How To Dominate E-commerce Trends In 2021
January 28, 2021
Trends to watch in 2021!
Clarity has begun to emerge in the world of retail, in particular in the e-commerce space. In fact, over the last 12 months some trends have started to emerge on what is beginning to define this growing space in 2021.
When making plans for growth, marketing or sales plans for 2021 here are five interesting trends to utilise for e-commerce businesses:
1. Shoppertainment
As more people choose to shop online, more businesses have either started or ramped up online sales. Which means there is more competition for each online dollar. To combat this retailers are looking for more innovative ways to create an exciting shopping experience. This is where "shoppertainment" helps to pull new shoppers in. The concept of ‘shoppertainment’ is nothing new. Think Easter Bunnies or Santa’s at shopping centers or department stores for example.
However, in the past few years innovative brands are using entertainment to sell online. Many businesses have embraced ways to entertain shoppers through interactive live streaming events on YouTube or Facebook. For example, using a brand ambassador to do a show and tell with products while answering questions during a live streamed conversation.
2. Social Media Selling
Businesses have been able to sell products on Facebook and Instagram for years. There are many options such as customer-to-customer Facebook Marketplace and online stores attached to Facebook Pages and Instagram Business accounts.
Recently Facebook has changed its e-commerce infrastructure into an online shopping experience that is more streamlined and purpose-built for online retailers. These new features are a game changer for retail and ecommerce sites, allowing brands to build their own self-contained Facebook Shop
and Instagram Shop.
While these features are still rolling out globally, in Australia it is available on Facebook and Instagram. Facebook and Instagram Shop is a free digital storefront recommended for businesses selling products online. It is simple to set up and it includes both the ability to convert from any old Facebook Store pages and the ability to integrate with existing ecommerce platforms like Shopify, BigCommerce and more.
The true power of these in-app stores is that a customer does not need to leave Facebook or Instagram to make a purchase. This is important because giving a shopper less steps to complete a purchase increases the likelihood of a sale as well as a higher purchase amount.
3. Conscious Consumerism
No doubt that the effects of COVID-19 have changed not only the way we work and shop, but it has also changed the way we see the world. With the pandemic highlighting systemic inequalities around the world more and more consumers want to use their dollars to start solving those problems.
This means that retailers need to think beyond merely selling a product in this new landscape. The trend of purposeful consumerism has become a leading factor when people decide to shop with a brand, and it is expected to expand over the next decade. According to Dr Abas Mirzaei from Macquarie University, there are two key ingredients
to developing a brand purpose in 2021: authenticity and inclusivity.
Creating a larger purpose for a brand is not as simple as nominating a charity to partner with or using sustainable packaging. It is about being part of larger worldwide movements. This is where focusing on authenticity is important. What makes sense for your brand to authentically support and how can you best achieve that?
Kristy Chong, the Founder and CEO of feminine hygiene underwear Modibodi, works to promote healthy body images with its customers, an open discussion about hygiene and women’s health, and provides a transparent view on sustainability.
Chong explains how their purpose works for her business, “When I started Modibodi I knew how important it was to have a social impact side to the business, therefore, a percentage of our profits go to women in need who often can’t afford feminine hygiene products – we want to celebrate our success as a business but ensure we’re a business with real heart that gives back – it’s not just about having a feel-good marketing campaign.”
Inclusivity is also important; this means looking at ways to include disadvantaged and diverse ranges of people into the purpose or into the business itself.
Defining a purpose is a big project and understanding the positive impact it can have on the world and a business is huge. Take time to develop and refine this message over time.
4. Personalisation is King
Even though people are shopping more online doesn’t mean they don’t want the human touch. Customers are craving personal relationships with the businesses they support. Luckily there are lots of opportunities to achieve this from data powered platforms to good old fashioned thank you notes included in their packages.
One way data can help create personal experiences for shoppers is through artificial intelligence. At one time cost would have been prohibitive for a service like this, but in 2021 times are changing. Now there are many e-commerce personalisation software platforms to help cater to specific customers.
