• As shoppers grapple with the high cost of living, 70% are more likely to shop during the BFCM weekend and upcoming peak sales moments to get more for their money.
• Despite a challenging economy, 63% of Australian shoppers plan to spend as much or more during the BFCM weekend this year compared to last year.
• Consumers are more intentional than ever as they look to make their money go further, with 53% planning to do the bulk of their holiday shopping during the BFCM weekend.

Black Friday Cyber Monday saw 52 million global shoppers spend $7.5 billion dollars with brands powered by Shopify last year. Ahead of this year’s event, Shopify surveyed 2,000 consumers and 350 businesses across Australia to learn what will motivate consumers and drive business performance over the upcoming holiday shopping period.

The study, conducted by Sapio Research, found that three-quarters (76%) of Australians have cut back on spending in recent months. Yet the vast majority of those who are planning to shop during BFCM (63%) intend to spend the same or more this year compared to last. In fact, the number of people planning to spend more (27%) is twice that of those who are planning to spend less (13%).

“Consumers are looking to make high-quality purchases that bring a sense of happiness or well being this year,” said Shaun Broughton, APAC Managing Director at Shopify. “While Australians are concerned about the rising cost of living, 80% still value high quality products that last. Retailers who strike a balance between price and quality are best placed to maximise sales throughout BFCM and other peak shopping periods.”

The prospect of finding great deals is a strong motivator for consumers, with 70% saying they will shop over BFCM weekend to get more value for their money. Brand loyalty could take a back seat throughout the sales period, however, as 84% of consumers say they will  compare prices to try and find the best deals and discounts possible.

“Customers are certainly being shrewder when parting with their money,” said Kelly Lavery, CEO, Strucket. “It’s up to us as retailers to validate the customer’s purchase as a need rather than a want, ensure that their purchase will make a positive impact on their life, and make them feel confident they spent with the right business. Essentially they are looking for value and trust.”

“Aussies respect retailers that offer regular discounts. Shopify’s research mirrors our own data, which shows that nine in ten respondents view those retailers as ‘value for money’ – a brand perception that is particularly important in today’s cost of living crisis,” said Matthew Herbert, Co-Founder and Co-CEO of brand tracking platform, Tracksuit.

“Retailers looking to capitalise on BFCM this year should remember that it’s not just transactional. By aligning your brand with the highly anticipated sales periods, you demonstrate empathy and support. It’s an opportunity to deliver value for money to consumers while boosting sales, and fostering longer term brand loyalty and trust. It’s a win-win scenario where both consumers and retailers stand to benefit.”

The research also revealed that technology has become a core part of the shopping experience — and there’s value in embracing technology for retailers as well. Close to 1 in 4 holiday shoppers are more likely to buy from brands with technology-enabled shopping experiences (24%). Another quarter expect brands to embed technology into the shopping experience (24%), while 23% are more likely to spend money with brands that offer tech-enabled shopping experiences.

In addition, consumers are excited about the possibilities that AI will bring as they hunt for the best deals this shopping season. More than two-thirds (69%) of shoppers believe AI will make it easier to discover new brands and products, while three-quarters (74%) believe it will help them find deals or special offers.

Interestingly, it is the biggest spenders who are most likely to adopt the latest shopping technology. Consumers planning to spend over $850 this BFCM, are also the most likely to make use of virtual fitting room services or smart mirrors (32%), use virtual assistants (31%), shop for things like furniture using spacial commerce (30%), and over a third (36%) engage with QR codes or digital display screens while shopping. In addition, big spenders are twice as likely to purchase products with personalisation, such as name monogramming, as those who are planning to spend the least.

Key findings from Shopify’s latest research also reveal:

Despite cutting discretionary spending, consumers are willing to pay for a great deal

• Consumers are more intentional than ever as they look to make their money go further, with 53% planning to do the bulk of their holiday shopping during the BFCM weekend.
• While 48% of shoppers still value quality, 67% are open to switching brands based on cost savings.

Retailers are looking to tech to help manage peak sales season

• To meet the demand for technology-driven shopping, 72% of Australian retailers surveyed said they plan to increase their investment in tech to prepare for the holiday sales season.

Online and offline commerce channels are both important

• Preferences towards browsing in a shop vs browsing on an online store are almost evenly split (42% vs 41%) as the top way for Australian consumers to make new product discoveries.
• More shoppers are open to making purchases through social media platforms, with nearly 37% willing to purchase products directly on Facebook, 35% willing to buy through Instagram, 31% willing to buy via YouTube, and 26% willing to buy via TikTok. Only 16% were willing to buy from X.
• Surprisingly, 25-34 year olds are the highest adopters of social shopping behaviours with 48% being willing to purchase products on Facebook, compared to 30% of Gen Z shoppers. In addition, 25-34 year olds were more likely than 18-24 year olds to message brands on social media platforms for customer support (26% vs 24%).
• Almost a third (30%) of businesses think that, out of all the available selling surfaces, social media platforms will provide the highest volume of sales for them by the end of the decade.

