Online crucial this EOFY
New research has revealed the importance of online stores in the customer journey during end of financial year (EOFY) sales.
According to a recent survey conducted by Monash University’s ACRS (Australian Consumer, Retail, and Services) research unit on behalf of marketing firm, Salmat, online stores (40 per cent) and internet searches (41 per cent) are the two primary ways shoppers research and plan their EOFY shopping, followed by in-store research (36 per cent), online catalogues (31 per cent) and letterbox catalogues (30 per cent).
This likely has to do with the fact that price is the most important factor when shopping during EOFY, as 86 per cent of survey respondents indicated. In comparison, 69 per cent said quality was important, followed by convenience (62 per cent), product availability (58 per cent) and promotions (50 per cent).
The arrival of international retailers Down Under has increased choice for consumers, but also created a need to conduct more research on products and prices before making a purchase decision.
“To capitalise on consumer preference, marketers and retailers need to ensure they are adopting strong, hybrid marketing strategies that work harmoniously across both in-store and online channels,” Salmat’s retail business consultant, Dan Salter, said.
“Doing so will ensure a smooth customer journey. For retailers and marketers, investment in the brand’s website and e-commerce channels, along with SEO and SEM to improve a brand’s visibility in online channels is becoming increasingly important as consumers are shopping around for the best deals.”
According to the study, 20 per cent of respondents plan to purchase something during the EOFY sales this year, and 22 per cent said they are likely to start shopping as soon as the sales are announced. Around one-third said they will purchase sometime in the month of June.
Home appliances and furniture/homewares are the most popular categories, with 37 per cent and 35 per cent of survey respondents, respectively, saying they plan to buy one of these items during EOFY.
Consumer electronics, personal care and health and bath, body and fragrances are the next most popular categories.