This can take the form of anything from personalised emails, coupons, or product recommendations. The goal is to increase sales by enticing customers with a personalised experience so they will buy more in a single transaction and become a returning customer. This is where the artificial intelligence comes in. It takes a customer's browsing and purchase history and curates personalised recommendations from them. Most platforms are also able to measure the success of the recommendations and can refine them in the future.
While there are many options on the market both Attract
and Bloomreach
are both great places to start. Be sure to do plenty of research and find the best options for your business and budgets.
5. Engage With Customers
Buying online means getting feedback or insights into what your customers want has never been easier. Sending follow up emails for feedback, reviews or surveys should become part of your service workflow.
Google reviews are very important to getting and attracting new business through their search engine. Be sure to send follow up emails with links to your review site. For some businesses it may work better to send links to Facebook or Product Hunt to encourage people to leave reviews.
Do not overlook the importance of surveys. Customers are usually happy to provide feedback as long as it is short and simple. This feedback can help you refine your service as you grow and learn how to attract more of your ideal customers.
Many customer management systems offer email templates and surveys as part of the platform. Be sure to check this out before signing up for a new service. Getting good feedback and suggestions from your customer base makes future purchasing decisions easier and faster so get started as soon as possible.
Any Questions?
The trends of 2021 are here and most Australian e-commerce businesses are in a great position to take advantage of them. Of course, if you have any questions or would like to schedule a review of your processes please get in touch. We are always happy to help.
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As a small business owner, managing your finances can be a complex task. While effective bookkeeping is essential for day-to-day operations, there are specific situations where seeking professional financial advice can provide significant benefits and help ensure your long-term success. Key Indicators It's Time to Consult an Advisor It's important to recognise when your financial situation warrants more than just accurate record-keeping. Here are some common scenarios that suggest it's time to reach out to a professional financial advisor: ● Significant Business Growth: When your business experiences rapid growth, your financial structure often needs to evolve to keep up. An advisor can help you navigate increased revenue, new investments, and scaling operations. ● Complex Tax Situations: If your business has diversified income streams, international operations, or other complex tax implications, a financial advisor specializing in tax planning can help you optimize your tax strategy and ensure compliance. ● Major Business Decisions: Contemplating a significant investment, expansion, acquisition, or sale of your business? These decisions have profound financial implications, and professional advice can help you assess risks and opportunities. ● Cash Flow Challenges: While bookkeeping tracks cash flow, an advisor can help identify underlying issues causing consistent cash flow problems and develop strategies to improve liquidity. ● Personal and Business Financial Blending: Small business owners often find their personal and business finances intertwined. An advisor can help separate these and create clear strategies for both. ● Retirement or Succession Planning: Planning for your eventual exit from the business, whether through retirement or selling, requires strategic financial foresight. An advisor can help create a robust succession plan. ● Unexpected Financial Changes: Market downturns, sudden operational changes, or unforeseen expenses can create financial uncertainty. A professional can help you navigate these challenges and adapt your financial strategy. ● Lack of Financial Knowledge: If you find yourself consistently unsure about financial terminology, investment strategies, or long-term financial planning, it's a clear sign that professional guidance would be beneficial. What a Financial Advisor Can Offer A financial advisor offers a range of services that go beyond the scope of traditional bookkeeping: ● Strategic Planning: Developing long-term financial goals and creating a roadmap to achieve them. ● Investment Guidance: Advising on suitable investment opportunities for your business's growth and stability. ● Risk Management: Identifying and mitigating financial risks that could impact your business. ● Tax Optimisation: Crafting strategies to minimize tax liabilities legally and effectively. ● Succession Planning: Preparing for the smooth transition of business ownership. ● Budgeting and Forecasting: Assisting with more advanced financial projections and budget development. Next Steps If you identify with any of the scenarios above, don't hesitate to seek professional financial advice. A consultation with a qualified advisor can provide clarity, peace of mind, and a stronger financial foundation for your business. For a personalised consultation, contact us at enquiries@360accountingservices.com.au
