E-commerce Encourages Change to Retail Industry
If you’ve noticed that retail stores are looking a little more on the miniature side these days, you’re not wrong. Shopping centres across the sunshine state are responding to e-commerce competition by undertaking major refurbishments, changing their tenancy mixes and embracing ‘Omni-channel retailing’ with increased use of a mixture of websites and brick-and-mortar outlets to sell stock.
Online spending may currently hold nine per cent of the Australian retail market but it is tipped to grow to 12 per cent by 2022 according to CBRE. In comparison, CBRE predict that brick-and-mortar retail is expected to grow at only about 3.2 per cent. This has caused for Traditional retailers to find new ways to grow sales to stay competitive.
Research shows that despite growth in the online shopping; traditional sales volume has increased over the years. According to a 2015 DHL report, Omni-channel shoppers spend up to 30 per cent more than traditional shoppers. This is giving incentive for retailers to invest in Omni-channel technology and transform the traditional retail store.
E-commerce is increasingly seen as an opportunity for retailers, rather than a threat due to its opportunity to increase reach and provide a more convenient service.
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