In the light of the hullabaloo surrounding the ambiguous state of Australia’s retail market, a recent survey revealed that Australian shoppers are practiced sale chasers. This makes the market even more vulnerable for retailers.
This shopping behavior was found rampant with online buying, making major e- commerce players offer discounts thereby compromising on huge chunks of profit that drive their business. Australian retailers cater to more than 70 percent of the shopping crowd that are addicted to discounts offered. The more compulsive buys and waits were observed among the millennials, who splurge on attractive online sales. According to a well-known payment app, 7 in 10 Australians ensure they do not burn a hole in their pockets with non-sale items.
The Australian shopping psychology is a bargain conditioned one, which makes it difficult for online retailers who aim to pull the crowd. Almost all retailers are persuaded into holding sale days, to keep the customers from wandering away. This has reached a crescendo. Where sale days were anticipated once or twice a year, now they have become a weekly, fortnightly affair.
Some retailers see a silver lining in their discount ravenous economy. They have reworked their sales strategies. Price based promotional sales, for instance, comes to save the day. Creating discounts after fixing an upper limit for shopping is becoming popular. This way profits are not heavily compromised. Also, these veiled discounts bring in more buyers to them.
The Country’s retail landscape is changing rapidly, with the entry of e- commerce bigwigs like Amazon and Alibaba. Shoppers are showing an increasing preference for online shopping leaving stores abandoned. Even discounts are not attracting buyers to physically stand in queues and awaits their shopping quest.