As ongoing lockdowns continue to impact buyer behaviours, retailers need to pivot their strategies and build an ecommerce presence that meets customer expectations.
So when it comes to surviving Australia’s ever-changing retail landscape, what can brands do to improve their chances of survival? Here are three ways to succeed against the odds.
1. Build convenience with delivery and payment options
Successful retailers know that adapting to Australia’s ecommerce driven retail landscape is all about meeting customers where they are and understanding how they shop. The investment into convenience for customers is a crucial part of building customer retention and offering a diverse range of delivery and payment options needs to be a key focus for retailers. Some areas of the focus for retailers should be investing in Click & Collect, free delivery, or same-day delivery options.
As for payment options, digital wallet usage looks to be growing exponentially in popularity for both online and in-person shopping. They’re no longer a nice-to-have option; they’re a must-have. In fact,
Australia is coming out on top when it comes to the adoption of payment options including BNPL solutions – 15.5% of Aussies have used BNPL five or more times in the last three months, compared to 10.1% globally. The demand for BNPL options along with faster checkout times should also be a priority when it comes to delivering a positive shopping experience online with customers.
2. Focus on customer retention strategies
Customer loyalty programs, subscriptions, referral marketing, personalisation, gamification and customer support are just some of the strategies that come to mind when we talk about customer retention and loyalty. As many Australians manage financial uncertainty, customers may expect low prices and big value. Price becomes a more important factor than the brand itself and customers will search for the best deal they can find.
To help attend to the needs of customers, access to data tools is crucial in giving retailers the ability to identify these insights and the opportunity to deliver customised online shopping experiences. Data tool solutions, like BigCommerce’s Big Open Data Solutions, allow merchants to bring together data across their business into a single source, helping them enhance decision-making and create value offerings for retaining customers.
3. Develop a social media presence as part of a holistic omnichannel strategy
Now more than ever, consumers are using social media platforms to discover new products and brands. When it comes down to it, the power of social commerce is the power of a network. It is crucial that retailers are meeting their consumers where they are to build customer relationships (new and existing). Retailers should evaluate what kind of presence they want on social media as consumers are increasingly focused on the convenience of their purchases. In-app features are also a critical part of conversion on social media platforms like Facebook,
Instagram, Snapchat and Pinterest. AR features and virtual try-on capabilities for products like watches, jewellery, eyewear, handbags, makeup, and even clothing are the kind of features that enhance the experience for consumers by giving them something that they traditionally would have only had in-store.
As ecommerce continues its upward trajectory, consumer trends and shopping habits are constantly evolving. These strategies are not only a fit for our current climate of fast pivots due to extenuating circumstances but also a way to future-proof for what’s to come for retailers in a post-pandemic world. While consumer spending trends may change, the key to success is to remain agile and adaptable.
Jordan Sim is director of product management at BigCommerce.