Monash Business School studies retail and the digital revolution
With mobile, social and internet commerce dominant in today’s retail landscape, bricks and mortar stores must focus on integrating online and store operations to make customers’ experiences more interesting and enjoyable.
Research Director of Monash University’s Australian Centre for Retail Studies (ACRS) Dr Sean Sands said for a customer-centric view to succeed, there is a need for a business-wide cultural change, including within functional teams such as IT.
“With customer engagement the top priority, mobile is seen as the glue in the consumer-retailer relationship,” Dr Sands said.
“In the US, research suggests up to 20 per cent of eCommerce sales for retailers are now happening on smartphones and tablets, there is no doubt that in Australia mobile has become a key area of investment for 2014.”
Dr Sands recently attended the National Retail Federation conference in New York where the main focus was on the growing use of technology in retail. The conference and expo provided retailers the opportunity to learn from best-practice American and European retailers.
Dr Sands presented the key trends, insights and examples of best practice at three Retail Insights Breakfast Seminars last week.
The seminar also discussed the key drivers of Spanish retail brand success by international guest presenter Professor Alexis Mavrommatis from the EADA Business School, Spain. Working directly with many European retailers, Professor Mavrommatis presented insights into what makes Spain’s fashion retail brands the successful organizations they have become today.
Monash University Business School is ranked number one in the Asia-Pacific region in a number of their business discipline areas. The “triple crown” accreditation now places Monash among the 60 business schools in the world with such global recognition, which equates to less than one per cent of business schools.