Retail Industry Trends
Now more than ever retailers need to keep pace with the constant changes affecting the industry, with changing spending patterns, increased competition and economic uncertainty just some of the issues affecting business. But as always the sector also provides a number of exciting opportunities for retailers ready to adapt and identify innovative ways of attracting customers.
At BDO, we understand the challenges and opportunities facing retail and wholesale businesses.
Key issues and trends for the retail industry include:
- Technology advances allowing retailers to move into the world of digital 3D printing, taking the concept of meeting consumer needs to a new level and creating more retail jobs in the future.
- Market globalisation continuing to increase competition from overseas retailers (both online and bricks and mortar stores) who are looking to Australia as an opportunity to capture market share.
- Bricks and mortar retailers feeling the pressure to extend trading hours to meet consumer demand.
- Retailers experiencing a skills shortage resulting in significant availability of career opportunities – from retail sale assistants to CEOs.
- The impact of overall economic conditions - including debt levels, credit card use, unemployment levels and housing values - all having an effect on consumers desire and comfort to spend.
- Fraud detection and loss prevention being seen as a part of doing business, with many opportunities to reduce the risk and impact of fraud.
- Maximising changes in indirect and direct tax legislation.
BDO retail specialists can help
BDO’s team of expert advisers can help you address these challenges and capture opportunities specific to your retail business such as:
- New technology available to support your retail business
- Operational performance improvement
- Evolution of traditional retail business models
- Fraud and loss prevention
- Acquisitions, disposals and initial public offers.
To find out how we can help, get in touch with our Retail team.