The report from AMP Capital Shopping Centres contains 5 papers each on different key aspects of engaging consumers. Titled The New Consumer Paradigm: Embracing the Evolving Retail Landscape, the report examined five of the major structural shifts set to influence and shape Australian society – globalisation, generational evolution, urbanisation, technology and innovation, and consumer behaviour.
Be internationally competitive – Michael Baker, a retail and retail property consultant, argues that with international retailers predicted to capture 6 per cent of the Australian fashion market during the next five years, it’s essential the local industry responds seriously with tactics such as critical investments in mobile and e-commerce, assortments and pricing.
Understand your audience – Tony Dimasi, retail research expert, recommends an understanding of generational cohorts to help build a better and stronger business although this is no magic bullet. For example, Gen Ys love Mexican food and are also significant purchasers of fashion, although at low price points.
Support the New Great Aussie Dream – Gavin Duane, market and economic retail expert, provides guidance on how the retail industry can react to more Australians living in dense inner suburban areas. Retailers and shopping centre landlords should consider services such as 24-hour trading and a greater food and entertainment offer.
Seamlessly merge the digital and analogue world – Anders Sörman-Nilsson, futurist and innovation strategist, advises retailers on how to best provide informational value to consumers’ increasingly digitised, rational minds while still connecting experientially with their enduringly analogue, emotional hearts.
Help your shoppers boost their ‘Status 2.0’ – Dr Amantha Imber, innovation psychologist, reveals how retailers can differentiate themselves by supporting their customers in improving their social media status. Embracing customer desires is key to success in remaining relevant in this changing retail landscape.