New data reveals that Australian retailer revenue is expected to decline by 11.99% compared to the previous year. In response to this challenging sales season, leading financial platform Airwallex has organized a summit called ‘Your Passport to Beyond Black Friday’ for business leaders in the retail industry. The summit, which will take place next Thursday, aims to discuss the impact of consumer spending trends and provide solutions to the upcoming challenges retailers may face. Notable speakers at the event include e-commerce expert Mal Chia, Frank Body’s Co-Founder Jess Hatzis, Rachel Tigel from Threebyone Denim, and Alex Babich from Kulani Kinis.
Luke Latham, the Managing Director of Airwallex Australia and New Zealand, stated that the summit intends to help retailers maximize their sales during this difficult period and navigate the effects of the current cost-of-living situation. Latham emphasized that in order to maintain and bolster profits, retailers need to explore other strategies beyond price reductions, as consumers are becoming more price-conscious. In addition to the summit, Airwallex is also releasing a guide called ‘Passport to Peak Profits’ to provide retailers with expert advice and tips.
The guide suggests various strategies to help retailers stay competitive, such as offering multiple payment and shipping options, integrating AI into logistics and product design, adopting revenue-based financing, and accurately budgeting for tax liabilities. The summit will not only feature speaker sessions but also include a Peak Season Partner Marketplace where attendees can access solutions and products to help their brands during the peak sales season. The summit is open to Australian retailers, and interested individuals can register online. The ‘Passport to Peak Profits’ guide is also available for download on Airwallex’s website.