The recent 'Best Retail Brands' report has highlighted the rise of e-commerce and digital marketing, as some retailers are flourishing and others are floundering in an increasingly competitive marketplace.
The study, conducted by branding agency Interbrand, brought good news for Myer, with its brand value rising 4% in one year to hit US $625m. But for Harvey Norman, the outlook wasn't so rosy, as its brand value shrunk by a massive US $231m to $642m.
So what's driving the success of some retailers and the demise of others?
The digital revolution has removed the barrier for new entrants and opened up much larger, more competitive markets. As the study states, "competition from foreign retailers is pushing domestic operators to get smarter on all fronts, from digital strategy and customer experience to savvier marketing and corporate citizenship". And this is exactly what Myer has done with new digital executions and exclusive brand strategy successfully giving it an edge.
Size and scale no longer guarantee success. "Retailers that invest in innovation, design, media, and technology to enhance the customer experience and showcase goods in an exciting way will reinvigorate the game."
Who do you think is leading this revolution? What are Australia's best brands?