Aussie brands prepare for a record-breaking shopping season
Brands need to lean into data insights more than ever as the nation’s peak shopping months approach
As Australia gears up for the year’s busiest shopping period, retailers are increasingly turning to machine learning to sharpen their sales strategies. In the lead-up to the pre-Christmas spending surge, savvy brands are focusing on transforming consumer intent into sales, a critical factor for both short-term wins and long-term profitability.
According to Dr Ian Tho, Partner at RSM Australia and a leading data analytics expert, brands need to lean into data insights more than ever as the nation’s peak shopping months approach.
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His work with top Australian brands across sectors such as retail, hospitality, and entertainment has revealed two key strategies for maximising this crucial period.
“The globalisation of the online marketplace, combined with international shopping events like Singles’ Day (November 11) and the USA’s Black Friday and Cyber Monday, has positioned November as Australia’s top shopping month in recent years,” Dr Tho explained.
This surge in online activity offers an unmissable opportunity for both e-commerce and physical stores to employ their most data-driven strategies.
By harnessing machine learning, businesses can better align product offerings with customer intent, reduce cart abandonment, and track high-volume transactions. This information can then be used to shape future pricing and stock decisions.
“Advancements in machine learning has meant that combining these insights with trends-based analysis and even metrics like weather patterns and traffic disruptions can happen much more quickly and provide much more accurate indications of in-store and online foot traffic and purchase cycles.” he said.
Data from the Australian Bureau of Statistics (ABS), further highlights the impact of this shopping period. In November 2023, household goods retailing recorded a 7.5 percent increase in sales, with factors such as cost-of-living pressures and a focus on home improvements driving consumer behaviour.
Dr Tho anticipates a similar trend in 2024, with discounts on high-ticket items like furniture, technology, and whitegoods likely to attract cost-conscious shoppers.
However, in today’s ultra-competitive market, offering a unique shopping experience is crucial. Consumers are becoming more diligent, often taking multiple steps, from price comparisons to store visits, before trying new brands, suggests Dr Tho.
“To win them over, businesses must stand out through product diversity, competitive pricing, or exceptional service.”
With many consumers beginning their Black Friday research as early as October, Dr Tho emphasised the importance of staying connected with customers throughout their purchasing journey.
“It’s important that brands stay top-of-mind as early as possible and throughout this process, so that when the shopping surge occurs and the decision is made, theirs is selected for the purchase,” he said.
For retailers large and small, the key to a successful holiday season lies in engaging customers through the complex buying process, leveraging AI to convert sales, and appealing to the emotional aspect of gift-giving. The upcoming weeks will determine who can make the most of Australia’s retail boom.
The new print edition of AccomNews is available now. Read it HERE
Mandy has over two decades of experience in accommodation and tourism industry writing, and she is also an accomplished editor and publisher. As co-Director of Multimedia Pty Ltd, a trusted B2B content provider for the accommodation and education sectors in Australia and New Zealand, she oversees high-quality print and digital content across notable publications, including AccomNews, Resort News, and School News, along with the property listing platform AccomProperties. Mandy’s contributions have been recognised with the Female Leader Award at the Best of Tourism 2023 and the ARAMA Life Member Award in 2024.