Trends in New Zealand’s retail sector
It's more important than ever that retail businesses develop a deep understanding of the trends affecting the industry. Not only will this help retailers stay competitive in an increasingly globalised and online world, it will also enable them to locate new and exciting opportunities for growth.
At BDO, we have an extensive knowledge of the trends affecting the retail sector.
Key trends and issues include:
- Staffing costs: Retailers need to be able to find ways of creating a unique experience that sets them apart from online stores. But the minimum wage has gone up in New Zealand, and many businesses find they do not have the cash flow to invest sufficiently in their staff.
- E-commerce: Many brick and mortar retailers feel they have to go online to stay competitive. However, many that decide to do this don't have an adequate online strategy - which only increases risk, not opportunity. Finding ways to use online shopping to help your business achieve its wider aims is therefore essential.
- Technology: In addition to online shopping, retailers also now have a huge number of other technologies available to them. Working out which technologies will genuinely benefit your business and then finding the money to invest in them has been difficult for many retailers.
- Productivity and efficiencies: Trying to find ways of increase staff productivity while creating process efficiencies has been high on the agenda in retail. However, in a lot of cases, cost efficiencies can detract from the customer experience, which is causing consumers to increasingly turn to competitors or shop online.
BDO's deep understanding of the issues facing the retail sector means we are in prime position to help your business succeed. Our strategic and technological advisory services will help your company work out exactly what it needs to do to survive and thrive through the changing conditions, all the while having the backing of comprehensive accounting support.
To find out how we can help your retail business succeed, get in touch with the team today.