As Australian businesses prepare for tax time and the End of Financial Year (EOFY), Aussie retailers are gearing up for one of the biggest retail periods of the year and consumers are readying themselves for sales bonanza.
The EOFY season provides retailers with an opportunity to finish the financial year with bang, whilst setting themselves up for a success in the new fiscal year. At Rakuten Marketing we’ve analysed the data to help retailers prepare for this busy period. Our retail data reveals that throughout the season there are three key periods providing brands with an opportunity to engage and influence consumers:
The key to acquiring new customers is through utilising data-driven strategies. Targeting consumers based on their likes and interests, products and keywords they search for and via contextual and behavioural modelling allows brands to identify and reach consumers who are likely to convert.
By identifying consumers who have left brands website without converting and retargeting them with personalised ads, brands can continue to engage consumers with relevant messaging. Dynamic Creative Optimisation (DCO) showcases products that are both high-value and tailored to the consumer, creating relavant ads that reflect brand identity and increase conversions.
A Rakuten Marketing study demonstrates that when a consumers develops brand loyalty (following 2-4 purchases), their customer value experiences a 1.9x increase. Further to this customer value is 7.2x higher in customers showing brand fidelity (9 purchases) and has a 9.7x increase between the twelfth (brand evangelism) and the first purchase (brand awareness).
By using data-driven strategies to acquire new customers early in the EOFY season, brands are able to continue to engage consumers and drive additional sales during one of Australia’s busiest retail periods. Further to this, EOFY presents the optimal opportunity for retailers to create brand loyalty with high value customers.