Ireland’s small, rural-based retailers are in danger of going out of business as a result of lacking an online presence, according to accountancy firm RSM.
As reported by the Irish Examiner, the accountancy firm has warned retailers of the risk of falling behind changing consumer behaviour.
"Consumer behaviour is changing rapidly and retailers need to ensure that their business model, and culture, is properly aligned with changing consumer preferences," said RSM Ireland's management consulting partner Áine Farrelly.
Farrelly advised that retailers take a “root and brand” review of what customers want "and to ensure that their business model is fully aligned with that”.
This will help operators cope with rental pressures, increasing competition and rapidly changing spending patterns.
"Retailers must interrogate all aspects of their business and customer service offering to ensure that their business model is resilient enough to face the risks posed by the volatile economic outlook for the year ahead."
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.