New Zealand retail is facing digital challenges

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WELLINGTON, Sept. 28 (Xinhuanet) – The traditional retail model is changing with digital technologies disrupting retail supply chains, transforming operations, and revolutionizing the way products are marketed and sold, according to a new study by Westpac’s business team on Tuesday .

Westpac NZ Industry Economist Paul Clark said these changes are also evident in New Zealand, albeit somewhat delayed and on a much smaller scale than in other developed markets.

Clark said that in the face of these changes, there are four key things retailers need to get right to be successful.

“First, they need to understand their customers. This is old hat for many retailers, but with the proliferation of data sources and increasingly sophisticated analytical tools, understanding customers has never been more important for retailers looking for differentiators, “says Clark.

Second, in a world where device and channel usage is increasing, retailers need to be wherever their customers are. For most, this likely means a shift in channel maturity from single to multi to integrated or omni-channel retail.

“Third, retailers must also be able to sell the shopping experience. This includes delivering a seamless customer experience through omnichannel retail. This also includes the conversion of the stationary trade away from product distribution to “showrooming”. “Where consumers can test products in-store before buying online.

“Finally retailers need to improve their responsiveness to customer demands. That means a greater focus on maximizing operational efficiency. It also means moving away from linear supply chains to more flexible supply networks and moving away from “off the shelf” to “availability of products on demand”. In this respect, some retailers are likely to move down, promoting brands, taking orders and using supply partners. to supply your customers “on demand”.


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