Australia’s rising cost of living is driving shoppers to make a beeline for sales and other big seasonal promotions. Emerging consumer trends reveal that customers are eager to get more bang for their buck, often marking online sales events in their diaries and taking advantage of loyalty programs for extra savings and benefits. As consumers actively seek the best deals, marketers have an opportunity to create effective strategies and appeal to a captive audience.
We now live in a world of ‘retail everywhere’ as consumers shift from traditional platforms to social media, like TikTok and Instagram. So, how can you develop campaigns that speak to shoppers without breaking the bank?
The first step is investing in technology that improves the online shopping journey.
Next, brands can produce immersive and innovative experiences to boost consumer engagement. Finally, they can use technology to gather rich insights into shopping behaviour and personalise campaigns to target first-time consumers and deploy in-depth analytics to re-engage existing customers.
Five ways marketers can stretch their marketing budgets for FY25:
1. Ride the social media wave
Social media giants such as Instagram and TikTok are transforming shopping experiences with easy in-app purchases and leveraging influencer marketing to drive sales directly. Instead of sticking to traditional platforms, brands can extend their marketing budgets to the shopping cart beyond the website, reaching viewers where they are. Gen Y and Gen Z are increasingly making purchases through these platforms and it’s important not to miss out on the opportunity to capture this audience at the point of inspiration.
2. Go all in with personalisation
An Accenture study shows that 91 per cent of consumers are more likely to shop with brands that provide offers tailored to their specific interests. Marketers have the opportunity to refine their website and product descriptions using AI-driven product recommendations and voice search optimisation to cater to individual preferences and deliver a personalised experience. It’s as simple as creating targeted messaging and product offerings based on previous data or browsing history at a relatively low cost.
3. Optimise your marketing for mobile
According to Statista.com research, over two-thirds of digital video advertising spending worldwide is now delivered through a mobile device. Marketers need to focus on website functionality, including page load speeds and a smooth check-out process catering to the mobile user experience. Let’s not forget that video is easy to consume and can get a brand’s message across quickly, so leverage this to encourage customers to make quick purchases.
4. Embrace agile content commerce solutions
Bring the checkout to the customer. Content commerce solutions integrate various forms of content, such as videos, images and articles, with e-commerce to help you connect with consumers through high-attention channels. This allows brands to drive more conversions and deliver the measurability and return on investment (ROI) they need while budgets are tight. By utilising shoppable interactive videos, businesses enable shoppers to simply click on a product shown in the video, view details and instantly check out, all within a seamless process. This can keep their attention on the brand, with data showing that shoppable video can create a 10% increase in purchase intent and deliver 38% in unaided brand awareness uplift.
5. Focus on quality and quantity
Application programming interfaces (APIs) facilitate interaction between different software systems, allowing brands to have numerous storefronts similar to ad impressions. This significantly expands their “storefront reach.” Platforms that make content and ads directly shoppable across the open web bring the checkout process to the customer and enable transactions beyond a retailer’s website or marketplace. It’s akin to having multiple physical pop-up locations, increasing the odds customers see and buy from a brand.
By implementing these strategies, marketers can overcome budget barriers, increase conversions and reach a new customer base.
Nike’s House of Innovation, for example, allows customers to scan a product on a shelf or mannequin, download information about that product and instantly check out and pay for it, all using an intuitive mobile app. Such immersive experiences help brands cut through the noise and amplify their presence, and they push consumers to connect with them on a deeper level.
The key to success is designing creative campaigns that guide consumers through a seamless path to purchase that narrows the sales funnel.
By Nick Morgan, CEO and founder of Vudoo
This article was first published by Kochie’s Business Builders