AS CHRISTMAS BEGINS APPEARING ON THE HORIZON, REPORTS ABOUT THE STATE OF THE RETAIL INDUSTRY BECOME MORE PROMINENT. IT IS INTERESTING THAT WHILE THE REPORTS FOCUS ON THE CHALLENGES THE INDUSTRY IS FACING, PARTICULARLY FOR BRICKS AND MORTAR BUSINESSES, THERE IS STILL A HIGH LEVEL OF OPTIMISM IN THE INDUSTRY.
Yes, there are stories about how stores will close and how Amazon will further disrupt the retail landscape as it entrenches in the Australian market, whilst other newer players such as Aldi continue to erode traditional leaders market share. Yet overall ASX retailers continue to perform and, in some cases, grow. For example, JB Hi-Fi has recently become one of the largest electronics retailers in the world.
So, what is driving this perception in the market and what can be done about it?
The first factor is the changing consumer patterns that are driving the way key consumer demographics are shopping. Millennials are time poor and will shop in ways that allow them to purchase in their own time without having to battle the crowds in traditional shopping centres. As such, the more avenues that a business provides purchases to buy, the more opportunities there are to capture sales.
One only needs to look at the near overnight success of Afterpay who in Fiscal Year 2018 will have processed AU$2.18 billion by creating a new, flexible product offering that appeals to millennial consumers that have shown themselves wary of credit card debt. With an economy that is growing, unemployment low and low interest rates, retailers should be in a position to capitalise on a strong end to 2018. But how should they go about doing this?
Many businesses are streamlining how they work and are looking at projects that drive efficiencies and enhance their customer's experience. These transformations are creating opportunities for people with strong and proven skill sets across change and project services, in addition to data analytic specialists who ensure there is objectivity in the decision making process and that the right areas are focussed on.
Project Resource Partners is a specialist recruitment consultancy that partners with organisations across industries to execute transformations to ensure they position themselves to succeed into the future. I lead our retail practice and have partnered with a range of retailers from established legacy brands, new market entrants and start-ups to find the best quality talent to execute these transformations.
We aim to partner with retailers who want to view the future positively and who want to invest in the future to reap the future rewards. We do this by matching ambitious businesses with the talent that will deliver on their vision.
If you are interested in a confidential conversation about opportunities or about the talent in the market, Project Resource Partners are always wanting to help connect the best talent with the best clients.
Project Resource Partners
Level 29, 360 Collins Street, Melbourne VIC 3000 Australia
T +61 3 9949 8100 D +61 3 9949 8105