New Zealand retail a step ahead in global comparison
Report: New Zealand retail a step ahead in global comparison
Data from Vend shows state of New Zealand’s independent retail sector
Auckland, New Zealand - 20 June 2018 - Sales volumes for New Zealand’s independent retailers in the past 12 months were 22% higher than the global average, according to data from retail management software leader Vend. This insight comes from Vend’s first Retail Benchmarks Report launched today, which compared data from over 13,000 retailers with a particular focus on New Zealand, Australia, North America and the United Kingdom.
Average NZ retail sales volumes were 17% higher than Australia, and 34% higher than in North America. And, monthly revenues were up 17% on the global average.
However, Vend’s data also found that retailers’ average transaction value - the amount spent in a retail store per transaction - was just fractionally lower than the global average, and around 7% lower than Australia where shoppers seem to spend slightly more than their NZ counterparts.
“It’s really positive to see New Zealand retail in such good shape compared to other key markets, even though our independent stores are under continued pressure to compete with bigger players coming into the market, as well as pure-play online,” said Dave Scheine, Vend Country Manager for Australia and New Zealand. “While New Zealand shoppers may not be spending quite as much as consumers elsewhere, they are clearly still choosing to shop with independent stores, which is a testament to the unique products and experiences local retailers are providing.”
Perhaps unsurprisingly for a country known for its sports and social nature, it was beer, wine, and spirit stores, furniture, and sporting goods stores which all had the highest gross revenue per month. While cosmetics and beauty stores, and speciality food stores, tended to have the lowest average revenue each month. This was in line with the global average too, however quite different to our friends across the ditch where furniture, electronics and appliances, and jewellery stores all had the highest levels of revenue.
“Our data also shows that New Zealand retailers are on par with the rest of the world when it comes to their customer databases and loyalty, and around 54% of retailers have loyalty enabled with their POS system. This is pretty encouraging to see, though with New Zealand’s track record for being tech-savvy and entrepreneurial, I was surprised local retailers weren’t further ahead than other countries. There’s definitely more New Zealand stores could be doing to capitalise on repeat business and be more competitive,” says Dave.
This data has been analysed by Vend as part of its first-ever Retail Benchmarks Report - a global report looking at the state of retail across key markets and sectors. You can read the full report here.
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