On the positive side of things, the retail sector is expected to grow by 8.9% over the next five years, signifying a strong economy and an environment favorable for business growth. Also interesting is that this growth would be in a mix of both physical and online retail, which highlights the importance of mastering your eCommerce strategy now.
In fact, that last point regarding online retail is also where there is cause for concern. Robin Shreeve, CEO of the Australian Workforce and Productivity Agency, has said that employees, managers, and owners will all need new skills if they want to be competitive in a shifting retail environment. And those businesses that don’t start preparing for this evolution in commerce now, rather than waiting until it’s too late.
Is your business prepared for the new retail environment? If not, what steps could you start taking today in order to be successful in the coming decade?