For the Australian retail market, it’s definitely not a gala time. As the previous week saw Allans Billy Hyde, the iconic music retail store, placed in receivership; retail industry felt another cold wave down its back. While the market experts and trend analysts are busy blaming the global economic fall for this, they somehow fail to understand the adverse impact of age-old way of trading.

If we take a look at the current scenario, the picture will be clear. There are these native Australian big names like Allans Billy Hyde are still following such ways of marketing which are obsolete elsewhere. On the other hand, check the American online music house Guitar Centre which is doing business across the globe and snatching the domestic customers away from their country products. James Stewart’s comment resonates the same thought as he said, “There’s also heavy web competition in some industries, and we can see what’s happening there…The group’s decline in performance was impacted by the decrease in consumer discretionary spending currently being felt by many Australian retailers.”

So the striking line of difference is the online presence. There is no way to ignore the fact that the new age customers prefer to check products or services online before purchasing than going down the market. Social media networking also plays a pivotal role in upholding the brand identity, building one-to-one relationship with valued customers and expanding the vast worldwide presence, virtually. So the time has come for Australian retailers to embrace the social media networking strategy to regain their lost glamour within the next five years. Or else it may get too late.

If you would like to know more about online social media marketing be sure you check out the up and coming seminar “Social Media Breakthrough” on 11th September from 6.00pm – 8.00pm at the Coffs Harbour Innovation Centre Harbour Education Campus, 363 Hogbin Drive

To register go to www.socialmediabreakthrough.com.au