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.

Primary CTA illustration
You believe business loans should be simple. We believe it too. That's why we offer a hassle-free approach to business loans with funding possible in 24 hours.
Apply today
Primary CTA icon
You believe business loans should be simple. We believe it too. That's why we offer a hassle-free approach to business loans with funding possible in 24 hours.

The information in this post is provided for general information only and does not take into account your personal situation. Nothing contained in this post constitutes advice or an endorsement or recommendation of any kind by Prospa. Any links to third party websites are strictly for informational purposes only. 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

The small business resilience project: How to evolve your website in 2021

24 May 2021 | 5 min read

Kalleske Wines reimagined what a small business website could achieve, using digital solutions to bring the cellar door to customers’ homes. Here’s how.

View more

How sustainability and hospitality can (and should) go hand in hand

18 March 2021 | 6 min read

3 cafe owners share their tips for sustainable hospitality, including reducing takeaway cup use and getting customer support.

View more

How to capitalise on Valentine’s Day (even if you don’t sell chocolates or roses)

01 February 2021 | 4 min read

You don't have to own a florist or chocolate store to bring in coin for Valentine's Day – just ask this vet, sign maker and circus company founder.

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.