The Australian pharmacy sector is a $15 billion industry, employing more than 60,000 people.Yet, far from being a dispensary for medications, Australian chemists have aggressively expanded into the retail sector and are attracting increased consumer spending through supplements, fragrances and personal care items.
Terry White Group is leading the charge, reporting a sales increase of 18% in the first half of 2015-16 alone. CEO Anthony White told the Australian Journal of Pharmacy that the business’ retail arm is driving the growth. “Over the last few years we’ve invested in our systems, capabilities, CRM platform and private label range to drive our retail sales, laying a solid and sustainable foundation for our future growth,” he says. “We are now seeing the benefits of this investment – retail sales continue to be a growing component of the network’s total sales and now comprise almost half of total network sales ”. “This gives pharmacists a solid front-of-shop revenue stream, which is critical in offsetting the effects of reforms to the Pharmaceutical Benefits Scheme to ensure ongoing viability in this industry.” “Additionally, in-store efficiencies have improved, local marketing and merchandising activities are more efficient and pharmacists are now better able to focus on their customers.
So how can Australian pharmacies attract customers and boost sales?
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