How are consumers spending their money now?
Consumer spending has been evolving since the onset of the pandemic, with a growing reliance on digital and online shopping due to extended lockdowns and restrictions. Research indicates that Australia has recorded the largest week of online shopping in August 2021.
Online shopping purchase volume increased by 48.2% year-on-year in NSW during the eight weeks leading up to 21st August this year. This, in addition to the 14.5% week-on-week growth of online shopping purchase volume in Victoria during the week up to 21 August, resulted in the largest week^ in 2021 e-commerce to date.
Consumer Spending and Impact on Brands
With customers now spending more money online than ever before, this has significant implications on brands. While there is still a preference for in-store shopping, the digital shift is also here to stay. Brands need to accommodate consumer preferences with a flexibility strategy focused on enhanced shoppers experience, building an emotional connection, and effective, consistent communications.
Converting Shoppers into Buyers with Customer Experience
To create the shopping experience that keeps your shoppers returning, ensure that your Brand conveys a consistent and genuine message, whether online or in-store. Customer expectations are higher than ever, and the online surge has had lasting impacts in which Brands need to demonstrate flexibility to meet.
For example, the growth of “Click & Collect” service suggests a strong expectation for convenience. In fact, 31%^ of online shoppers said they would likely abandon the transaction if this service were not being offered. Brands can also use this to their advantage, allowing them an opportunity to engage and emotionally connect with customers during the physical collection process at the physical retail store.
Another way to drive conversions is by optimising the shelf and product layout, whether in-store or online. The aim of ‘internal categorisation’ is to organise the layout of related products into categories to reduce complexity while promoting choice satisfaction. This enhances a customer’s overall shopping experience due to a perceived increase in variety. Keeping customers returning is now more important than ever.
Record Spending to Come – Is Your Brand Ready?
There will likely be a significant pent-up consumer demand over the summer holiday season and restrictions easing. Your Brand needs to be ready when this pent-up spending is unleashed in the retail and services sector. Engage and connect with your customers to create better experiences with a solid brand to tap into the record spending season now – and we’re here to help!
Here at Brand for Brands, we know a thing or two when it comes to branding and communications.
Successful Branding that Drives Sales
We offer a combination of branding services that can be tailored to suit your brand and stage of business growth. You can choose to work with us on a one-off project to kick start your Brand, an ongoing campaign, or we can provide consultation for creative and strategic direction for your brand.
How is your Brand positioned right now? Have you got your Branding fundamentals right in place? A Brand with effective communications will improve your marketing tenfold.
Don’t miss the opportunity for your Brand to cash in on the expected record consumer spending! Let us show you how and call us to start your brand experience with us today.