The report from AMP Capital Shopping Centres
contains 5 papers each on different key aspects of engaging consumers. Titled
The New Consumer Paradigm: Embracing the Evolving Retail Landscape, the report
examined five of the major structural shifts set to influence and shape Australian
society – globalisation, generational evolution, urbanisation, technology
and innovation, and consumer behaviour.
Be internationally competitive – Michael Baker, a retail and retail property
consultant, argues that with international retailers predicted to capture 6 per
cent of the Australian fashion market during the next five years, it’s
essential the local industry responds seriously with tactics such as critical
investments in mobile and
e-commerce, assortments and pricing.
Understand your audience – Tony Dimasi, retail research expert, recommends an
understanding of generational cohorts to help build a better and stronger
business although this is no magic bullet. For example, Gen Ys love Mexican
food and are also significant purchasers of fashion, although at low price points.
Support the New Great Aussie Dream – Gavin Duane, market and economic retail
expert, provides guidance on how the retail industry can react to more
Australians living in dense inner suburban areas. Retailers and shopping centre
landlords should consider services such as 24-hour trading and a greater food and
entertainment offer.
Seamlessly merge the digital and analogue world – Anders Sörman-Nilsson,
futurist and innovation strategist, advises retailers on how to best provide
informational value to consumers’ increasingly digitised, rational minds while
still connecting experientially with their enduringly analogue, emotional
hearts.
Help your shoppers boost their ‘Status 2.0’ – Dr Amantha Imber, innovation
psychologist, reveals how retailers can differentiate themselves by supporting
their customers in improving their social media status. Embracing customer
desires is key to success in remaining relevant in this changing retail
landscape.