Home topics small-business-resources retail Credit: Eduardo Soares Retail Retail Retailers diversify strategies to survive Yajush Gupta April 12, 2023 Almost all online retailers are implementing strategies to mitigate the negative impact of reduced consumer spending, according to a recent survey. The study revealed that 42 per cent of respondents plan to expand their product range, while 38 per cent are focused on improving their E-commerce stores. Additionally, 34 per cent intend to invest in marketing, while 31 per cent are looking to penetrate new markets. A significant 31 per cent of respondents also prioritise the adoption of new technology to enhance customer service, including customer service chatbots and automated warehouse fulfilment. Other measures being taken include the introduction of more delivery options (18 per cent) and improvements to returns or exchange processes (15 per cent). Despite inflation and rate increases, 2 in 3 Australian online retailers experienced revenue growth in 2022, and 9 in 10 are planning to invest more in their businesses to withstand current economic pressures. These investments include expanding their product offerings, enhancing their online customer experience, and providing additional delivery options. The results of the survey were obtained from CouriersPlease, a prominent parcel delivery service provider, who surveyed 200 online retailers. Richard Thame, CEO at CouriersPlease, says the results are encouraging and indicate online retailers’ commitment to their business growth. “Online retailers are still enjoying the positive effects of the E-Commerce boom, and total revenue for the Australian market is forecasted to continue growing steadily year-on-year,