The post 2/3 Consumers plan to spend big during BFCM weekend, despite inflation appeared first on Small Business Connections.

Shoppers plan on spending an average of $189.59 during the Black Friday and Cyber Monday sales. That a 31% reduction from 2021.

Finder research

Recent research from Finder reveals that shoppers plan to spend an average of $189.59 during the Black Friday and Cyber Monday sales this year – a 31% reduction from 2021.

However, don’t mistake this decrease in spending for a lack of interest. Consumers are still on the hunt for unbeatable deals; they’re merely operating on a tighter budget. To rise above the competition and secure those precious customer conversions, your marketing strategy must work smarter, not harder. That’s why we’ve compiled five simple yet powerful tips to help you emerge victorious during this year’s sales season.

1. Prioritize segmentation and personalization on Black Friday

First, let’s start by making sure you’re reaching the right people during this period. Segmentation leads to increased relevancy, increased revenue, and less wastage. Most of your customers and prospects will want messages and offers throughout the holiday season. Some won’t want them all, but we’ll touch on that a little later.

Triggered emails

Triggered emails can be incredibly powerful when it comes to engaging customers and increasing conversions during Black Friday. By automating your marketing efforts, you can create personalized emails triggered by specific customer behaviors, such as cart abandonment. These automated emails can help you save time during the busy Black Friday period, while still delivering a customized and effective message to your customers. So, be sure to take advantage of triggered emails this Black Friday to drive sales and engagement.

Abandoned browse and cart popover

It’s worth considering having an on-site popover for abandoned browse or cart. This will help to keep shoppers engaged by displaying popovers that are triggered only when they are about to leave your online store. Through the popover, shoppers can be offered more holiday goodies, and returning customers can easily pick up where they left off with welcome-back popovers.

Re-engage

Why not use the start of the holiday period as a reason to win people back? For those who genuinely have stopped engaging with your emails, using the excitement of the holiday period can be a great way to bring them back into the fold. In the retail world, you’ll have offers and holiday-themed merchandise to sell them.

Be mindful that some contacts may only be seasonal shoppers. Their lack of engagement doesn’t mean they’re not interested; it’s just not their preferred time of year to shop. By using eRFM (engagement recency, frequency, monetary) segmentation, you can identify these customers based on their past purchases and target them differently. Remind them of what they bought last year and suggest similar or complementary items that might pique their interest for this season’s shopping.

Amend your content and cadence

One thing we see with a lot of brands is that even though customers have filled out the preference center, thoroughly browsed your website, and even purchased; many of the brands still fail to recognize any of that behavior. Email marketing campaigns just keep coming and coming without any acknowledgment of a purchase or browsing activities. Some have even sent offers for products customers have already purchased.

One of the easiest things you can do to ‘recognize’ a recipient is to know whether they have purchased recently, how much they’ve spent, and what they’ve purchased. You can then change your mailing cadence and content accordingly. AI-powered product recommendations based on what has already been purchased really do help at this point.

2. Leverage data insights

During the Black Friday sales period, it’s important to leverage customer data insights efficiently. Before the big day, check your automation programs’ performance and optimize them with AI-enhanced algorithms to gain a competitive edge.

Examine the performance of your revenue-generating programs, such as eRFM persona, and identify customer segments that are ready for conversion. Tailor your messaging and offers specifically for highly engaged frequent shoppers and new customers.

You can also use AI-powered predictive analytics to refine your tactics in real time, adapting to your target audience’s evolving needs and desires. This forward-looking approach ensures you stay ahead of the curve, targeting potential customers with razor-sharp precision far beyond standard marketing efforts.

Lastly, focus on nurturing high-value customers with tailored and exclusive offers and messaging designed to deepen their loyalty and boost long-term retention. Look into your predicted customer lifetime value (CLV) metrics to inform your marketing strategy.

3. Implement back-in-stock emails

Products may go out of stock for several reasons. The effect can be highly frustrating for customers who expect to be able to purchase what they want when they want it.

The damage of stockouts extends beyond the direct consequence of a lost sale. There’s the possibility that the shopper will turn to a competitor to find the items in question. Then, there’s the long-term impact on customer satisfaction caused by the frustrating experience.

Using dynamic content and AI-driven suggestions in your back-in-stock emails helps provide clear and current information about product availability and updates. This is especially important for the season’s hottest products. It allows you to build brand buzz and encourage more visits.

4. Focus on a seamless customer experience

Imagine your potential customer, sitting at their computer on Black Friday, with dozens of tabs open, browsing through different websites, and deciding where to buy that perfect gift. What makes your online store stand out? It’s the seamless customer experience you offer. From fast and affordable shipping to hassle-free returns, it’s these small but vital details that can truly make or break a sale. Here are some simple tips for ensuring a smooth journey from browsing to checkout:

Accurate tracking and delivery times

During the Black Friday period, ecommerce businesses need to provide accurate tracking for your shipping. Studies show that in recent years, customers value estimated delivery dates (EDDs) over faster shipping alternatives. Surprisingly, a reliable EDD means not only “no later than” but also “no earlier than”.

