In 2019, Deloitte released a report that showed the retail industry is facing an increase in debt and expenses but a decrease in revenue growth and asset turnover. When the pandemic hit, these shaky financial foundations started to crumble. As the months progressed, a lot of small to medium businesses were forced to file for bankruptcy and close down.
2019 has been a tough year overall for retailers in Australia. In the fall season or March, April, and May last year, the retail industry saw slower growth than expected. Analysts attributed this to consumers' restraint in spending because of flat wages growth, falling house prices, debts, and other factors.
Along with the new year comes new strategies and trends to follow. And as someone looking to improve your digital marketing efforts, it’s important that you stay on top of the latest updates so you can apply them. Chances are you've stumbled across this blog because you're looking to shed light on these, so we've got you covered! Read on to learn about a new structure that you can apply to your 2020 strategy.