Tyro: small retailers poised for growth

Transaction, CoinJarSmall to medium sized retailers should be expecting a bumper 2017, according to independent EFTPOS bankers Tyro, which has released data predicting $215 billion in sales for small businesses in FY17.

The bullish outlook comes off the back of a three per cent climb in December sales for small businesses last year, amounting to $23.5 billion.

”The sales figures show that smaller retailers are defying the drift to international online sales, and continuing to provide a viable alternative for discerning Australian shoppers,” said Tyro CEO Gerd Schenkel.

“In part, this is because smaller retailers are embracing online sales themselves, opening up new markets for their products.”

In contrast to predicted spending with small retailers, Tyro predicts that larger retailers will transact only $200 billion, which Schenkel says is evidence that consumers are increasingly moving towards personalised experiences.

“It seems David is beating Goliath when it comes to the hearts and minds of Aussie consumers, as personalised hospitality beats the often homogenous and soulless experience of some large chains,” he said.

54 per cent of Tyro’s small business customers experienced sales growth in 2016, at an average rate of 15 per cent per annum.

Tyro have also predicted that spending on restaurants, holidays and entertainment will jump by as much as 10 per cent in the coming year.

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