Some reasons, understandably, include not being home at the time of delivery and fear of packages sitting outside falling prey to pesky “porch pirates”. So, as part of your Black Friday and Cyber Monday (BFCM) checklist, be sure to review your shipping methods and integrations, delivery date accuracy, and communication methods to ensure your EDD is communicated clearly and as accurately as possible.

Additionally, as we get closer to Christmas, consider telling your customers about shipping deadlines for each method you offer. This transparency helps create realistic expectations and fosters exceptional customer service. This will allow your customers to plan for the last date they need to purchase to be delivered before Christmas. Clear and accurate shipping and delivery communication will go a long way this holiday season for you and your customers.

Easy-to-find return policy

The better your return policy is, the more confident customers will be when purchasing from your online store. Craft a simple, easy-to-understand return policy and ensure it is readily accessible on your website. This openness will reassure shoppers that they’re making the right choice, increasing the likelihood that they’ll click that “Add to Cart” button.

Streamlined checkout process

Don’t be the online store that loses customers at the last hurdle – the checkout stage. Implement a clean, user-friendly, and safe checkout process to minimize cart abandonment. Offer multiple payment options and mark security logos clearly to provide a sense of safety. Guest checkout options also help hesitant shoppers, who may not want to commit to creating a full account but are willing to give your store a try.

Provide outstanding customer support

Great customer support can tip the balance in your favor when shoppers are trying to decide between your store and another. Make sure it’s easy for customers to contact you with their questions or worries through options like live chat, email, or social media. And remember to teach your customer service team to handle any Black Friday-related concerns with friendliness and understanding.

5. Create a sense of urgency

Creating a sense of urgency in your emails can increase sales by over 300%. But how do you go about creating a sense of urgency, we hear you ask. Following these simple copywriting tips can help you write a sales-driving email marketing campaign.

Use compelling language

Utilizing limited-time language in your email subject line and calls to action (CTAs) is a smart way to create urgency and increase sales. Mirror this language with an action-based tone to create a seamless experience. Make sure your CTAs leave no doubt about what you’re offering and what the recipient should do next to get the offer.

FOMO (fear of missing out)

It might sound cheesy but it’s a powerful marketing tactic that you can draw on through your use of language. Use phrases like ‘biggest sale of the year’ or ‘best prices of the season’ in your Black Friday marketing to encourage recipients to shop before it’s too late.

Abandoned cart emails

There will always be some shoppers who don’t complete their purchases. It’s essential to ensure your abandoned cart automation program is in place before Black Friday. It becomes an even more important tactic for ecommerce businesses to win back these potential customers. Offering discounts and other promotions are the most effective way to bring shoppers back but don’t forget that Black Friday entails a much tighter window of opportunity than usual. Make sure to amend the timing of your abandoned cart emails accordingly.

Use Artificial intelligence (AI)

Artificial intelligence (AI) has revolutionized digital marketing, and Black Friday campaigns are no exception. With Dotdigital’s Winston AI, you can offer your customers real-time recommendations during the Black Friday sales period. In addition, Winston AI can help you craft captivating subject lines, ensuring your subscribers are drawn to and engaged with your Black Friday promotions.

The post 5 Simple tips for a winning Black Friday marketing campaign appeared first on Small Business Connections.

On top of spending more, Australian businesses are deploying key strategies to find efficiencies designed to unlock greater productivity. Over the last 12 months, 67% of businesses agreed that the digitisation and automation of payments had become an increased priority.

For those businesses that had already automated payments, 44% reported saving an average of 7.3 hours per week of their finance team’s time.

With time and cost efficiencies gained, digitising and automating payments have powered better business, including reducing human error (47%) and more accurate invoicing (45%) according to the research.

Additional findings include: 

• 66% of businesses said they will start automating or will further automate the process of receiving customer payments and processing invoices and purchase orders over the next 6 months.
• 47% of businesses are expecting to spend more on technology in the next six months, with 69% of these aiming to improve productivity. 
• 50% of decision makers who are planning on spending more on technology are doing so because they want to improve the speed and effectiveness of making and receiving payments.
• 81% of business decision makers agreed that managing cash flow and working capital have become more important over the last 12 months.
• 50% of businesses are expecting to spend more money on advertising, sales and marketing to differentiate themselves from competitors.
• 40% of those businesses expecting to spend more on advertising, sales and marketing are focusing their investment on new marketing and advertising channels, and 39% are promoting new products or services as part of their marketing strategy.