Running a small business in Australia is a journey filled with passion, hard work, and countless decisions. Amidst the daily operations, it’s easy to overlook one of the most critical aspects of long-term success: regular financial reviews. These aren't just about crunching numbers; they're about understanding the health of your business, identifying opportunities, and mitigating risks. Why Regular Financial Reviews are Non-Negotiable 1. Informed Decision-Making Without a clear picture of your finances, every business decision becomes a gamble. Regular reviews provide you with the data needed to make informed choices, whether it's about investing in new equipment, expanding your team, or adjusting your pricing strategy. 2. Identifying Trends and Opportunities Financial data often tells a story. By regularly reviewing your income statements, balance sheets, and cash flow reports, you can spot trends in revenue, expenses, and profitability. This allows you to capitalise on growth opportunities and address potential issues before they escalate. 3. Cash Flow Management Cash flow is the lifeblood of any business. Regular reviews help you monitor your cash inflows and outflows, ensuring you have enough liquidity to cover your operating costs and seize opportunities. It can also highlight potential cash flow shortages, giving you time to implement solutions. 4. Budgeting and Forecasting A well-constructed budget is a roadmap for your financial future. Regular reviews allow you to compare your actual performance against your budget, identify deviations, and adjust your forecasts accordingly. This iterative process helps you stay on track and plan more effectively. 5. Tax Compliance and Optimisation Australia's tax landscape can be complex for small businesses. Regular financial reviews, often in conjunction with a qualified bookkeeper or accountant, ensure you're meeting your tax obligations and taking advantage of all available deductions and incentives. 6. Measuring Performance Against Goals Every business sets goals, whether they're related to revenue growth, profit margins, or cost reduction. Financial reviews provide the metrics you need to track your progress and assess how effectively you're achieving your objectives. 7. Early Problem Detection Catching financial problems early can save your business from significant challenges down the line. Whether it's declining sales, increasing expenses, or unexpected liabilities, regular reviews act as an early warning system. How Often Should You Review Your Finances? The frequency of your financial reviews will depend on the size and complexity of your business. However, a good general guideline for most Australian small businesses includes: ● Weekly/Fortnightly: Quick check of cash flow and key performance indicators. ● Monthly: Detailed review of profit and loss, balance sheet, and cash flow statements. ● Quarterly: Comprehensive review, including budget vs. actual analysis, and planning for the next quarter. ● Annually: Year-end review, tax planning, and strategic financial planning for the coming year. Getting Started with Your Financial Reviews If the idea of regular financial reviews feels daunting, consider these steps: Set aside dedicated time: Treat financial reviews as a critical business activity, not an afterthought. Utilise accounting software: Tools like Xero, MYOB, or QuickBooks Online can automate much of the data collection and reporting. Work with a professional: A qualified bookkeeper or accountant can provide invaluable expertise, helping you interpret your data and make sound financial decisions. Regular financial reviews are not a burden; they are an investment in the stability and growth of your Australian small business. By making them a consistent part of your business routine, you empower yourself with the knowledge and insights needed to navigate challenges and seize opportunities, ensuring a healthier financial future. For more information on how we can assist with your financial reviews and bookkeeping needs, please contact us at https://www.360accountingservices.com.au
