It’s clear that the retail industry is going through a transformational period that has many scaling back physical operations. In 2017, Australians spent $21.3 billion online. That’s an 18.7 % increase on the year before.
But despite this people are still choosing to shop in stores. Traditional retail spend stands at $267.4bn compared to online’s $21.3bn spend. But it is the projected growth that is the most telling. Online spend is projected to grow 187% compared to traditional retail’s much smaller 2.5%.
With figures like this, it is clear that digital commerce continues to disrupt retailing like nothing has before, but as the studies show a majority of retail transactions still occur in brick-and-mortar stores.
Now is an unprecedented time to capitalise on this opportunity to shift the expectation of the physical store. To protect and maximise this revenue stream, retailers need to invest in technologies that blend the physical and digital shopping experiences. Merchants also need to develop strategies to help innovate and futureproof their stores to stay competitive in today’s marketplace. Creating a next generation store isn’t something you can put off for another year – it needs to happen now.
In this whitepaper, we explore how Australian retailers can enable a next generation store with a unified technology platform able to run everything from financials, order management, inventory management, POS and eCommerce.