Lisa Belcher, Vice President of Merchant Partnerships at American Express says: “Once again we are reminded of the tenacity of Australian businesses as they pursue growth in the face of challenging economic conditions. The Amex Trendex: B2B Edition shows that regardless of their size, businesses are playing the long game, adapting where needed and seeking ways to improve efficiency and stand out from the competition.”

“The faster a business grows, the faster its payables and incoming revenue grows. Money is the lifeblood of any business, so it’s important that businesses continue to innovate their payment processes to avoid delays that can lead to major cash flow implications down the track.”

The research reveals a growing sense of optimism among Australian business decision makers. 75% reported feeling optimistic about the success of their company over the next 12 months – up from 69% on last year’s report.

Council of Small Business Organisations Australia’s (COSBOA) Chief Executive Officer, Luke Achterstraat said: “Australians have always been resilient, and this extends to how they manage businesses. Throughout the pandemic and the effects thereafter, small businesses have managed to pivot and re-prioritise to work smarter for their success. This latest research is abundantly clear: Australian businesses are aware of the challenges they face and are engaging in savvier ways to defy all obstacles.”

The post 50% of businesses to spend more on advertising, sales, and marketing appeared first on Small Business Connections.

We’ve all seen so many people talk about the value of having a website: It helps build credibility, makes you look professional and serious, helps you reach a new audience, and drives traffic to your business, yada, yada, yada. In fact, there’s so much online about websites that even ChatGPT and Bard have a lot more to say than you’d expect. I know because I asked them both.

If you’re still unsure a website is worth your money and time, you’re likely a micro business with little to spend on things you don’t see immediate value in. If the internet hasn’t convinced you already, then AI recycling all those articles isn’t going to convince you either.

But I’d still maintain that you need a website. Hear me out.

The post Do consumers trust a small business without a website? appeared first on Small Business Connections.

Key Takeaways

• 42% of Australian businesses are already using AI for e-commerce, with another 43% planning to do so
• 43% of Australian consumers would use AI to help them shop online, rising to 63% of younger shoppers
• A third of businesses are concerned AI will lead to more sophisticated cybercrime, and half of consumers are concerned that deepfakes will be used for fraud

Businesses Using AI for E-Commerce

The research found that Australian businesses are ahead of consumers in their adoption of AI. Although more than 2-in-5 Australian businesses (42%) are already using AI to power at least one aspect of their e-commerce activities, only about 1-in-5 Australian consumers (18%) have used a generative AI tool (such as ChatGPT, MidJourney or Dall-E). However, this figure rises to close to 1-in-3 for Australians under 40 years old (32% of whom have used a generative AI tool).

The top 6 uses of AI in e-commerce by Australian businesses today are:

1. Writing web content (e.g. website copy, social media, product descriptions etc) (15%)
2. Providing personalised product recommendations to customers (15%)
3. Creating visual design elements (e.g. graphics, web design etc)(14%)
4. Managing returns, exchanges or updates to consumers on delivery status (14%)
5. Responding to social media comments or messages (13%)
6. Detecting fake or auto-generated comments and reviews (12%)

Another 43% of Australian businesses who are not currently using AI for e-commerce say that they would like to, showing the appetite for adopting these emerging technologies to drive efficiencies and deliver improved customer experiences.

Australian Consumer Use of AI

Many Australian consumers also see the benefits of using AI for e-commerce. The 2023 PayPal eCommerce Index found that more than 2-in-5 Australians (43%) say they would use AI to help them shop online, with this rising to more than half of Australians (56%) under the age of 40. Pointing to potential future adoption, a much larger portion, two-thirds (63%), of Australia’s Gen Z shoppers (aged 18-26), would use AI for online shopping assistance.

“AI will give consumers powerful tools to help them shop smarter. This includes sophisticated product discovery to find the best price, order the perfect size, and optimise and track shipping and delivery across multiple stores. But more than that, AI can deliver personalised product recommendations that suit our individual tastes and budgets. This tailored approach will help us find the ideal items while creating a more engaging and enjoyable shopping experience,” said Andrew Toon, General Manager of PayPal Australia.

Beyond online shopping, half of Australians (50%) would use AI to help them in their day-to-day lives, with this rising to two-thirds for Australians under 40 years old. Top use cases for AI in daily life include meal planning (30%), drafting work-related documents such as emails and CVs (25%), creating workout plans (22%), online tutoring (22%) and to draft personal documents such as greeting cards or wedding speeches (18%). One-in-fourteen Australians (7%) would even use AI for a conversation partner.

The 2023 PayPal eCommerce Index also reveals that 43% of Australian businesses are already using AI across their broader business operations. The most prevalent uses being to design advertising and marketing materials (18%), bookkeeping or accounting tasks (18%), analysing market competition (16%), drafting business-related documents such as plans and emails, and creating staff rosters (12%).

Concerns Around AI

The research shows that while Australian businesses and consumers at a macro level see the benefits of AI for e-commerce, broader life, and business operations, they also recognise that AI may pose risks. While a third of businesses (34%) believe AI will enable greater efficiency and save time, both consumers (42%) and businesses (29%) worry that biased programming could lead AI to make inaccurate recommendations.

