The Covid-19 pandemic has fundamentally changed the way we live, work and shop. In 2021, 81% of Australian households shopped online (up 12.3% from 2020), with over $62.bn spent on online goods (up 23.4% from 2019).
As restrictions eased towards the end of 2021 and into 2022, retail searches have steadily increased – even with the re-opening of physical shops. It’s clear that online retail is here to stay.
With 23 days (about 3 and a half weeks) till tax time, how can you take advantage of this growing online retail trend in the lead up to EOFY and beyond?
What is the EOFY opportunity?
The end of the financial year in Australia is a time where consumers and businesses alike make purchases with the intention of marking them as a tax write-off. For businesses this can include anything from office supplies, tools and equipment, furniture, computers and motor vehicles.
For consumers, claims can be made for any tools, equipment or assets needed to help earn their income. This can range from computers and office equipment to laptop bags, bookshelves, professional equipment etc. The EOFY period is also a time where local accountants and tax service providers see a boost in interest from consumers looking to use their service.
An astounding 73.1% more purchases were made online in 2021 compared to 2019, proving the strong change in shopper behaviors over the past two years. 93% of people in a recent survey said they’ll maintain or increase their online shopping in 2022, with 31% of Australian shoppers planning to buy more local products, creating opportunities for new and smaller competitors in the market.
How Your Business Can Benefit this EOFY and beyond
We can expect online shopping to continue to grow faster than physical retail, as the way consumers buy goods has changed fundamentally. It is more important than ever for companies to invest in their digital presence and capabilities, and to keep customers engaged in 2022 and beyond. In fact, a massive 88% of businesses with an eCommerce presence intend to improve their eCommerce capabilities over the next three months.
Digital should be a key marketing investment for your business in the months ahead, with a focus on building out your digital channels and enhancing the online shopping experience, to complement any in-store offerings. Shopping Ads can boost the visibility of your products in search results, helping you reach customers that are searching for what you’re selling, particularly in the lead up to EOFY. Value and price continue to remain strong motivators for EOFY purchases, so incorporating these keywords into your advertising will make it easy for potential customers to find and buy your products online.
Have you already run a paid search or an SEO campaign? Shopping Ads are yet another opportunity for your products to show up on valuable search results real estate, no matter what industry you’re in.
Not sure where to start? At ReachLocal, we’re here to help businesses not just survive, but thrive online. Our digital marketing experts can help you build a strong web presence and implement strategies and campaigns to find, attract, and convert more customers online. If you’re looking to make the most of the EOFY sales opportunity and beyond, contact us today.