According to Chris Tourgelis of OPUS design in Sydney's Paddington, the majority of Australian retail businesses haven’t adapted with the times and it’s having a detrimental impact on not just independent companies, but also the industry.
Here, he shares a few of his top tips on how to stay not only relevant, but profitable.
1. Update your business plan
Many businesses are operating with a plan that doesn’t take into account the retail revolution currently happening both here in Australia and overseas. The gift industry is very different today than it was 20 years ago, and you need to update your methods accordingly.
2. Be aware
The retail landscape is changing―fast and dramatically. You need to be aware of not only what is happening in your own business, but in the industry. Look at the threats and opportunities that exist outside of your own business and see how you can mitigate the negatives and benefit from the positives. Think internationally―the internet has made the shopping world a much smaller place.
3. Get social
Although the internet has made the world much smaller, it has made the shopping marketplace and your potential customer base much, much larger. Online shopping is changing the expectations of customers and you need to adapt or be left behind. Beyond online shopping, the ability to shop directly from social media means that understanding and using these platforms is also key to longevity and attracting younger buyers.
Chris Tourgelis will be part of the Conversation Series session at this year’s Life Instyle Melbourne. His session on Future Proofing Your Business: Staying afloat in a changing marketplace will take place at 11.30am on Thursday 2 August.