The post Top 6 ways Australian businesses are using AI in e-commerce right now appeared first on Small Business Connections.

1. Email marketing

With an email automation platform, you can create personalised and targeted email workflows that engage your subscribers at every stage of their customer journeys. For instance, you can set up a welcome email series to greet new subscribers and provide them with valuable information about your brand. Abandoned cart emails can be automated to remind customers about the products they left behind and encourage them to complete their purchases. Post-purchase follow-up emails can be triggered to thank customers for their investment, offer related products or discounts, and ask for feedback. By automating these workflows, you can ensure consistent communication, increase customer engagement, and drive conversions. Moreover, automation saves you time and effort by eliminating the need to send and track emails manually.

2. Customer support

Integrating chatbots with customer support processes often revolutionises the way businesses interact with customers. AI-powered virtual assistants provide instant responses round-the-clock for a seamless customer experience. Chatbots can handle routine enquiries and frequently asked questions, freeing up valuable time for your support reps to focus on more complex issues. With the ability to understand customer preferences and histories, chatbots offer personalised interactions and product recommendations, increasing customer engagement and loyalty. They’re always learning and improving based on previous interactions, so they can deliver optimised and contextualised responses. Chatbots can even trigger seamless escalations to human agents when more complex situations need to be addressed. Embrace chatbot automation to elevate customer support, build stronger relationships, and excel in a customer-centric marketplace.

3. Social media management

Managing multiple social media channels can be overwhelming, requiring businesses to schedule posts, monitor engagement, and analyse performance. Automation simplifies these tasks. Social media management tools help you schedule posts in advance, ensuring a consistent presence on all platforms. They also enable you to plan and create content in batches for more efficient posting.

You can harness specialised tools, including Social Media Management (SMM) platforms, to automate social listening too. Set up notifications for mentions, keywords, trends, and specific account activity. That way, you can stay on top of industry conversations, track customer sentiments, and identify emerging trends—all without manually monitoring each social media channel.

4. Lead generation and nurturing

To succeed, a business must convert prospects into customers. Automation makes this process more efficient. You can automatically capture and segment leads based on their behaviour and interests by leveraging marketing automation platforms and lead-scoring algorithms. Automated lead nurturing allows you to deliver personalised and targeted content to each lead throughout their buying journey. For example, you can automate email campaigns with relevant content based on the lead’s engagement with your website or the specific actions they take. By nurturing leads with automated messages, you can ensure consistent communication, build trust, and increase the likelihood of a conversion. Automation also enables you to track and analyse lead behaviour, helping you identify high-value leads and prioritise your nurturing efforts.

5. Marketing analytics and reporting

Understanding the effectiveness of your marketing efforts is crucial for making data-driven decisions and optimising your strategies. However, manual data collection, analysis, and reporting can be time consuming and prone to errors. When you automate data collection, you can gather real-time insights into key performance metrics, such as website traffic, conversion rates, and engagement. By tracking website visitors and their behaviour, you gain a deeper understanding of your audience’s interactions with your marketing campaigns. This valuable data empowers you to monitor the success of your campaigns and identify areas for improvement.

Through automated reporting, you can generate comprehensive and visually appealing reports that clearly illustrate your marketing performance. These reports provide a holistic view of your efforts, allowing you to analyse trends, measure campaign effectiveness, and align your strategies with business goals.

Embrace automation as a strategic partner, and enable your marketing team to dedicate its energy to creativity and strategic thinking. Just remember, as you automate your processes, it is crucial to maintain a human touch in your interactions, as customers value authenticity and genuine connections. With an engaged team empowered by actionable data, your business can make well-informed decisions and stay ahead in a competitive landscape.

Source: Zoho

The post Automate these 5 marketing roles to save time and money appeared first on Small Business Connections.

Some key stats from the report:

• 93% of Australians say their priorities have changed over the past 3 years, with health the top priority for 63% of Australians and all personas
• 75% of Australians are cutting down on something to spend money, with 42% dining out less, 33% choosing cheaper options when buying discretionary items, and 27% opting for private label brands
• 78% of consumers are prioritising value for money when shopping
• Australians typically spurned their usual brands due to finding a better price or discount (49%), except Mindful Moneybags whose main reason to shop elsewhere was convenience

“More and more we’re seeing customers prioritise quality and value for money over a bargain. As a brand that means starting with great products and great promises which you then follow through on. In the current environment you’re fighting a lot harder to get that dollar and you can’t get away with bad products. At July we offer a lifetime warranty on everything in our range so customers can shop with confidence knowing they’re getting something that will last the long-haul.” said Zhoe Low, global general manager, July

Highlights from the report:

Financial and personal priorities

• 93% of Australians say their priorities have changed over the past 3 years, with health the top priority for 63% of Australians and all personas
• Following health, five of the six cohorts cited ‘spending time with family and friends’ as the second-biggest priority, aside from Mindful Moneybags who prioritised ‘improving my personal situation’
• 56% of Australians are spending more time at home, with 33% of Australians saying that was ‘a lot more’. Picky Purchasers (45%) were most likely to be spending ‘a lot more’ time at home, whereas 11% of Social Shoppers (11%) were home ‘a lot less’
• 40% of Australians are stressed about the cost of groceries and essentials, with Savings Seekers (54%) and Mindful Moneybags (25%) the most and least stressed, respectively
• 22% of Australians are stressed about higher mortgage or rental payments, with Value Valuers (24%) and Social Shoppers (18%) bookending the group

Shopping Habits

• 75% of Australians are cutting down on something to spend money, with 42% dining out less, 33% choosing cheaper options when buying discretionary items, and 27% opting for private label brands
• While 38% of Australians prefer shopping in store, the margin is thin as 31% prefer online and another 31% on the fence. Savings Seekers (48%) were the most likely to prefer in-store shopping, whilst 52% of Social Shoppers preferred shopping online
• When shopping online, Australians expect retailers to accept debit & credit cards (46%), special offers and discounts based on loyalty (35%), and multiple shipping options (32%)
• Only 6% of Australians expected stores to accept crypto, however Mindful Moneybags expected it twice as much as the average Australian (12%)
• When shopping in-store, Australians expected knowledgeable staff (57%), enough stock of the item they want (56%), and attentive service (49%). This was largely consistent for all personas, however the number one expectation of Picky Purchasers was in-store perks like a cafe or smoothie station

Brand connections

• Just over a third (36%) of Australians identify as brand loyal, with Picky Purchasers the only cohort where a majority (57%) identified as such
• Australians typically spurned their usual brands due to finding a better price or discount (49%), except Mindful Moneybags whose main reason to shop elsewhere was convenience
• To win their loyalty, the majority of Australians (53%) want consistently low prices and promotions, with offering high quality goods (50%) and loyalty points (48%) rounding out the top three
• 61% of Australians discover new products via Word of Mouth, however Twitter was the number once choice for Mindful Moneybags (20%), while YouTube was the top discovery channel for Local Loyals (30%) and Picky Purchasers (20%)

Also read: Why a digital loyalty program is the key to your SME’s marketing strategy

The post What do Australian consumers want from brands in 2023? appeared first on Small Business Connections.

Mainstream marketing activities, including paid advertisements, activations, social media, and digital marketing, often take the lion’s share of the marketing budget and for good reason: they are seen by a lot of people all at once. However, there’s one activity that continues to be overlooked by many businesses. Digital loyalty and rewards programs present significant opportunities for businesses to capture sales while also fostering greater customer loyalty, according to Loyalty Now.

Anurag Vasisth, Co-Chair and Group CEO, Loyalty Now, said, “Technology advancements have given businesses access to a wealth of valuable information, including data about consumer trends and shopping behaviours. Digital loyalty and rewards programs empower businesses to harness this information and deliver hyper-personalised shopping experiences to consumers, including targeted promotions and offers that appeal to each buyer.

“The rising cost of living, coupled with increasing interest and inflation rates, are strengthening the hold that shoppers have on their wallets. As the new financial year approaches, businesses must get creative and find new and more meaningful ways to engage with consumers. Ensuring digital loyalty and rewards programs are included in the overarching marketing strategy is a critical first step.”

As shoppers look for opportunities to save dollars on their weekly shops and ad-hoc purchases, digital loyalty programs let merchants and program operators tailor sales and offers to consumers based on purchasing history. This lets brands deliver greater cost savings to customers when they need it most, while simultaneously helping to grow customer loyalty in the process.

Anurag Vasisth said, “When the pressure is on, customers look for any opportunity to increase their savings. If they can achieve this without sacrificing on quality or foregoing essential items, it’s a win-win. Digital loyalty and rewards programs give brands access to valuable information on their shoppers’ buying behaviours that let them market the products that people need, when they need them, creating a real-time relationship with their customers that they can’t achieve through other channels.”

Digital, card-linked loyalty and rewards programs also eliminate the need for customers to carry around cumbersome plastic cards in their wallets that they often forget to scan at the point of sale (POS). This reduces the barriers that customers face when purchasing products, contributing to a more streamline buying process. Beyond this, digital programs let merchants and program operators create increasingly personalised offers and experiences to consumers that best meet their needs, based on real-time data and insights about customer behaviours.

From a marketing perspective, businesses can not only deliver valuable offers to customers that help engage customers, secure sales, and drive customer loyalty, but they can also be delivered based on location, offering a greater level of personalisation and convenience than ever before. This granular level of targeted marketing that is tailored specific to consumers delivers endless opportunities to businesses looking to broaden their audience base.