Staying Organised: Financial Document Management Tips In today's fast-paced world, keeping your financial documents in order can seem like a daunting task. However, proper financial document management is crucial for everything from tax season to personal financial planning. This blog post will provide you with practical tips to help you stay organised and on top of your finances. Why is Financial Document Management Important? Effective financial document management offers several benefits: ● Easier Tax Preparation: Having all your documents readily available makes tax season less stressful and reduces the chances of errors. ● Improved Financial Planning: A clear overview of your financial records allows for better budgeting and future planning. ● Protection Against Fraud: Organised documents can help you quickly identify and report suspicious activity. ● Access to Important Information: Whether it's for a loan application or an insurance claim, quick access to your documents is invaluable. Essential Tips for Financial Document Management 1. Digitise Your Documents One of the most effective ways to manage your financial documents is to go paperless where possible. ● Scan and Save: Use a scanner or a scanning app on your smartphone to convert physical documents into digital files. Save them in a secure, cloud-based storage system like Google Drive or Dropbox. ● E-Statements: Opt for electronic statements from your bank, credit card companies, and utility providers. This reduces paper clutter and often provides immediate access to your statements. 2. Create a Consistent Filing System Whether you prefer physical or digital files, a consistent and logical filing system is key. ● Categories: Create clear categories for your documents, such as: ○ Bank Statements ○ Credit Card Statements ○ Loan Documents ○ Investment Records ○ Tax Documents ○ Insurance Policies ○ Utility Bills ● Sub-Categories: Within each category, consider sub-categories by year or type. ● Naming Convention (Digital): For digital files, use a consistent naming convention (e.g., "Bank_Statement_2025_October"). 3. Implement Regular Review and Purge Cycles Don't let documents pile up. Schedule regular times to review and purge unnecessary papers and files. ● Monthly Review: Dedicate an hour each month to sort through new documents, file them, and shred anything you no longer need. ● Annual Purge: Before the end of the year, do a comprehensive review of all your financial documents. Dispose of anything that has exceeded its retention period. 4. Secure Your Documents Protecting your financial information is paramount. ● Physical Documents: Store important physical documents (e.g., property deeds, birth certificates) in a fireproof safe or safety deposit box. ● Digital Documents: ○ Use strong, unique passwords for your online accounts and cloud storage. ○ Enable two-factor authentication (2FA) wherever possible. ○ Back up your digital files regularly to an external hard drive or another secure cloud service. 5. Know What to Keep and For How Long It's important to understand the retention periods for different types of financial documents. Document Type Tax Returns & Records Bank Statements Credit Card Statements Loan Documents Investment Statements Insurance Policies Utility Bills Property Deeds 6. Utilise Financial Management Software Consider using personal finance software or apps to help track expenses, manage budgets, and even link to your bank accounts for automated categorisation. This can significantly reduce the amount of manual organisation required. Conclusion Organising your financial documents doesn't have to be overwhelming. By implementing these tips – digitising, creating a consistent filing system, regular reviews, securing your information, and understanding retention periods – you can achieve a more streamlined and less stressful approach to financial management. Start today, and give yourself the peace of mind that comes with being financially organised. For more financial tips and advice, subscribe to our newsletter and follow us on social media!
As a small business owner, managing your finances can be a complex task. While effective bookkeeping is essential for day-to-day operations, there are specific situations where seeking professional financial advice can provide significant benefits and help ensure your long-term success. Key Indicators It's Time to Consult an Advisor It's important to recognise when your financial situation warrants more than just accurate record-keeping. Here are some common scenarios that suggest it's time to reach out to a professional financial advisor: ● Significant Business Growth: When your business experiences rapid growth, your financial structure often needs to evolve to keep up. An advisor can help you navigate increased revenue, new investments, and scaling operations. ● Complex Tax Situations: If your business has diversified income streams, international operations, or other complex tax implications, a financial advisor specializing in tax planning can help you optimize your tax strategy and ensure compliance. ● Major Business Decisions: Contemplating a significant investment, expansion, acquisition, or sale of your business? These decisions have profound financial implications, and professional advice can help you assess risks and opportunities. ● Cash Flow Challenges: While bookkeeping tracks cash flow, an advisor can help identify underlying issues causing consistent cash flow problems and develop strategies to improve liquidity. ● Personal and Business