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Indeed, many retailers will happily say goodbye to 2024, a period when high inflation and interest rates remained persistent and an ongoing cost-of-living crisis crushed consumer sentiment to its lowest in 45 years, all of which resulted in anaemic national year-on-year retailsales growth. How has customer behaviour changed?
Australia, like many other regions, is witnessing a significant shift in consumer behaviour, with e-commerce playing an increasingly integral role in the retail landscape. According to recent statistics, online retailsales have experienced substantial growth, reaching a staggering $40.2 billion in 2022.
A retail business is far more than a store front, a website, and a socialmedia post or marketing email – although often these elements are all the end customer perceives. Despite most shops being closed, retailsales rose 11 per cent during lockdown, largely because people didn’t have much else to spend money on.
Omnichannel retail is about creating consistent experiences across apps, websites, socialmedia , ads, and in- store visits to increase customerengagement. Put simply: customers want to purchase effortlessly and seamlessly across every platform. The Value of Omnichannel Shopping Experiences.
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