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Friday, May 29, 2020

EOFY Tips for Online Retailers

DID YOU KNOW

Established sale events like EOFY are becoming more popular online, growing by 17.6% in the first half of 2019. (Australia Post)

Shipping costs during EOFY seem to be the deal-breaker for most Australians. 65.5% of total orders delivered last year had free shipping. In fact, 60% of Australians will abandon a shopping cart if the shipping cost is higher than expected. (SAP)

According to the latest PayPal m-Commerce Index, 1 in 4 shoppers in Australia will purchase items from their mobile phones. So it’s important to make sure your website is mobile responsive prior to your EOFY sale. (PayPal)

Aussie shoppers make more EOFY purchases online in the evening. 29% of consumers make purchases online between 7-10 pm, while 18% shop between 2-5 pm. (StarTrack)

Afterpay will be more popular than ever this EOFY. 2.2 million Aussies have made a transaction using Afterpay as of July 2018. 65% of Mozo survey respondents said the ability to make smaller payments influenced them to make purchases they wouldn’t normally make. (Mozo)

When do the EOFY sales start?

Traditionally, EOFY sales begin on June 1 and end on June 30, although many retailers don’t have month-long sales. Some brands just run their sale for a week, while others may only do a 3-day sale (typically over a weekend), or even a 24 or 48-hour flash sale to drive more urgency.

Whatever timing you decide on, it’s important to get your offer details, budget and creative to us as soon as possible. Please don’t leave it until the last minute!

We need at least 48 hours notice for ad approvals

Lately, we’ve noticed an increase in the time it is taking Facebook to review and approve ads across our ad accounts. The last thing we want is to submit your ads the night before your sale begins and not have them approved right away. At the latest, we need to submit your ads to Facebook 48 hours before your sale starts.

Determine your offer

Think about your best sellers and what inventory you need to move. Promotions for a limited time can raise brand awareness and win customers by incentivizing them to try your products for the first time.

• Could you offer a % discount or free shipping?
• How about bundling your products together?
• Do you have any small ‘entry-level’ products or samples you could add to orders to promote a free gift with purchase deal?

Run exclusive VIP offers

Don’t neglect your existing customers during EOFY! This is an amazing opportunity to increase customer lifetime value and turn your existing customers into loyal, raving fans. We suggest not only creating an exclusive deal for existing customers but also giving them early access to all your EOFY deals through your EDMs. Make them feel special!

• Could you create an exclusive high-ticket offer to maximize your AOV? This could be some type of big bundle that includes all your products or bestsellers.
• How about tiered discounts based on the amount spent — the more someone spends the more they save?
• Could you create a special discount code just for your top 20 customers and personally email them all with a heartfelt thank you note?

Get creative with your content

It can be challenging to cut through all of the SALE content on Facebook and Instagram during EOFY, so you should get creative with your marketing. We recommend using bright and engaging colours. The more you can make it fun, entertaining and interactive, the more attention you’ll get!

• Have you got a fun IG Stories or FB Live series planned and ready to go?
• Could you create some eye-catching GIFs to promote your products?
• How about using UGC (User Generated Content) to build social proof?

Jazz up your website and ensure it’s running smoothly

Now is the perfect time to do a site audit and get some engaging sale banners ready to go. Check your site speed and conversion rate, and boost your social proof by sending out an email asking your customers to leave a product review on your site.

• Could you improve the user experience on a mobile device?
• Do you need to update your returns or shipping page?
• When was the last time you refreshed your product listings description copy?

Get organized and start building momentum early

This one sounds like a no-brainer, but it’s amazing how many business owners we know put this off until the last minute and leave money on the table as a result. Create your bundles and deals now instead of waiting until the last minute. To maximize your sales, the key is to create a proactive strategy and get organized early.

• Do your abandoned cart or welcome emails need updating now?
• Could you line up some influencers to post about your offer/sale?
• Have you got a clear handle on your inventory levels and told your marketing team what products to focus on and what your ad spend budget is?

Provide stress-free customer support

You should prepare for an increase in customer service requests during EOFY sales. It’s critical to make sure you have several clearly identified ways for shoppers to reach your customer support team on your website.

• Could you create time-saving templates to use for FB message responses?
• Have you got an automatic email reply set up to let people know you’ve received their enquiry and when they can expect a reply?
• Do you have chat functionality on your website?

Track your success

If you haven’t already, now is the perfect time to wrap your head around Google Analytics and install heatmaps on your website. This will give you the chance to monitor site performance and gather insights so you’ll be even better prepared for your next sale (like Black Friday or Boxing Day!).

• Have you looked back at data from the previous year? Which of your products was the most popular? What were people searching for?
• Are you across your Instagram analytics and what time people are engaging with your posts?
• Could you deep dive into your email platform to see what subject lines convert the best?

Remember...

Advertising is more expensive during the sales season.

Brands spend a lot more during EOFY and into the second half of the year as they ramp up for Black Friday, Cyber Monday, Christmas, and Boxing Day. This means the cost of Facebook and Instagram advertising goes up for everyone between June - December. And with more and more businesses moving online with COVID, advertising space will become more competitive.

June - September is the best time to start building your email list

One of the biggest mistakes online business owners make going into Q3 is neglecting their email list. We recommend putting more effort into acquiring new subscribers this quarter so that by the time Black Friday rolls around you have a big list of engaged people all ready to buy from you. June is a great time to do a giveaway or a competition to grow your list.

Do you need extra support at this time of year?

The Expose team can help! Ask us about our organic social media packages, EDM services, or reach out for a site audit to get feedback on how you can improve your website in the lead-up to EOFY.
Struggling to get your creative organized? We have a full web design, web development, and graphic design team in-house.

Give us a call to find out more (1300 979 536) or reach out to your Account Manager!