New data reveals that Australian retailer revenue is expected to decrease by 11.99% compared to last year. To help business leaders navigate through this challenging peak sales season, global financial platform Airwallex is hosting a summit called ‘Your Passport to Beyond Black Friday’. The summit will address the impact of recent consumer spending trends and offer ideas and solutions to the upcoming challenges faced by retailers. The speaker lineup will include experts from the e-commerce, marketing, and skincare industries.
Luke Latham, the Managing Director of Airwallex Australia and New Zealand, emphasizes the importance of maximizing sales during this decline in revenue. He acknowledges that Australians are still spending but are being more cautious about their choices. The summit aims to guide retailers in capitalizing on the potential opportunities of the sales season, considering the slow year many businesses have experienced. Latham highlights the need for retailers to find alternative ways to maintain and increase profits, especially as consumers prioritize price amidst the elevated cost of living.
In addition to the summit, Airwallex is also releasing a guide called ‘Passport to Peak Profits’ that provides retailers with expert advice and tips for the peak sales season. The guide encourages businesses to evaluate their cost base, including unnecessary everyday costs that gradually erode profits. Latham highlights the issue of international transaction fees as an avoidable expense that can significantly impact profits. The guide offers strategies such as offering multiple payment and shipping options, integrating AI into the employee and customer experience, adopting revenue-based financing, and accurately budgeting for tax liabilities.
Overall, the ‘Your Passport to Beyond Black Friday’ summit and the ‘Passport to Peak Profits’ guide by Airwallex aim to equip Australian retailers with the knowledge and strategies to overcome the current decline in revenue and thrive during the upcoming peak sales season.