Anurag Vasisth said, “Digital loyalty and rewards programs let businesses of any size engage more with their customers where it matters most: the customer’s pocket and the point of sale. It would be remiss of today’s marketers to ignore the power of digital loyalty programs. They eliminate the barriers of traditional loyalty program and streamline the shopping experience for consumers.

“The new financial year is the ideal time for marketers to ensure they have digital loyalty and rewards programs front and centre in their marketing strategies. Investing in a smart solution now will let brands make the most of their investment and secure the best chance possible to drive sales and grow customer loyalty in the new financial year, and years, ahead.”

Also read: SEO for small business: Enhance your online visibility

The post Why a digital loyalty program is the key to your SME’s marketing strategy appeared first on Small Business Connections.

For example, if you’re a restaurant owner, your website should allow customers to make reservations, view your menu, and see your hours of operation. If you’re an ecommerce business, your website should facilitate a seamless browsing and purchasing experience.

There are certain questions you should consider before building your website. Who is your target audience? What are their needs, interests, and pain points? What are they looking for when they visit your website? Once you understand your target audience, you can identify the key functionalities that are likely to engage them.

Let’s take a look at the functionalities every business website needs in order to be effective.

1. Seamless navigation

Navigation is a crucial aspect of web design. It enhances user experience by allowing visitors to browse your content and offerings seamlessly. A well-designed navigation menu typically includes the main categories of the website and submenus that break down these categories into more specific sub-topics, so it’s easy for visitors to find what they are looking for.

Some important pages a website should include are:

• Homepage: This is usually the first page a visitor sees, and it should give an overview of the business and its purpose.
• Pricing page: This page helps potential customers understand your pricing structure, so they can compare their options and make informed decisions.
• Contact Us page: This page provides visitors with a way to connect with you. It should include your contact information, such as phone number, email address, and physical address. You could also include a Contact Us form and list your operating hours on this page.

Some additional pages that may be relevant to you are:

• Products/Services: Here, you should include information about your product or service, such as its features, benefits, and pricing.
• About Us: Use this page to provide more information about your business’ history, mission, and team. This is a great place to add personality to your website.
• Landing pages: These pages should be focused and goal-oriented. Aim to capture visitors’ attention and encourage them to take a particular action.
• Blog page: This page is a great way to share news, updates, and tips with your visitors. It can also help you improve your website’s SEO.
• FAQs page: Here’s where you can give your visitors quick answers to common questions, streamlining their experience and eliminating the need for them to contact your support team.

The order in which these pages appear on your website can vary depending on your website’s purpose and goals. Consider your budget and business size when determining the best approach for incorporating these sections into your website. You can either integrate them into the homepage or create dedicated pages linked to the top menu or footer. Choose the option you feel provides the best user experience and aligns with your available resources.

Once you’re confident in the pages you’ve created, consider building a sitemap. A sitemap is a hierarchical and visual representation of your website’s structure. It provides a comprehensive list of your website’s pages and serves as a navigational tool for both website visitors and search engine bots.

Before you go live, make sure you’ve incorporated clear and compelling calls-to-action (CTAs) throughout your website, prompting visitors to take desired actions, such as purchasing, signing up for a newsletter, or requesting a consultation. Use contrasting colours, concise language, and strategic placement to make your CTAs stand out.

2. Search engine optimisation (SEO)

SEO involves implementing strategies and techniques to optimise your website’s visibility and ranking in search engine results pages (SERPs). There are several techniques you can use to optimise your website for text, voice, and local searches in order to improve your website’s ranking.

Voice SEO focuses on drawing voice-activated search assistants, such as Siri or Alexa, to your website’s content. Local search SEO requires you to include your address on your website and aims to attract those looking for products or services in your area. This is particularly important if you operate exclusively in specific geographical regions.

SEO best practices include developing a content strategy, incorporating specific key words into you webpages and blog posts, using descriptive alt text for images and videos, and ensuring your content is formatted and structured for readability. These practices can help your website rank higher in search engine results pages and even appear as the featured snippet.

3. Social media integration

It’s often easier for people to connect and engage with brands on social media. Integrating social media links, share buttons, and widgets with your website and blog can encourage visitors to engage with you on social platforms and increase your brand’s visibility.

It is important to choose the appropriate social channels to showcase your brand, based on your target audience and goals. For example, a B2C brand might do well on platforms like Facebook and Instagram, while a B2B company may find LinkedIn and Twitter more effective. If you’re targeting a younger audience, TikTok might be your preferred channel. Integrating social media channels that align with your brand’s goals and target audience can help improve conversions.

4. Mobile optimisation

Most internet traffic now comes from mobile devices. You can optimise your website for mobile devices by using a responsive design that adjusts your layout and content to fit the viewer’s device. Depending on your business model, incorporating mobile apps and accelerated mobile pages (AMPs) may also help you reach a broader audience and provide a more streamlined user experience. AMP enhances loading speeds, allowing users to access information almost instantly. This makes it a great choice for organisations like news websites, which rapidly push out new content for readers.

