How small businesses can set up for a successful Click Frenzy

With the explosion of eCommerce, the expectation for online sales is rising. According to Criteo data, sales can increase by more than 60 per cent during Click Frenzy ‘Mayhem’, so we can expect this to ramp up even further this year writes Colin Barnard, Commercial Director at Criteo, Australia & New Zealand.

Our research also shows that most Australians (77 per cent) say they’re likely to keep purchasing from the new online stores they discovered during the pandemic.

In the context of COVID-19, it is important for small businesses to have an established sales and promotional strategy in place to attract new customers and drive sales, including capitalising on traditional sales periods such as Click Frenzy, End of Financial Year sales and Black Friday.

Businesses that aren’t necessarily the cheapest but the most competitive are most likely to succeed in this climate. If you’re new to this space, here’s where you can start:

Kick your marketing campaigns into high gear

It’s never too early to get a head start on your marketing campaigns ahead of peak sales moments and periods. Start your promotions at least three to four weeks prior to the sales moment to attract as many early shoppers as possible. Don’t wait for 50% of the market to start (and potentially, finish!) their shopping purchases. Offer online early-bird promotions to create a sense of urgency and communicate your value proposition well ahead of time.

Make discount discovery easier

Capitalise on customers’ willingness to buy now and make it easy for them to do so. Optimise for discount discovery by offering a seamless eCommerce experience across multiple channels including website, email, applications, and social media. On top of this, embrace evolving technologies like artificial intelligence (AI), virtual and augmented reality and the Internet of things (loT) to deliver more interactive, immersive, and informative online shopping experiences.

Criteo data shows a third of marketers (33%) say they plan to invest in their omni-channel strategy this year. Businesses that offer an omni-channel customer experience involving three or more channels can see a 19 per cent engagement rate compared to single-channel marketing at only 5.4%.

Build your retail media business

Businesses must match customer expectations with appealing content that delivers the right deal at the right time. While we cannot predict the future, we can tap into now by using behavioural insights and product recommendations to understand each shopper’s individual habits and retarget them with personalised items most likely to convert.

If you’re a retailer, start viewing yourself as a data-driven media business. Retail media is the placement of brand-sponsored advertising within retailer eCommerce sites and apps – and Criteo’s research shows more than 4-in-10 marketers (43 per cent) plan to allocate more spend for advertising on retail websites and apps this year.

While dominant players like eBay and Amazon are paving the way, retailers of all sizes should start building their retail media businesses. Together with the right technology partner like Criteo, retailers can set up this new revenue stream and create enough scale to compete in the crowded advertising marketplace, especially during high web traffic periods like peak sales events.

Despite COVID-19 forcing many Aussies to tighten their belts, their appetite for sales and discounts remains strong. If small businesses want to remain competitive and boost conversions all year around, they must meet consumers halfway aand implement the right sales strategies sooner rather than later.

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