On Thursday, November 3, we held our post-budget analysis webinar in conjunction with BDO, Retail Doctor Group and the Chair of the NRA Board.
Our industry expert panel, Salim Biskri, Brian Walker, Tim Schaafsma, and Lindsay Carroll, lead a very insightful and engaging discussion on the outcomes of the budget for retailers and how retailers can best ensure they are prepared for the coming months in light of the budget.
There were a number of key takeaways from the session and some great tips shared on how retailers can maximise the short-term whilst preparing for the longer-term impacts of the budget and the evolving economy.
As we are speeding towards Christmas, the panel discussed this was indeed the best chance for retailers to go hard and maximise opportunities for success. Christmas will undoubtedly bring increased spending and positive consumer attitudes which is a perfect storm for any retailer.
However, according to our panel, the other side of Christmas is where retailers want to put the bulk of their focus. The tides will change and by the time we reach the April quarter, we will be seeing contractionary effects of the market which will bring rapid and meaningful change to discretionary spending.
So how can retailers best weather that storm? Our panel had some great tips:
- Retailers need to be agile in 2023. Be prepared to pivot and adapt to the market.
- Understanding customer needs and preferences will be key to long-term success in a contracting market. How can businesses best gather and utilise this data? Our panel suggested using existing POS systems and offline and online markets simultaneously will be a smart strategy in the new year.
- Retailers need to look at strategies around cash flow and inventory management for Q3 and Q4 with a view that the strategy in these quarters is different from the first half of the fiscal year. Have a plan and be prepared.
- Be innovative. A reduced market will call for new tactics for retailers to remain relevant, so look outside your current systems and strategies.
- Invest in your people and know who will best serve your business as things evolve.
As one of our panel stated, ‘tough times are good times for smart businesses’.
In addition to the budgetary impacts, the panel also touched on the movement and change taking place with workplace relations legislation at present and the bearings these changes have on the retail sector. These impacts are far-reaching, and our expert team of advisors can assist you to understand and navigate what they mean for your business. Simply call our workplace relations team on 1800 RETAIL for advice.