Revealed: Australia and New Zealand’s four most powerful retailers
Four ANZ companies have been listed on Deloitte’s Global Powers of Retailing 2018, with one new entrant, JB Hi-Fi, making the list.
Woolworths, Wesfarmers and Foodstuffs North Island have also been listed by Deloitte as the most powerful retailers across Australia and New Zealand.
Globally, the rankings are dominated by companies operating in the FMCG space, with USA’s Wal-Mart, Costco and Kroger occupying the top three places.
- Rebel leads Australian sport retail industry but faces Decathlon growth challenge
- Paymark study highlights positive end of 2017 for NZ retailers
- What does Amazon’s arrival mean for Australian retailers?
- Read the latest issue of Business Chief, Australia edition, here
Wesfarmers is the most powerful retailer in the ANZ region and 21st most powerful in the world, generating US$51,5bn in turnover in 2016. Woolworths, ranked 23rd overall, took in group revenues of almost $42bn during the same year.
JB Hi-Fi, a reseller of electronics and whitegoods, is a new addition to the list, ranking in 218th with sales of $4.2bn in 2016. New Zealand’s Foodstuffs North Island’s 2016 revenue of $4.5bn saw it enter at 209th place on Deloitte’s rankings.
The aggregate revenue of all 250 companies was measured at $4.4trn, representing a five-year retail CAGR of 4.8%.
While many established retailers occupy the top spots, the report does warn of new movers disrupting the status quo. It said: “The standards are shifting, however, as some of the world’s nimblest and fastest-growing retailers—recognized industry disruptors like Amazon and JD.com—actively forego short-term profitability in their quest instead for customer acquisition, topline expansion, and retail dominance.
“Established and entrenched retailers could be at risk of losing customers and market share to these retail disruptors who are able to exploit organizational and operational agility.”
DBS Bank expands digital trade finance on Contour platform
DBS Bank has boosted its digitalisation extending its offerings on trade finance network Contour to corporate customers in four key Asia-Pacific markets – Australia, China, Hong Kong and Singapore.
Singapore-based DBS was the first bank to sign up to Contour’s beta network and completed the first fully digital Letter of Credit (LC) transaction on Contour last year. The bank has moved to Contour’s production network to offer streamlined digital LC transactions for customers, to help digitise global trade.
Contour’s network focuses on digitising paper-based trade finance processes which can be expensive and time-consuming.
APAC is seen as a key region for digitisation of trade finance as banks and corporates seek to mitigate risk and enhance cost efficiency, including moving away from traditional paper-based LC processes.
Via Contour, which is also based in Singapore, DBS will be able to provide a fully digital end-to-end LC settlement process for customers in Australia, China, Hong Kong and Singapore, including the transfer of electronic trade and title documents – increasing efficiency in the process by up to 90%.
Digitised trade finance builds resilient ecosystem
“Our partnership with Contour aligns with DBS’ ongoing efforts to drive greater efficiencies in trade and unlock strategic value for our corporate customers,” said Sriram Muthukrishnan, Group Head of Trade Product Management, DBS Bank.
“We recognise that digitisation is a powerful enabler to simplify the highly complex nature of trade finance, especially for processes relating to letters of credit. Digitising trade processes is also an increasingly relevant and heightened priority for corporates to survive and thrive in the new normal and will form an integral component for resilient trade ecosystems of the future.”
Contour’s decentralised network increases security as it validates all identities and leverages technology partners to match trade documents to real-time data. Contour also offers a sustainable way for companies to reduce their carbon footprint.
“The addition of another major Asian bank to our production network highlights Contour’s growing presence in APAC as an industry standard for digitising trade finance documentation,” said Carl Wegner, CEO at Contour.
“DBS has been an important partner for Contour in our work to support Singapore’s position as a key trading hub and has already participated in a number of successful transactions on our network. We’re delighted to facilitate its transition to offering live services to customers in these four markets. This is another important step on our journey to becoming the new digital end-to-end infrastructure for global trade.”