Financial Blending: Small business owners often find their personal and business finances intertwined. An advisor can help separate these and create clear strategies for both. ● Retirement or Succession Planning: Planning for your eventual exit from the business, whether through retirement or selling, requires strategic financial foresight. An advisor can help create a robust succession plan. ● Unexpected Financial Changes: Market downturns, sudden operational changes, or unforeseen expenses can create financial uncertainty. A professional can help you navigate these challenges and adapt your financial strategy. ● Lack of Financial Knowledge: If you find yourself consistently unsure about financial terminology, investment strategies, or long-term financial planning, it's a clear sign that professional guidance would be beneficial. What a Financial Advisor Can Offer A financial advisor offers a range of services that go beyond the scope of traditional bookkeeping: ● Strategic Planning: Developing long-term financial goals and creating a roadmap to achieve them. ● Investment Guidance: Advising on suitable investment opportunities for your business's growth and stability. ● Risk Management: Identifying and mitigating financial risks that could impact your business. ● Tax Optimisation: Crafting strategies to minimize tax liabilities legally and effectively. ● Succession Planning: Preparing for the smooth transition of business ownership. ● Budgeting and Forecasting: Assisting with more advanced financial projections and budget development. Next Steps If you identify with any of the scenarios above, don't hesitate to seek professional financial advice. A consultation with a qualified advisor can provide clarity, peace of mind, and a stronger financial foundation for your business. For a personalised consultation, contact us at enquiries@360accountingservices.com.au
Running a small business in Australia is a journey filled with passion, hard work, and countless decisions. Amidst the daily operations, it’s easy to overlook one of the most critical aspects of long-term success: regular financial reviews. These aren't just about crunching numbers; they're about understanding the health of your business, identifying opportunities, and mitigating risks. Why Regular Financial Reviews are Non-Negotiable 1. Informed Decision-Making Without a clear picture of your finances, every business decision becomes a gamble. Regular reviews provide you with the data needed to make informed choices, whether it's about investing in new equipment, expanding your team, or adjusting your pricing strategy. 2. Identifying Trends and Opportunities Financial data often tells a story. By regularly reviewing your income statements, balance sheets, and cash flow reports, you can spot trends in revenue, expenses, and profitability. This allows you to capitalise on growth opportunities and address potential issues before they escalate. 3. Cash Flow Management Cash flow is the lifeblood of any business. Regular reviews help you monitor your cash inflows and outflows, ensuring you have enough liquidity to cover your operating costs and seize opportunities. It can also highlight potential cash flow shortages, giving you time to implement solutions. 4. Budgeting and Forecasting A well-constructed budget is a roadmap for your financial future. Regular reviews allow you to compare your actual performance against your budget, identify deviations, and adjust your forecasts accordingly. This iterative process helps you stay on track and plan more effectively. 5. Tax Compliance and Optimisation Australia's tax landscape can be complex for small businesses. Regular financial reviews, often in conjunction with a qualified bookkeeper or accountant, ensure you're meeting your tax obligations and taking advantage of all available deductions and incentives. 6. Measuring Performance Against Goals Every business sets goals, whether they're related to revenue growth, profit margins, or cost reduction. Financial reviews provide the metrics you need to track your progress and assess how effectively you're achieving your objectives. 7. Early Problem Detection Catching financial problems early can save your business from significant challenges down the line. Whether it's declining sales, increasing expenses, or unexpected liabilities, regular reviews act as an early warning system. How Often Should You Review Your Finances? The frequency of your financial reviews will depend on the size and complexity of your business. However, a good general guideline for most Australian small businesses includes: ● Weekly/Fortnightly: Quick check of cash flow and key performance indicators. ● Monthly: Detailed review of profit and loss, balance sheet, and cash flow statements. ● Quarterly: Comprehensive review, including budget vs. actual analysis, and planning for the next quarter. ● Annually: Year-end review, tax planning, and strategic financial planning for the coming year. Getting Started with Your Financial Reviews If the idea