The Future of Australian Retail: How Technology is Driving Omnichannel Ever-Evolving Changes
Luke Goldsworthy
Digital | Retail | Artificial Intelligence | Cyber Security | Marketing | Procurement | Buying | Advisor | Speaker | MAICD
As we move into the future, the retail landscape is undergoing a significant transformation. One of the fundamental driving forces behind this transformation is technology, which is playing a crucial role in the omnichannel changes that are taking place. Specific technologies are shaping the future of Australian retail and affecting the industry and customer experience.
According to a piece by BlueConic, omnichannel retailing is no longer an option for retailers. The report highlights that retailers must be on multiple channels and offer seamless experiences. Technology is playing a pivotal role in enabling retailers to provide omnichannel experiences. We have known this for a long time, and some still struggle to employ it in retail strategies.
Artificial intelligence (AI)
One of the critical technologies that are driving omnichannel changes in the retail industry is artificial intelligence (AI). AI enables retailers to personalise their offerings based on customer data and preferences. With the help of AI-powered tools, retailers can create personalised marketing campaigns, recommend products based on a customer's browsing and purchase history, and provide personalised customer service. As Deloitte's 2023 Retail Forecasts report notes, "retailers are expected to invest in personalisation technologies to deliver highly relevant experiences that resonate with customers."
Internet of Things (IoT)
Another technology that is transforming the retail industry is the Internet of Things (IoT). IoT refers to the network of connected devices capable of exchanging data. In the retail industry, IoT is used to track inventory in real time, optimise supply chain processes, and provide personalised experiences to customers. As KPMG's Australian Retail Outlook 2023 report notes, "IoT-enabled devices allow retailers to gain insights into customer behaviour and preferences, as well as optimise their operations to reduce costs and increase efficiency."
Mobile Technology
In addition to AI and IoT, mobile technology is crucial in enabling retailers to offer omnichannel experiences. According to a report by Ipsos, mobile devices are the most common way for consumers to interact with retailers across multiple channels. Retailers need to ensure their websites and apps are mobile-friendly and offer seamless user experience. This requires retailers to invest in mobile optimisation, including mobile payments and click-and-collect options.
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Chatbots
Chatbots are being used to provide customers with 24/7 support and assistance. These bots can answer frequently asked questions, help customers navigate the website, and even provide personalised recommendations based on their shopping behaviour. We are also seeing chatbots in service sites like Government sites.
The rise of e-commerce has also played a significant role in driving omnichannel changes in the retail industry. As the Australian Bureau of Statistics notes, e-commerce sales in Australia grew by 13.9% in 2021, accounting for 15.1% of total retail sales. This trend is expected to continue, with e-commerce projected to account for a larger share of total retail sales in the coming years.
Australian retailers must embrace these technologies and adopt an omnichannel approach to stay competitive in the changing retail landscape. This requires retailers to invest in technologies that enable them to offer personalised experiences, track inventory in real time, and optimise their supply chain processes. In addition, retailers need to ensure that their websites and apps are mobile-friendly and offer a seamless user experience. By doing so, retailers can offer their customers a seamless and personalised experience, regardless of the channel they choose to engage with them on.
As the retail industry continues evolving, retailers must stay up-to-date with the latest technologies and trends. By doing so, retailers can remain competitive and meet the changing needs of their customers. With the continued technology investments and approach, Australian retailers can continue thriving in the digital era.
Serial Entrepreneur and Consultant - I help build opportunities from bright ideas to scale
1 年Super relevant and completely agree Luke. We have been busy building digital solutions that embrace tech/deep tech. Keen to hear more of what you guys do