Online sale events are taking Australia by storm

It’s a perfect storm that’s worsening business confidence: the pandemic, a significant rise in labour costs, and decreased demand for goods and services.

Image source: Australian Bureau of Statistics 

However, Australia's businesses are embracing new strategies to strengthen their bottom line to stay afloat during these tough times.

Increasingly, that means looking to the long term. Allocating funds towards R&D to power innovation, focusing on efficiency, outsourcing tasks or departments that aren't core to their purpose, and finding ways to reduce costs in the meantime.

While restructuring or downsizing their workforces is attractive, some are choosing instead to retrain employees into new roles to drive efficiency. Others have embraced work-from-home options, enabling their employees greater flexibility.

What are companies doing to sustain long term?

Nearly every major company in Australia survived the global pandemic crisis, but it’s a rising tide that does not lift all boats. The rising cost of living has hurt consumers who are buying fewer goods and services from businesses. In response, many Australian companies are seeking new strategies to improve their bottom line.

Businesses that have weathered the tough economic climate and tightened budgets and emerged strong and profitable often do so by re-evaluating their business model and making some significant changes.

Many small businesses are turning to the internet in order to generate more revenue. By using online platforms, companies can communicate directly with their consumers and provide them with a better shopping experience. In addition, there is less overhead because an online store does not require as many employees as a brick-and-mortar store does. Moreover, 88% of consumers are demanding for companies to make a difference. Thus, leading companies to practice sustainability in order to reduce the impact on the environment.

These companies can sell their goods and services at a cheaper price because they do not need to maintain physical stores or pay for employees' salaries. Shifting how you engage with your customers can be daunting, however this can be kickstarted by using a custom promotional campaign or giving incentives to participants. 

Meanwhile, digital-native companies are partaking in online sales such as the Black Friday, Cyber Monday, and Click Frenzy. Black Friday started in the US for Thanksgiving, however, in Australia it serves as a form of “last-minute Christmas shopping.” Forecasters expect consumers will spend over $5.4billion this year alone. With the economy opening up again, Australian companies have been jumping the gun and starting the event even earlier.

Making a comeback

The economy has definitely been difficult for Australian businesses, but these changes have helped many companies to not only survive the pandemic but emerge stronger and better than ever. The effects of the pandemic on Australian businesses and how they have reacted to this challenging time has enabled companies to develop proper strategies to provide more profitable and sustainable services.

Along with research and development, companies should also create promotional campaigns to attract more consumers especially during this season where consumers are out seeking for gifts. If you have an extra allowance, it may also be a good opportunity to reward your customers to encourage loyalty and engagement. iGo provides a 360 degree capability for you to promote your business and provide incentives to your customers and partners. Find out how iGo has successfully created many similar opportunities to over 3,000 businesses today.