Zoho offers mobile apps for almost all of its products, because we see mobile functionality, such as push notifications and offline access, as essential for a good user experience.

Your website is the face of your brand in the digital world. By investing in its functionality and user experience, you can make a lasting impression on your visitors. Whether you’re a business owner or a web developer, we hope these tips and strategies help you create a website that meets your business goals and delivers a seamless and enjoyable user experience!

Source: Zoho

The post Tips for SMEs: creating a website that engages appeared first on Small Business Connections.

Why it’s important to measure your shopping cart abandonment rate

Your shopping cart abandonment rate can provide valuable insights into your customers’ purchasing journeys. This data can help you identify specific ways to improve your website or checkout process, eventually leading to better conversion rates.

In 2022, Baymard Institute examined data from 48 studies on ecommerce shopping cart abandonment. Its findings revealed that, on average, about 69.99% of people abandon their carts. While cart abandonment rates can vary based on industry and seasonal demand, this statistic can give you a general idea of what to expect in terms of the cart abandonment rate for your business.

To determine your exact shopping cart abandonment rate, you can follow these steps:

1. Calculate the cart conversion rate by dividing the number of completed purchases by the total number of shopping carts created.

2. Subtract the cart conversion rate from the number 1.

3. Multiply the result by 100 to obtain a percentage value.

Let’s say you run an ecommerce store that sells eyeglasses. In one month, a total of 1,000 shopping carts were created by website visitors. However, out of those 1,000 shopping carts, only 150 were converted into purchases.

In this case, your cart abandonment rate = (1 – Cart Conversion Rate) x 100

= (1 – 150 / 1,000) x 100

= 0.85 x 100

= 85%

In this particular example, your shopping cart abandonment rate would be 85%. This indicates that many potential customers are not completing their purchases, pointing to a high rate of cart abandonment in your eyeglasses store. To reduce this percentage, it’s important to study and understand your customers’ behaviour and implement effective strategies to give them a smooth buying experience.

Here are a few steps you can take to reduce shopping cart abandonment for your business:

Enable guest checkout

When someone on your website is ready to make a purchase, the process should be as streamlined as possible. If you compel shoppers to create an account and provide extensive details, you risk causing frustration and driving them away from the transaction. Remember, not everyone wants to go through the hassle of creating yet another account, remembering another username, and managing an additional password.

When you offer the option to check out as a guest, you make it quick and easy for customers to finish their purchases. While account creation can help you build your marketing database and foster long-term customer relationships, it should never come at the cost of a potential sale. Prioritising customer convenience can help you build revenue and a positive brand image.

Avoid last minute surprises

When shoppers browse through products and add items to their carts, they develop an expectation of the total cost based on the displayed prices. When you introduce additional costs or charges at a later stage, you’re likely to cause disappointment.

In the same Baymard study, high extra costs were a major contributing factor to people abandoning their shopping carts. Unexpected costs can make customers feel deceived and may prompt them to explore alternate options. If you want people to complete their purchases, you need to maintain transparency throughout the shopping experience. You can easily do this by providing a clear breakdown of estimated fees on the product/cart page.

Send abandoned cart emails

Abandoned cart emails are automated messages sent to shoppers who have added items to their shopping carts but have yet to complete the purchase. They are typically sent to customers who have shared their email addresses during the checkout process or for marketing communication. Abandoned cart emails can help you re-engage shoppers and remind them of the items they left behind. To make your abandoned cart emails effective, it’s crucial to personalise the content based on the customer’s behaviour and activity. You should also incorporate strong call-to-action buttons that create a sense of urgency. Be strategic about the timing of your emails, ideally sending them shortly after the cart abandonment or the following day. Experimenting with different timing options can help you find the ideal window for maximising your conversion rates.

Offer multiple payment options

Customers appreciate flexibility, particularly when it comes to how they pay for their purchases. Whether it’s a debit card, prepaid card, cash on delivery, or popular digital wallet (like PayPal or Apple Pay), people prefer using payment methods they are familiar with or that give them specific benefits or rewards. When you give them a range of payment options to choose from, you increase the likelihood of customers completing their purchases. On the other hand, when you give them limited payment options, they may refuse to proceed and second-guess their decision to do business with you.

Minimise distractions on your checkout page

Elements like pop-ups, hyperlinks, or related product suggestions on your checkout page can divert your customers’ attention and stop them from completing their purchases. That’s why it’s important to have a clutter-free checkout page without any distractions. Although it always helps to upsell your products, it’s better to do it before or after customers reach the checkout page. This way, they can focus on completing their orders before exploring additional options. This approach can help significantly improve conversions and reduce shopping cart abandonment.

We hope this blog post helps you take practical steps to reduce your business’ shopping cart abandonment rate. Do you have any other strategies you’d like to suggest? Let us know in the comments below.

Source: Zoho

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