Research shows that business will boom in 2017 for Australia’s 78,000 small-to-medium retailers. This prediction comes in the wake of a hugely prosperous December. The Commonwealth Bank predicts that, over the next 6 months, almost 25% of Australian SME retailers can expect to grow in double-digits. The Australian restaurant industry also predicts growth for 2017.
Quick Summary: Australian SMEs that give their customers personalised service and a quality in-store experience are likely to succeed in 2017. Get an easy business loan to help you meet these customer expectations and increase sales in 2017>>
So how can you increase your sales in 2017? Let’s first take a look at why Australian retailers and restaurants are succeeding.
Why is Business Booming for Australian Small Businesses?
Australian consumers are looking for more than the mass retailers can offer them. Charm your customers with that personal touch and they will not only come back for more, but they will also share their experience on social media. These tips apply not only to retailers, but also to restaurant, cafe and bar owners.
Australian consumers want:
- Memorable in-store experience – ‘retailtainment’, whereby customers are entertained in-store, is taking off. This could be as simple as offering your customers a cup of coffee while they wait.
- Personalised service – data from an Accenture study shows that 56% of consumers are more likely to buy from a retailer that knows their name.
- Speciality stores with quality products and services – customers can get mass-produced, cheap products online or from chain businesses. They are now looking for quality, niche products and services when they buy offline.
3 Ways to Increase Sales in 2017:
- Renovate to add personality and charm to your retail space – a study by Monash University, published in the American Marketing Association’s Journal of Marketing, showed that retail sales increased by almost 50% after renovations.
- Hire more staff to give personal attention.
- Buy new equipment to improve product and service quality.
Do you have enough cash to pay for these changes? Get a quick and easy business loan to finance renovations, pay salaries, buy new equipment and whatever else you require to create a more personalised and memorable experience for your customers.
Disclaimer: The above information is of a general nature. Before receiving a business loan you should consider the loan agreement and finance documents provided by the lender, and whether the loan is suitable for your business.