Hello and welcome to 2023. Like every year for the last 15 or so, I think this will be a year of significant change for our channel, and through change we uncover opportunity.
The first news of 2023 is that the state government of Victoria will review the MYKI transport ticketing system this year, which may result in the cards themselves being replaced.
From a transport user perspective, MYKI is out of date and frustrating.
From a tech perspective, MYKI was out of date before it was launched.
From a retailer perspective, the minuscule commission from MYKI card top-ups does not cover the actual costs of providing the service and the dealing with myriad customer queries. But plenty continue to offer it, including me in one of my shops.
I don’t see how the MYKI cards can survive in a world rapidly retreating from physical cards. The old argument of older people want a physical card has been proven wrong with their update of credit card access through phones and watches.
I think it’s best to plan now for a business without MYKI card top-up so that when it does happen you’re ready.
There are some who like offering the top-up because having anyone in the shop its better than no one. That’s not true, actually. The best customers are those purchasing high margin products through which you differentiate your business.
There is no upside in services, especially minuscule commission services – these are best handled throng convenience stores. But … as with anything I write about here, what you do in your business is up to you.
For the one shop I have that offers MYKI top-ups, we will continue until the government decides otherwise. We don’t rely on it. It’s not core. But, it is a customer service that is appreciated locally … and for that we are grateful.
Happy 2023!
Footnote for any journalist finding this post. Newsagents losing MYKI is no biggie. It was always going to happen. The bottom-line value of MYKI is small. Local Aussie newsagency businesses have defined by what we do for ourselves rather than why suppliers do to us. It has been thus for many years now.