RetailBiz Round Up for Wednesday 26 March 2014
Today's ASX results are here
Retailers Woolworths and Harvey Norman are among the sponsors for the 2014 Tour De Cure, a bike from Sydney to Hobart that is hoping to raise $3 million towards cancer research, treatment, education and awareness.
Started in 2007, the Tour De Cure has been held annually across different routes four Australian states and the Australian Capital Territory. This year will see its marquee event, known as the ‘Signature Tour’ cross the Tasman Strait for the first time, with riders cycling 1,576 kilometres from Sydney to Hobart.
The tour starts on Friday 28 March 2014 and is scheduled to conclude on 6 April 2014. Two days out from commencing, the registered charity has so far raised just over $1.8 million of its $3 million goal.
Retailers are happy that the Federal Government is embarking on its red tape purge; repealing legislation it believes is constricting businesses’ ability to trade successfully and efficiently.
“These moves are an acknowledgement that the current regulatory burden discourages innovation in products, increases costs and ultimately impacts on business’ ability to compete on a global stage,” said Australian National Retailers Association CEO Margy Osmond.
“The retail sector is Australia’s engine room of jobs and productivity growth and one of the few sectors continuing to create jobs at a time of rising unemployment.”
Research conducted by Oracle has revealed that “consumers are demanding better access to information, product and process, along with more individualized interactions with retailers as they take ownership of their retail experiences”.
The survey of 4,500 global consumers found retailers are being challenged to continually provide a satisfying experience to their customers in a digitally-focused landscape. Some interesting statistics from this research include:
“92 per cent report that they will not wait for a product to come into stock, with 88 percent indicating they will source a product elsewhere in this situation, placing pressure on retailers to integrate demand forecasting, planning, merchandising, supply chain, marketing and commerce capabilities across all touch points,” according to the report’s authors.
“73 per cent of respondents highlighted the importance of ‘Individual Retail’, meaning every interaction with a retailer should be relevant to the individual consumer based on their interests, requirements and purchase history.”
“82 per cent of consumers consider the adoption of new technologies important to their retail experiences and are using multiple touch points, including mobile phones, click and collect, social networking sites and online magazines to complete their shopping journeys.”
Visa payWave has taken off in Australia with 83 per cent of customers reporting high levels of satisfaction with the super-fast, tap-and-go payment system.
“Customers enjoy the benefits of contactless payments in a variety of quick service restaurants and cafes across Australia. It’s fast and convenient and just as secure as traditional chip cards. Visa payWave now represents 40 per cent of all face to face Visa transactions in Australia, doubling in just under a year,” said Visa group country manager for Australia Stephen Karpin.
Quote of the Day
“H&M joins an exclusive community committed to driving performance through leading business practices. We congratulate everyone at H&M for this extraordinary achievement.”
Ethisphere’s chief executive officer, Timothy Erblich congratulates H&M on being named the world’s most ethical company for 2014.
Image of the Day
You just can’t make this stuff up:
“The IGA Easter bunny will be hopping up on TV, mobile, online and in IGA stores right across the country reminding customers just how easy and affordable Easter can be when they shop local. With help from the IGA bunny, Australians will be able to find their way to their local store this Easter – no matter what they are on the hunt for,” says the release announcing the IGA Easter Bunny campaign.