessing the power of technology?
For Aussie retailers, staying ahead of the curve means making strategic tech investments that can streamline operations, improve customer experiences, and ultimately boost revenue. So, if you’re a retailer who is looking to not only survive but thrive in these challenging times, you’re definitely in the right place.
In this article, we share the top 8 best investments for Aussie retailers in 2023, so read on to find out more.
A solid foundation is crucial for any business, big or small, and laying that foundation starts with securing a free business transaction account. But why does a retailer need a business transaction account? Well, as you know, the lifeblood of any business is its finances. A business transaction account serves as a central hub for managing all your financial transactions, allowing you to receive payments from customers, make payments to suppliers, and handle all your day-to-day financial operations with ease.
Not to mention, operating your business finances through a dedicated business transaction account helps maintain a clear separation between personal and business finances. This separation is not just a good practice but is often a legal requirement for businesses, particularly for tax purposes. The last thing you want is for the ATO to come knocking on your door, with questions about commingled funds.
So, while the idea of a business transaction account may seem like a small detail in the grand scheme of running your retail enterprise, it's a critical piece of the puzzle. It sets the stage for financial stability, legal compliance, and peace of mind, allowing you to focus on what truly matters: adapting and thriving in today's competitive retail landscape.
In today's retail landscape, offering multiple payment options is non-negotiable. While cash and card payments remain popular, the rise of digital wallets and online payment platforms has made it essential for retailers to diversify their payment options to avoid falling behind the curve.
Of course, one of the most widely used payment methods in Australia is EFTPOS which allows secure debit card payments directly from their bank accounts, making it a preferred choice for many. So, if you haven’t already hopped on the EFTPOS bandwagon, what are you waiting for? There are tons of zero cost EFTPOS options available, so now is the perfect time to ensure that your business is equipped with EFTPOS terminals that are up to date and capable of processing contactless payments.
Additionally, consider integrating mobile payment solutions like Apple Pay, Google Pay, and other digital wallets to cater to the modern tech-savvy consumer. These options enhance the convenience and speed of transactions, which can improve the overall shopping experience and encourage repeat business.
Online shopping has never been bigger than it is today, and the truth is that it's only going to get more and more prevalent as the years go on. Think about it: how many times have you purchased something online over the last year? Chances are, it’s definitely more than once, which brings us to the topic of e-commerce platforms.
If your retail business doesn’t already have an e-commerce platform, you are sorely missing out. Whether you're a brick-and-mortar store looking to expand your reach or a purely online retailer, a user-friendly and reliable e-commerce platform is essential. You shouldn’t have to lose customers to your competitors just because you haven't tapped into the vast world of online shopping.
Fortunately, setting up an e-commerce platform has never been easier. With reliable platforms such as Shopify, WooCommerce, and Wix, creating your online store doesn't require a whole bunch of coding expertise or technical knowledge. These platforms offer user-friendly setups, web design templates, secure payment processing, inventory management and everything else you will need for a killer ecommerce empire.
Another must-have tech investment for any Aussie retail business is none other than a reliable point-of-sale (POS) system. POS systems go far beyond just payments, but can also assist retailers in tracking inventory, sales and gathering important customer data.
To ensure that you are making the most of your POS system, we recommend selecting one that offers an easy user interface and provides real-time reporting. Many POS systems in 2023 also operate on the cloud, offering the added advantage of accessibility even when you are not on site. Additionally, your POS system should be able to integrate with your chosen e-commerce platform and other software, thus simplifying your operations.
Is stocktaking the bane of your existence? Well, the good news is that inventory management software is here to save the day. For many retailers, managing inventory efficiently can be a real pain in the you know what. But with the right tools at your disposal, you can streamline the process and gain valuable insights into your stock levels and trends.
Popular software options for inventory management in 2023 include Zoho, Cin7, Inventora and many more. Regardless of which option you choose to go with, these tools offer a wide range of features and capabilities tailored to meet the unique needs of modern Aussie retailers. You’ll be able to track stock efficiently, set up automated reordering, lower holding costs, and so much more. So, take a massive weight off your shoulders by making use of inventory management software today.
Everywhere you turn, AI seems to be in the spotlight. Whether it’s the rise of ChatGPT or AI-generated artwork, there's certainly no escaping artificial intelligence in 2023. It comes as no surprise then, that retail is yet another sector that is reaping numerous benefits from both augmented reality (AR) and virtual reality (VR). And no, they’re not just trends. In fact, they are becoming integral tools for retailers seeking to stay competitive in an increasingly digital world.
In the world of retail, both AR and VR are enabling customers to visualise products in their own homes or environments before making a purchase. For example, many furniture retailers now offer these capabilities on their websites, allowing customers to gain deeper insight into how that gorgeous couch, dining table, or bed will look in their space. Consumers who are looking to purchase clothing can also virtually try on outfits, experimenting with styles and sizes without stepping into a fitting room. It’s pretty awesome, if we have to say so ourselves.
So, if you’re looking to revolutionise your retail business and change with the times, embracing AR and VR is the way to go.
According to customer loyalty research, loyal customers return to brands and spend 31% more than new customers. What’s even more surprising is that 46% of loyal customers are likely to keep purchasing from a brand even after a negative experience. All in all, customer loyalty is incredibly important for any retail business, but especially when times are tough.
If you’re on the lookout for ways to increase customer loyalty and engagement, look no further than loyalty and customer engagement platforms such as LoyalZoo, LoyaltyLion, or Yotpo. These popular platforms include handy features like customer loyalty programs, discounts and rewards, personalised offers, and targeted marketing campaigns that are guaranteed to help you create lasting bonds with your valued customers.
Any retailer knows that building, maintaining and nurturing a strong customer base is key to success. Afterall, as the saying goes, customer experience can make or break a business, and you definitely don’t want to fall into the latter category. So, what can one do to ensure that customer relationships are not just strong but also sustainable? Well, this is where customer relationship management (CRM) systems come in handy.
A CRM platform at its core, can help retailers manage customer information, track purchase history, and personalise marketing efforts. Some of the most popular CRM platforms down under include Hubspot, Zoho CRM and Salesforce, although there are many more to choose from. These platforms not only handle the basics, but also allow you to segment your customer base, send targeted promotions, and engage with customers through various channels, including social media and email.
By understanding your customers better and providing highly personalised experiences, you can foster a sense of loyalty and encourage repeat business.
And there you have it — some of the best tech investments that all Aussie retailers should be honing in on in 2023. By embracing these amazing tech innovations, retailers can position themselves as leaders in their industry, catering to the demands of the modern consumer and securing a brighter future in the competitive world of retail.
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