How to smash your EOFY sales targets!
Discover exclusive insights into how Aussies and Kiwis will shop and spend during this key sale moment.
It’s the end… the end of the financial year, that is. But the EOFY sales could be the start of something beautiful, as long as retailers can make the most of this key retail moment.
That’s why Afterpay has released a new report, aimed at helping merchants get to grips with what shoppers are thinking and how they will spend. You can view the full report here, or read the top takeaways below…
Don’t snooze on this retail moment
It may be nearly winter, but this is no time to hibernate. Seven in 10 Afterpay customers are aware of the EOFY sales and half have shopped the sales before. That means customers require little education about the EOFY sales and are poised to spend. One way to maximise high awareness rates is to re-target customers who shopped with you last year with an EDM or targeted social media advertising.
Make it a Millennial moment
Afterpay’s data shows that younger shoppers – in particular Millennials (born 1980 to 1994) – were most engaged with the 2022 EOFY sales. In fact, of the Afterpay customers who purchased during the sales last year, 43.8 per cent were Millennials, 26.3 per cent were Gen Z, 22.9 per cent were Gen X and seven per cent were Baby Boomers. When it comes to marketing, make sure you’re communicating your offers in ways (and channels) that resonate with Millennials.
Consider paid ads
Online search topped the list of places that shoppers search for deals, followed by retailers’ emails, retailers’ websites and Afterpay’s website and app. For retailers, this is a great opportunity to ensure your website is up to speed (and that deals are easy to find) and invest in paid search ads to ensure your products pop up in Google searches.
Make your offer enticing
Afterpay’s data shows that the most popular type of EOFY deal is a fixed discount, with 84 per cent of shoppers favouring this type of promotion, followed by Buy One, Get One Free (59%) and gift with purchase (57%). When creating your EOFY offers it also pays to think big: Afterpay’s survey found that a 35 per cent discount would convince shoppers to spend.
Fashion is first, but office supplies are on the up
Whether they’re shopping online or in-store, Aussies and Kiwis see the mid-year sales as the perfect excuse for a mid-season wardrobe update, with apparel and accessories the top category in the 2022 EOFY sales. This was followed by department stores, home and garden, and electronics. However, office and art supplies, and party products, are emerging as fast-growing online categories.
Your shortcut to success
Afterpay is here to help! We’ve prepared a toolkit of templates to ensure that your EOFY sales offers stand out online and on social media. You can also submit your EOFY offers via this link throughout June to be featured in Afterpay’s shop directory.
For more insights into how shoppers will be spending during the 2023 EOFY sales, view the full EOFY report here.
All references to any registered trademarks are the property of their respective owners. Afterpay does not endorse or recommend any one particular supplier and the information provided is for educational purposes only.
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