Are there any tax expenses that retail workers can claim on their income tax return?
I read the following recently "CommBank's buy now, pay later service will allow eligible customers to make purchases between A$100 (US$77) and A$1000 (US$770) and repay the money in four...
'Buy now, pay later, or BNPL as it is often abbreviated, is only a good option if you are financially stable. Because of this, it may not be a viable strategy for smaller businesses if they cannot stay afloat without the customer paying at that time. However, it may not always be a bad idea. Of course it is better for those who can definitely afford it, but its main draw comes from customers liking the idea of not paying right away which is enticing and leads them to buy. This may be beneficial to some small businesses as, even though they won't be paid in full right away, they will have more customers that will close the gap.'
Ethan Taub, CEO, Loanry, Inc
What strategies or tactics do you use to build customer loyalty and keep bringing your customers back?
Black Friday, Cyber Monday, Click Frenzy, Singles Day. In retail, how important are these shopping bargain events to your bottom line? Any tips on maximising sales for these events?
Seasonal and special occasion “sales events” both traditional and more recent digital additions are always important to every enterprise that has a product or service to promote.
Every enterprise should build a promotional calendar structured to take advantage of dates that so many others will direct marketing dollars to promote. For instance, why would you create your own sales event when you can piggy-back on the efforts (and budgets) of others?
Select dates and the associated events that are most relevant to your market as you can’t be expected to tackle them all. There are seasonal events like Chinese New Year or Easter that resonate with certain markets. If you are smart you will select only those that provide the best opportunities, and provide a promotional vehicle appropriate to your target audience.
The retail industry is a mixed bag, with some going into volunteer administration and some thriving. What do you think are the common mistakes failed Australian retailers made that brought their...
I think it comes down to two things:
1. No point of difference or unique selling proposition (USP)
2. High overhead costs either from rapid expansion or poor financial planning
This applies to a lot of bankrupt retailers, regardless of what they sell.
Masters expanded too rapidly and couldn’t differentiate itself from the incumbent Bunnings, whether from price, customer experience or product line. Dick Smith had a lot of obsolete or unsold stock when they folded, which signals that they failed to keep up with consumer demand changes. If you asked consumers to describe Dick Smith in fewer than 10 words, many would struggle simply because Dick Smith had no USP.
It’s an important lesson to think about when you are starting a retail business nowadays, in this highly competitive environment – what is your USP?
Someone I know wants to start an online store selling quality fashion goods imported from China, however, she has hardly any experience in starting or running a website. What is the best startup...
Research & Learn: Get to know who your Target Market are, Suppliers, Products, Logistics (Customs)
Plan: Business and Marketing Strategy
Cash flow: Understand and forcast your costs and profit margin
Niche: Explore what is different or unique about your product and service offering
Relationships: Find the right partners to help you build your business, Collaborate and build project teams of professionals yo help you fulfil different stages of your project
Technology: Find technology that is intuitive to use and has the capacity to scale your business.
Database: Invest time in developing helpful content that inspires your customers. Connect and engage regularly with the network you already have
Work to your strengths and ask for help: Learn to seek advice and delate tasks to professionals who are more experienced than you, they may also have a different persecutive or approach.
Be passionate and commited: Enjoy the process, it will be challenging but rewarding as well.
Best of luck:)
I know that the big US company Amazon is wanting to open up here in Aus. What impact will the opening of Amazon here have on my small retail business here in Australia? Does anyone know how Amazon...
As an eCommerce site Amazon is one of the best option fot retail business. Already many of the retail businesses based in UK,USA, Australia & Canada impacted with Amazon. Even the top most brands like Alanic Activewear, Nordstrom, Nike have already connected with Amazon.
For example- https://www.amazon.com/Alanic-Activewear-AW003A-V-Neck-X-Large/dp/B06XPKJ6JB/
Which POS system do you recommend for retailers?
I currently don't have a "set" POS. I'm interested in seeing the responses for this question as well.
What margins do retailers expect to get when they stock your product? Is there an industry average and is it different for each area? I'm particularly looking at the beauty and cosmetic space. If...
Can anyone tell me whether there are any legal implications of running an online business that I need to be aware of before setting up my shop?
It is very important that you remind online retailing is still covered by Australian Consumer Law and you have the same responsibilities as a retailer with a physical location. You still have to give refunds and ensure the goods as safe for use.