According to new data, Australian retailer revenue is projected to decline by 11.99% compared to the previous year. In response, global financial platform Airwallex is organizing a summit called ‘Your Passport to Beyond Black Friday’, which aims to equip business leaders with strategies to navigate the challenges of the upcoming peak sales season. The summit will feature renowned retail experts, including e-commerce specialist Mal Chia and Co-Founder of Frank Body skincare brand, Jess Hatzis. Luke Latham, the Managing Director of Airwallex Australia and New Zealand, stated that the summit aims to help retailers maximize sales and mitigate the impact of the current cost-of-living crunch.
The summit will focus on recent consumer spending trends and offer ideas and solutions to overcome the challenges faced by retailers during the peak sales season. Latham highlighted the importance of retailers maximizing the sales season’s upside, considering the significant revenue decline experienced this year. The summit also aims to address the consumer trend of more thoughtful spending and the impact of elevated cost-of-living on pricing decisions. In addition to the summit, Airwallex is releasing a guide called ‘Passport to Peak Profits’, which provides tips and expert advice for retailers to stay competitive and maintain margins.
Furthermore, Latham emphasized the need for retailers to scrutinize their cost base and supply chains, beyond just considering big-ticket items. He mentioned that unnecessary everyday costs, such as international transaction fees, can significantly impact profitability. Retailers are encouraged to explore strategies 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 ‘Your Passport to Beyond Black Friday’ summit will take place on October 5th in Sydney, and the ‘Passport to Peak Profits’ guide is available for download.