Top Disruptive Retail Technologies Emerging in Australian Retail Market

reogma|Top Disruptive Retail Technologies Emerging in Australian Retail Market
2 mins read

The Australian retail market is mature and highly saturated with over 79,000 businesses in operation as of 2017. Business analysts reported that spending in Australian retail technology is increasing significantly – particularly driven by multiple factors, including the entrance of international participants (e.g., Amazon) and evolving consumer-spending behaviour.

Australian Retail Environment

With over 94% of Australia’s population having access to mobile and tablet devices, online retail is expected to become the main source of business transactions in the next five years. The arrival of global online retailer such as Amazon could potentially bring significant change to the retail landscape.

Entry of international giants in the Australian retail landscape is forcing local retailers to focus on improving customer loyalty and leveraging data analytics to minimise market share loss. As a result, local retailers are adopting Hybrid models that integrate bricks and clicks as well as increasingly use social media to target customer groups both offline and online.

Retail Technologies Disrupting the Market

Technology is changing at a breakneck pace, making it difficult to accurately predict what the next innovation will be. Whether it is B2B or B2C, the world is increasingly digitally connected, thus high potential for cost cutting and improving operational efficiency. Businesses must remain technologically and structurally agile to adapt to the evolving retail landscape. The top technologies disrupting Australian retail market are:

  1. Mobile Point-of-Sale (mPOS)
  2. Radio-Frequency Identification (RFID)
  3. Beacon Technology
  4. Digital Signage
  5. Big Data Analytics
  6. Artificial Intelligence
  7. Robotics
  8. Augmented Reality and Virtual Reality

Future of Retail with Technology

Retailers are expected to leverage on technologies such as Big Data Analytics and Artificial Intelligence to deliver better customer experience and fine-tune business operations. In fact, some businesses in Australia are keen on using Artificial Intelligence to eliminate mundane tasks to divert human resources to more complex jobs.

Retail technology will help businesses develop an omni-channel marketing presence to create and promote an integrated marketing communication approach towards building an enduring brand name and targeting customer groups.

Leave a Reply

Next Post

Banking Industry in Mexico to reach USD 37.29 B by 2025

Thu Mar 5 , 2020
The Mexican Banking Industry size is estimated to value USD 21.05 billion in the year 2019. It is expected to grow at the CAGR of  10% within the time horizon of 2020-2025 because of the increasing infrastructure and investment development and favourable governmental initiatives. It will reach USD 37.29 billion […]
reogma|Top Disruptive Retail Technologies Emerging in Australian Retail Marketreogma|Top Disruptive Retail Technologies Emerging in Australian Retail Market

Tags

Tags

Newsletter Signup

Subscribe to our newsletter below and never miss the latest product or an exclusive offer.