Prospa is now open on Saturdays. Call our team between 10am & 4pm to discuss your loan.

Home » Blog » Video: How To Stay Relevant In A Rapidly Changing Retail Sector

Video: How to stay relevant in a rapidly changing retail sector

Like many industries, the retail sector is going through a period of rapid and dramatic change as digital technologies and new consumer expectations disrupt traditional ways of doing business.

Sadly, many retailers have failed to keep pace with this change. Data from the Australian Securities & Investments Commission shows that 903 retailers entered into administration from March 2015 to March 2016, a 6.7 per cent increase over the previous corresponding period. News headlines have also suggested we are seeing a ‘death spiral’ in retail.

Recently, however, retail leaders have become quietly optimistic about the industry’s future. Retail isn’t dead, only boring retail is. And while businesses in this sector still face numerous challenges, there are also opportunities for organisations to grow.

Retail isn’t dead, only boring retail is.

To do so, they cannot rely on what has worked in the past to carry them forward; rather, they will need to embrace change to survive.

Read full trend report here.

The information in this post is provided for general information only and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

Keep reading

Lessons small business owners are taking from the pandemic

04 August 2020 | 6 min read

COVID-19 has forced many small businesses into crisis management mode, but important lessons are coming out of it.

View more

5 Aussies share how they’ve made their small businesses COVID-safe

27 July 2020 | 5 min read

Five Aussie small business owners share their best COVID-safe business planning tips.

View more

How hospitality is preparing for life after lockdown

18 June 2020 | 4 min read

What does the future look like for Australia’s hospitality industry? Industry leaders are moving fast to adapt to new attitudes amid the COVID-19 pandemic.

View more

Subscribe to the Prospa Blog

Be inspired! Sign up to Prospa’s newsletter to receive tips, tools and small business success stories straight to your inbox.