There is a view that consumers have just had the biggest double-take of all time. The GFC has forced consumers to re-assess their buying habits and, whilst they may have the resources, they are not going to plunge back into consumerism without good reason. Products like the iPhone have given them good reason and our challenge is to come up with other products that do the same. Now there is a challenge!
It should be noted that the iPhone is not discounted, it is not part of a 60% off everything sale, and it is not being marketed in the same boring way that has typified much recent retail marketing.
So what does all this mean? – and how does it relate to General Merchandise Trading at the Queen Victoria Market? If Peter Ryan is correct, exciting your customers will pay dividends. If you have an exciting product in mind, now might be the time to introduce it. If you don’t have an exciting product in mind, it is time to put your thinking cap on. Not every product range has iPhone potential but thinking laterally may just produce a good substitute.