How to Succeed in the World of Retail

by 9th of March, 2016

How to Succeed in the World of Retail

Australia's retail industry is flourishing at the moment, making it the perfect time to look at businesses for sale in this sector across the country. Retail businesses are a great opportunity for people looking to own an enterprise as they provide plenty of opportunities to add personalisation and character.

Have you got a passion for a specific type of product? With retail spending on the rise around the country, there's never been a better time to turn an idea into a profitable business.

Tracking the rise of retail spending

The Australian Bureau of Statistics (ABS) found that January saw a growth in total retail turnover compared to the previous month, with the start of the new year somehow overcoming the busy holiday season that characterises retail performance in December.

Retail activity increased in almost every state and territory.

Overall, turnover increased by a seasonally adjusted 0.3 per cent, following a growth in retail activity across every state and territory with the exception of Victoria.

In terms of the types of businesses that saw additional activity, the ABS identified household goods, cafes and takeaway establishments as the most active over the summer period. If you're looking for an opportunity to finally buy your dream cafe business, it seems now is the perfect time.

Meeting the online challenge

Like all industries, retail is changing, with technology becoming more influential on the success of these enterprises. While it was once possible to simply have a physical store and maybe a complementary website, consumer demands have evolved to expect much more from the retail stores they frequent.

The two biggest changes for small retail businesses to manage are the rise of social media marketing and the importance of e-commerce, both of which can be incredibly time-consuming for business owners to keep on top of.

A recent survey from Temando found that many Australian retail businesses are losing customers in the e-commerce process, in part due to their lack of shipping options or the increasing cost of post.

More and more consumers are buying products online.
With plenty of competition in the e-commerce space from international giants such as Amazon, it's important that Australian businesses know how to service the domestic market and make the most of the home ground advantage.

This is often where digital marketing strategies come into play, especially as Google found that the customer journey now often begins on smartphones. With people either searching directly for the relevant store or coming across Facebook advertisements, it's important that consumers are directed to online stores or physical shops.

To find out more about businesses for sale around Australia, contact the team at Bsale.