Look's like Myer's e-commerce efforts are paying off in cold hard cash.
👉 Background: Myer opened its first store in Bendigo, Victoria way back in 1900. Since then, Myer has grown to have 58 department stores around Australia.
👉 What happened: Over the last 10 years, Myer has kinda been struggling. Between the attempted board spill, $172m net loss and the declining share price - it hasn't been a good time to be a Myer investor.
👉 What else: Now there's some good news for Myer at long last! Its full-year sales will soar by double digits - Myer's best result since 2017. The growth comes after shoppers kept spending after Christmas despite COVID - and the online business continues to grow aggressively.
💡Omni-channel retail is when companies have a presence across multiple channels. Think: in-store, online and social media.
💡 The biggest benefit of omni-channel retail is an improved customer experience, because you're meeting the shopper where they are. It's also great for improved brand loyalty because the brand is appearing in more and more places.
💡Mecca is a great example of successful omni-channel retail in Oz - seamless experience between in-store and online. And now, Myer One's loyalty card and app seems to working out well for them too. Pheww!
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