Like many industries, the retail sector is going through a digital revolution. A digital shift that has been accelerated by the global pandemic. More people than ever before are shopping online and enjoying these seamless, contactless experiences. Australia’s growing adoption of events like Black Friday are accelerating the journey.
So how do retailers respond to this great challenge? How do they adapt their businesses and workforces and do it in a way that is efficient, flexible and profitable? In a world full of choice, retaining customers and keeping them engaged in brands is more difficult than ever.
What does the model of a modern retailer look like?
Without a doubt the future is digital. But it is also omnichannel and finding new ways to connect and retain customers.
Modern retail is no longer just about the store front, its digital led. Consumers now have more choice than ever before, bringing issues of increased customer fickleness and churn.
Retailers are competing to retain and build customer relationships in this new world.
In this race to win, brands must diversify their offering.
Adding additional services, that are front of mind and emotional such as telecommunication services, is the way of the future.
It is the new way to deepen customer relationships and increase engagement over time.
Qantas has been a leader at this for many years now.
The iconic brands ever expanding frequent flyer partnership model, now including Optus Mobile, Officeworks – see the company adding nbn and mobile services to their product line.
Energy retailers are also embracing this trend, adding telecommunications and insurance products to their line up, for example EnergyAustralia’s Experience On Program. And CBA has invested in telecommunications partners Moore Telecom and Tangerine – all part of the breakdown of traditional industry silos.
At Acurus, we are at the forefront of helping make Australian businesses better and more successful.
And we are excited about helping more companies move into this space in a meaningful way.