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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In today's fast-paced digital world, managing your finances effectively is more crucial than ever. For businesses leveraging digital technology, streamlined bookkeeping is not just a good practice—it's essential for sustained growth and success. Here are some top bookkeeping tips tailored for the digital age. Embrace Cloud-Based Accounting Software One of the most significant advancements in bookkeeping is the rise of cloud-based accounting software. Platforms like Xero, QuickBooks Online, and MYOB offer numerous benefits: ● Accessibility: Access your financial data anytime, anywhere, from any device with an internet connection. This is perfect for remote teams or business owners on the go. ● Real-time Updates: Get a live view of your financial health, allowing for quick and informed decision-making. ● Automation: Automate routine tasks such as invoicing, expense tracking, and bank reconciliations, saving you time and reducing errors. ● Integration: Seamlessly integrate with other digital tools you use, such as CRM systems, e-commerce platforms, and payment gateways. Digitise and Automate Expense Tracking Say goodbye to shoeboxes full of receipts. Digital tools make expense tracking effortless: ● Receipt Scanning Apps: Use apps like Receipt Bank or Expensify to capture receipt images on the go. These apps can extract key information and categorise expenses automatically. ● Direct Bank Feeds: Link your business bank accounts and credit cards to your accounting software to automatically import transactions. This reduces manual data entry and ensures accuracy. ● Categorise Consistently: Establish clear expense categories and apply them consistently to gain accurate insights into your spending patterns. Regular Bank Reconciliations Even with automation, regular bank reconciliations are vital. This process involves comparing your accounting records with your bank statements to ensure everything matches up. ● Catch Errors Early: Identify discrepancies or errors promptly, preventing them from escalating into larger issues. ● Prevent Fraud: Regular checks can help detect unauthorised transactions. ● Maintain Accuracy: Ensure your financial statements are accurate and reliable for tax purposes and financial reporting. Utilise Digital Invoicing and Payment Systems Streamline your accounts receivable with digital solutions: ● Electronic Invoicing: Send professional invoices directly from your accounting software via email. This is faster and more eco-friendly than traditional paper invoices. ● Online Payment Gateways: Offer clients various online payment options (e.g., credit card, PayPal, Stripe) to facilitate quicker payments and improve cash flow. ● Automated Reminders: Set up automated reminders for overdue invoices to reduce the time spent chasing payments. Implement Strong Cybersecurity Measures With all your financial data stored digitally, cybersecurity is paramount: ● Strong Passwords and Two-Factor Authentication (2FA): Protect your accounting software and other financial platforms with robust security measures. ● Regular Backups: Ensure your data is regularly backed up to prevent loss in case of a system failure or cyberattack. ● Educate Your Team: Train your employees on best practices for data security and how to recognise phishing attempts. Seek Professional Advice While digital tools empower you to handle much of your bookkeeping, there are times when professional guidance is invaluable. ● Tax Planning: A qualified accountant can help you navigate complex tax laws and optimise your tax strategy. ● Financial Analysis: Gain deeper insights into your financial performance and identify areas for improvement. ● Compliance: Ensure your business remains compliant with all relevant financial regulations. By integrating these bookkeeping tips into your digital technology framework, you'll not only save time and reduce stress but also gain a clearer, more accurate picture of your business's financial health, paving the way for sustained success. For more information or assistance, feel free to contact us at 360 Accountinsg Services via email at enquiries@360accountingservices.com.au
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
In today's fast-paced digital world, managing your finances effectively is more crucial than ever. For businesses leveraging digital technology, streamlined bookkeeping is not just a good practice—it's essential for sustained growth and success. Here are some top bookkeeping tips tailored for the digital age. Embrace Cloud-Based Accounting Software One of the most significant advancements in bookkeeping is the rise of cloud-based accounting software. Platforms like Xero, QuickBooks Online, and MYOB offer numerous benefits: ● Accessibility: Access your financial data anytime, anywhere, from any device with an internet connection. This is perfect for remote teams or business owners on the go. ● Real-time Updates: Get a live view of your financial health, allowing for quick and informed decision-making. ● Automation: Automate routine tasks such as invoicing, expense tracking, and bank reconciliations, saving you time and reducing errors. ● Integration: Seamlessly integrate with other digital tools you use, such as CRM systems, e-commerce platforms, and payment gateways. Digitise and Automate Expense Tracking Say goodbye to shoeboxes full of receipts. Digital tools make expense tracking effortless: ● Receipt Scanning Apps: Use apps like Receipt Bank or Expensify to capture receipt images on the go. These apps can extract key information and categorise expenses automatically. ● Direct Bank Feeds: Link your business bank accounts and credit cards to your accounting software to automatically import transactions. This reduces manual data entry and ensures accuracy. ● Categorise Consistently: Establish clear expense categories and apply them consistently to gain accurate insights into your spending patterns. Regular Bank Reconciliations Even with automation, regular bank reconciliations are vital. This process involves comparing your accounting records with your bank statements to ensure everything matches up. ● Catch Errors Early: Identify discrepancies or errors promptly, preventing them from escalating into larger issues. ● Prevent Fraud: Regular checks can help detect unauthorised transactions. ● Maintain Accuracy: Ensure your financial statements are accurate and reliable for tax purposes and financial reporting. Utilise Digital Invoicing and Payment Systems Streamline your accounts receivable with digital solutions: ● Electronic Invoicing: Send professional invoices directly from your accounting software via email. This is faster and more eco-friendly than traditional paper invoices. ● Online Payment Gateways: Offer clients various online payment options (e.g., credit card, PayPal, Stripe) to facilitate quicker payments and improve cash flow. ● Automated Reminders: Set up automated reminders for overdue invoices to reduce the time spent chasing payments. Implement Strong Cybersecurity Measures With all your financial data stored digitally, cybersecurity is paramount: ● Strong Passwords and Two-Factor Authentication (2FA): Protect your accounting software and other financial platforms with robust security measures. ● Regular Backups: Ensure your data is regularly backed up to prevent loss in case of a system failure or cyberattack. ● Educate Your Team: Train your employees on best practices for data security and how to recognise phishing attempts. Seek Professional Advice While digital tools empower you to handle much of your bookkeeping, there are times when professional guidance is invaluable. ● Tax Planning: A qualified accountant can help you navigate complex tax laws and optimise your tax strategy. ● Financial Analysis: Gain deeper insights into your financial performance and identify areas for improvement. ● Compliance: Ensure your business remains compliant with all relevant financial regulations. By integrating these bookkeeping tips into your digital technology framework, you'll not only save time and reduce stress but also gain a clearer, more accurate picture of your business's financial health, paving the way for sustained success. For more information or assistance, feel free to contact us at 360 Accountinsg Services via email at enquiries@360accountingservices.com.au
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