of regular financial reviews feels daunting, consider these steps: Set aside dedicated time: Treat financial reviews as a critical business activity, not an afterthought. Utilise accounting software: Tools like Xero, MYOB, or QuickBooks Online can automate much of the data collection and reporting. Work with a professional: A qualified bookkeeper or accountant can provide invaluable expertise, helping you interpret your data and make sound financial decisions. Regular financial reviews are not a burden; they are an investment in the stability and growth of your Australian small business. By making them a consistent part of your business routine, you empower yourself with the knowledge and insights needed to navigate challenges and seize opportunities, ensuring a healthier financial future. For more information on how we can assist with your financial reviews and bookkeeping needs, please contact us at https://www.360accountingservices.com.au
Staying Organised: Financial Document Management Tips In today's fast-paced world, keeping your financial documents in order can seem like a daunting task. However, proper financial document management is crucial for everything from tax season to personal financial planning. This blog post will provide you with practical tips to help you stay organised and on top of your finances. Why is Financial Document Management Important? Effective financial document management offers several benefits: ● Easier Tax Preparation: Having all your documents readily available makes tax season less stressful and reduces the chances of errors. ● Improved Financial Planning: A clear overview of your financial records allows for better budgeting and future planning. ● Protection Against Fraud: Organised documents can help you quickly identify and report suspicious activity. ● Access to Important Information: Whether it's for a loan application or an insurance claim, quick access to your documents is invaluable. Essential Tips for Financial Document Management 1. Digitise Your Documents One of the most effective ways to manage your financial documents is to go paperless where possible. ● Scan and Save: Use a scanner or a scanning app on your smartphone to convert physical documents into digital files. Save them in a secure, cloud-based storage system like Google Drive or Dropbox. ● E-Statements: Opt for electronic statements from your bank, credit card companies, and utility providers. This reduces paper clutter and often provides immediate access to your statements. 2. Create a Consistent Filing System Whether you prefer physical or digital files, a consistent and logical filing system is key. ● Categories: Create clear categories for your documents, such as: ○ Bank Statements ○ Credit Card Statements ○ Loan Documents ○ Investment Records ○ Tax Documents ○ Insurance Policies ○ Utility Bills ● Sub-Categories: Within each category, consider sub-categories by year or type. ● Naming Convention (Digital): For digital files, use a consistent naming convention (e.g., "Bank_Statement_2025_October"). 3. Implement Regular Review and Purge Cycles Don't let documents pile up. Schedule regular times to review and purge unnecessary papers and files. ● Monthly Review: Dedicate an hour each month to sort through new documents, file them, and shred anything you no longer need. ● Annual Purge: Before the end of the year, do a comprehensive review of all your financial documents. Dispose of anything that has exceeded its retention period. 4. Secure Your Documents Protecting your financial information is paramount. ● Physical Documents: Store important physical documents (e.g., property deeds, birth certificates) in a fireproof safe or safety deposit box. ● Digital Documents: ○ Use strong, unique passwords for your online accounts and cloud storage. ○ Enable two-factor authentication (2FA) wherever possible. ○ Back up your digital files regularly to an external hard drive or another secure cloud service. 5. Know What to Keep and For How Long It's important to understand the retention periods for different types of financial documents. Document Type Tax Returns & Records Bank Statements Credit Card Statements Loan Documents Investment Statements Insurance Policies Utility Bills Property Deeds 6. Utilise Financial Management Software Consider using personal finance software or apps to help track expenses, manage budgets, and even link to your bank accounts for automated categorisation. This can significantly reduce the amount of manual organisation required. Conclusion Organising your financial documents doesn't have to be overwhelming. By implementing these tips – digitising, creating a consistent filing system, regular reviews, securing your information, and understanding retention periods – you can achieve a more streamlined and less stressful approach to financial management. Start today, and give yourself the peace of mind that comes with being financially organised. For more financial tips and advice, subscribe to our newsletter and follow us on social media!
