The 'personalisation' effect boosting some small businesses
A small business owner curating secondhand and vintage goods says her connection with customers is what has kept her afloat.
The retail industry in the ACT is experiencing growth as businesses adopt personalization strategies to attract customers, amid a slowdown in retail spending across Australia. Mia Petterson, a 28-year-old entrepreneur, is following in her mother's footsteps by operating a vintage and second-hand clothing store on Lonsdale Street in Canberra's inner north. Petterson emphasizes the importance of creating an authentic, inviting environment for customers to feel inspired, even if they do not make a purchase.
Dr Andrew Hughes, a marketing lecturer at the Australian National University, attributes the success of personalized retail to effective engagement on social and digital platforms. He notes that businesses connecting with customers through social media influencers are more likely to thrive. While national retail turnover is predicted to slow to 1.5% next year, the ACT has seen a near 1% increase in the value of goods and services produced by the retail industry.
Petterson attributes her business's survival to developing strong relationships with her customers, providing good service, and maintaining an active presence on social media. Dr Hughes believes that personalized approaches will become a hallmark of success in the evolving retail landscape, pointing to David Jones as an example of a company that failed to adapt to changing consumer preferences.
He stresses the importance of keeping pace with younger markets and prioritizing personalization to stay competitive in the retail sector.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
