The 2023 Inside Australian Online Shopping Report – provides insights into capturing more buyers.
The report’s finding supports many similar reports from across the western world. Key findings include
More Trust, Credibility and Authority – are now critical.
Buyers are searching for more trustworthy businesses, focusing on the sellers’ stability and positive relationships to build more loyalty.
- Sellers are establishing clear trust signals by providing precise signals to reassure them: positive reviews or testimonials, precise information on your About page, well-written authoritative and original content and contact information, to name just a few. Other signals include
Buyer Trust Signals include
- Public Relations and News publications – where a business gains news media exposure for up to a million views – it has a fast impact, builds and transfers brand equity – association with critical media outlets,
- Short-form video – delivers higher signals of trust if it includes real people – buyer, seller, events,
- Post Big Brand News and Publisher’s articles on your website or include them in your social media feeds. (ACCELERATES has alliances with over 2000 publishes including Entrepreneur Magazine, Elle and many more) – transferring some of these publisher brands’ equity into your business through association lifts trust and credibility.
If your website or landing pages have no reviews, customer quotes, testimonials, or publisher quotes – your business starts with low trustability.
Is your business keen to re-energise customers with loyalty strategies?
It can make a significant difference: the 2023 Inside Australian Online Shopping Report reveals that 80% of SMEs believe customers within their loyalty programs spend more than those who aren’t part of a program.
Green purpose attracts online buyers,
Buyers are willing to spend with businesses that meet and match their sustainability values.
- 40% of Australians plan to spend more on sustainable products over the next three years.
- Your buyers want to know what you’re doing to help the environment.
- Are there improvements you can make to the sustainability of the materials used in your products or services?
- Look for carbon-neutral delivery options.
- Be transparent with your buyers – share your sustainability story.
70% of Australians intend to be more mindful of how they spend their money in 2023 – due to the RBA interest rate rises.
The hunt for bargains continues to drive more buyers than ever before. Large scale Sales events, including
- Click Frenzy,
- Afterpay Day,
- Black Friday,
- Cyber Monday,
- Singles Day,
Lifts overall spending with highly engaged buyers – it’s a matter of getting your share.
Focus on Increasing your Average Order Value,
- 3% of visitors to your online store, on average, make a purchase;
- Generally, the higher your Average Order Value – the lower the conversion rate.
Steps to improve your businesses conversion rate include,
Improve first-party data capture,
Your email capture pop-ups when people visit your website – the average conversion rate (CVR) is 3.2%, according to Klaviyo. Better performers range from 7-11% conversion rate. To improve the conversions, test and experiment with the following elements,
- improved images,
- improving copy,
- trial if a per cent saving is better or not compared to the dollar savings,
- Trial if a gift-with-purchase strategy will work better,
Offer Free – State of The Business (Buyer) Report,
Interested potential buyers enter their name, email and postcode on the pop-up; in exchange for a free report.
Successful conversions depend on the right – visitor-offer fit – the better the fit, the better the conversions.
How would your buyer describe their new product or services to a friend?
It makes it easier to differentiate your offer and improve your conversions when you describe how your buyers feel when they unbox or try the product or service for the first time.
Describing how your buyers feel and what they say after experiencing the change in their life that the product or service gave them.
Regards
David
