The Kepler Retail Radar attempts to use data to answer the question on many retailers’ minds: Are VIP events providing additional sales above those of a standard day and week? Over the past few years, we have observed a slow but steady decline in shoppers’ numbers in shopping centres. In this competitive climate, shopping centres are employing several strategies to increase foot traffic. One prominent strategy is to have VIP events. We have collected and analysed data on many of the major VIP events from January 2016 until June 2017 at 140 Australian shopping centres.

While sales may only spike on the Saturday before Mother’s Day Sunday, retailers have the opportunity to engage with a large volume of shoppers starting on Thursday and Friday. Retailers should consider increasing rosters for the days leading up to Mother’s Day to increase sales conversion rate or at least try to capture prime shoppers to convert into a sale on Saturday. There is also an opportunity to design promotional activity around converting shoppers on Thursday and Friday. Capturing the unconverted shoppers on Thursday and Friday will not only help increase sales revenue, but also enhance business competitiveness in the industry. Once these shoppers are converted there is a lower likelihood of them transacting with a competitor on the Saturday where most of the final purchase decisions traditionally occur.  

Unstoppable growth in online retail will spell the death of Australian bricks-and-mortar stores we were told repeatedly. But, will it? The ‘death’ of bricks-and-mortar has been predicted time and again by industry experts. A power retail article found here states mixed reviews, but the conclusion is the demise of brick and mortar. In an ABC article, here, we hear the death knell of book stores. Although many people both retail managers and shoppers concur, they couldn’t be more wrong and are severely underestimating the importance of tangible, physical stores.

Did you know that Traditional Brick and Mortar stores are still making 93% of the retail sales within Australia? This indicates that retailers should invest more into their visual merchandising, promotions and staff allocations to improve their engagement with customers thus improving ROI. You must learn more about the space you are using and how to utilise it. Traditional retailing along with Branding are the best ways to create a custom experience for your shoppers. By knowing exactly what is going on and the traffic around and within your store you are taking control and gaining power.

Many people think of big data as lots of data that is collected by large companies to spy on people. They think of it as this new technology that is slowly revolutionising the way we do business. Big data is not as simple as numbers that businesses are collecting. Big Data for Dummies states, "Big data is not a single technology but a combination of new and old technologies that help companies gain actionable insights. Therefore, big data is the capability to manage a huge volume of disparate data at the right speed, and within the right time frame to allow real-time analysis and reaction."

As the retail landscape in both the digital and physical worlds change, the goal of business owners is to increasingly improve services for their customers. Data and analytics have become more and more important. Sometimes the numbers can be overwhelming, but we continue to ask for more. The key to improving any business is to benchmark and then continuously improve. This means that you need to set goals, do things that relate directly to your goals and then work hard to improve the numbers. A good way to think about achieving your goal, whether in a bricks and mortar store or online is - pick a number and move it in a positive direction.

We keep saying it over and over and are sure some of you are sick of it... but one last time: Customer engagement is the way to increase revenue! It should be the ultimate goal of every retail business both in store and with advertisement. Give customers more of what they are looking for and go above and beyond with your in-store experience and your revenue will be above and beyond what you are currently making.

As seen in an earlier article, From Bricks and Mortar to Bricks and Mortar, consumers went through a mass phase of wanting retail online and are now heading back to bricks-and-mortar. Enter the Phygital...a new wave of retail innovation. The question is, “Are Aussie Retailers true innovators and will they be able to keep up in the rapidly changing retail arena?” There are certain instances where Australian retailers have been innovative – for example Shoes of Prey, Vinomofo, and The Iconic – but on a whole, retailers seem to struggle in this arena. Let’s explore what makes retailers innovative…