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Spearheading a Digital Revolution in Retail
For small businesses, staying up to date with the latest tech can be a struggle. The National Retail Association is hoping to change that, thanks to its latest project.
Retail is the second largest employer in Australia, so it’s important to keep it running as smooth as possible. Dominique Lamb, the CEO of National Retail Association (NRA), has announced that it is one of 15 industries to aid in spearheading the growth of digital tech as a part of the Australian Government’s Small Business Digital Champions Project.
Dominique Lamb noted that the digital advisory service will assist in showcasing and guiding digital tech in the retail sector. “Retail is the second-largest employer in Australia and it’s vital that small business owners are successfully adopting digital technologies that help maximise their performance,” Ms Lamb explained.
Assisting small businesses with the latest technology can help create a unified and streamlined process for success amongst some of the larger names in the industry. “The NRA is excited to be one of the 15 industry associations that will form the Small Business Digital Champions Project and we look forward to engaging with our members on how new and exciting innovations in digital technology can assist small business,” Ms Lamb said.
Spearheading the digital technologies in retail isn’t just beneficial for the companies themselves, but also the economy in its entirety. “In 2019, January and February saw a massive spike in retail shopping. We didn’t have that last year,” Ms Lamb explained. “The retail economy has to increase three per cent every year in order to grow.” Not only do small businesses and retailers help boost the overall retail economy, but their contribution also aids in the growth of the local economy. By bringing growth and innovation to the community, there are also opportunities for employment and the chance to take the business further than some may think.
The NRA has recently completed its Technology in Retail Data Analytics Project, which engaged in 250 people across the state of Queensland to help retailers better understand the benefits of digital data. “We’ve recently conducted digital training modules across Queensland educating retailers via workshops, digital mentoring opportunities and online seminars,” said Ms Lamb. “Retailers need to understand the importance of data and we look forward to contributing our expertise on how small business can effectively utilise digital technology.”
Using digital data isn’t just for the big guys – small businesses can markedly improve overall sales and increase profit thanks to digital tech. Software and platforms such as SaaS, which turns a retailer’s data into insights that can inform decision making, can rapidly change the way small business owners see projected growth. Although data and digital tech platforms can be tricky to understand initially, there are many benefits to be found as well as determine the trends that may coming our way.
“Over the next two years we will be working to highlight case studies on small businesses that have embraced new technology, while also providing guidance on how to successfully embrace digital services,” explained Ms Lamb.
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