Amazon has caught many retailers by surprise with its plan to enter the Australian market.
According to opi.net, a study conducted by the Commonwealth Bank revealed that 30% of Australian retailers were unaware of the impending arrival of the online retail titan. Of those that are aware, only 14% has a plan to compete. Almost half of the retailers didn’t foresee any influence along with Amazon’s arrival, while only 11% seeing it as a significant threat to their businesses.
Commonwealth Bank’s National Manager of Retail Jerry Macey said: “The reality is most retailers can’t effectively compete with Amazon on factors like delivery times and pricing, particularly when Amazon can sustain losses in the short term.”
Macey added: “Retailers can, however, focus on enhancing specific competitive strengths, and adapting to changing market conditions is a key part of innovating to ensure your business remains relevant to customers.”
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