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EOFY Sales 2024: 5 Tips to Maximize Your Revenue

Published: 2 May 2024

EOFY Sales 2024: 5 Tips to Maximize Your Revenue

The end of the financial year, well-known as EOFY, is one of the biggest sales events in Australia that presents a chance for retailers to clear their stock and for shoppers to make a great deal. It’s a huge opportunity for entrepreneurs and marketers who want to boost their revenue and leave a lasting impact. To navigate this crucial period successfully, we’ve curated five indispensable tips to elevate your EOFY sales game and ensure a prosperous financial year-end. So, let’s dive in!

Key Takeaways 

  • EOFY isn’t just about a date on a calendar. It’s about creating unforgettable moments for customers from one side and giving a great chance for businesses to boost sales from another.  
  • The average Australian spent $3,631 during the 2023 EOFY sales. Over 55% of Aussies planned to allocate half or more of their EOFY budget towards items they wanted to purchase.  
  • With the commencement of the new Australian financial year on July 1st, businesses will aim to clear out any remaining stock from the previous financial year before this date. They can use some tips to prepare their EOFY promotions better to maximize revenue.   

Table of Contents:

  1. What Are EOFY Sales?
  2. Why Should Retailers Get Their Campaigns Set for EOFY Sales?
  3. EOFY Sales Statistics To Look At
  4. 5 Tips on How to Maximize Revenue During EOFY Sales
  5. Get the Most of Your EOFY 2024 Campaigns With VIDEN

What Are EOFY Sales?

The End of Financial Year signifies the culmination of the fiscal year in retail as businesses prepare to close their books on June 30th. It’s a time when retailers roll out enticing bargains to customers. Businesses across the country offer massive discounts and promotions on a wide range of products. EBay Australia, Amazon.com.au, and more of those who are going to take advantage of EOFY sales this year.

Why Should Retailers Get Their Campaigns Set for EOFY Sales?

The EOFY sales is one of the biggest sales events in Australia, only rivaled by Black Friday and Boxing Day. Consumers expect great deals and discounts on tech, shoes, clothing, beauty and other products.

The numbers can tell the whole story. Let’s take a look at the 2023 EOFY sales statistics to understand the importance of this period for Aussies. 

EOFY Sales Statistics To Look At

Research conducted by eBay in 2023 revealed that more than 45% of Australians surveyed eagerly anticipated EOFY sales events to purchase non-essential items. Additionally, over 55% of respondents allocated half or more of their end-of-financial-year budget towards items that genuinely bring them joy during this period.

About 7 million Australian adults planned to shop during the EOFY sales in 2023. Searches already began rising in May, with a 223% surge in sales-related queries, and in June, by 50%, regarding EOFY sales, showing EOFY has the highest interest in June.

Most individuals intending to participate in the EOFY sales opted for a combination of online and in-store shopping. A quarter exclusively chose online shopping, while just under a quarter preferred solely in-person shopping. About 39% of women and slightly over 34% of men intended to buy items during the EOFY sales period. Among different age groups, Gen Z stood out as the most inclined to shop during this time, with 57% making purchases, compared to 43% of Gen Y, 30% of Gen X, and merely 16% of baby boomers. 

The study uncovered the prevailing interests among Australians surveyed, showcasing their anticipation for the 2023 EOFY sales.

  • Enhancing living spaces and home offices was a priority for more than 35% of respondents, signaling a significant desire for transformation.
  • Meanwhile, over 30% of those surveyed expressed a keen interest in holidaying and travel, eager to invest in the excitement of exploration with essentials like eye masks, suitcases, and travel pillows.
  • Approximately 30% of respondents were dedicated to fostering physical and mental well-being, demonstrating a strong commitment to fitness and wellness.
  • In culinary endeavors, 25% of Australians surveyed demonstrated a penchant for baking and cooking, utilizing tools such as air fryers, cake toppers, and chocolate molds to enhance their culinary skills.
  • Moreover, more than 20% of participants prioritized beauty and self-care, showing a dedication to pampering themselves with an array of beauty products and self-care items.

Does it look impressive? Let’s discover 5 tips to help your business sell more and maximize revenue. 

5 Tips on How to Maximize Revenue During EOFY Sales

Shoppers will actively seek great deals, making EOFY an ideal opportunity to entice them with hot offers. Providing discounts and introducing promotions is an excellent strategy for increasing sales during this period. To enhance your discounts and promotions, our team highly recommends considering the following tips : 

1. Start With a Strategy

First of all, it’s all about the strategy. Define your audience, establish precise objectives, and conduct comprehensive research, pinpoint the digital platforms most effective in engaging your audience.

2. Revamp Your Website

Captivating website design serves as a magnet for potential customers. Start by analyzing your website traffic to pinpoint areas for improvement, and make sure to integrate eye-catching graphics to highlight ongoing promotions. If you haven’t already, consider establishing an eCommerce store to broaden your online presence. 

Think about the EOFY landing page. Crafting a specialized landing page for your EOFY promotions can significantly enhance your ability to spotlight your deals and discounts, particularly when paired with Google Ads. Employ visually captivating design and compelling language to highlight your offers and streamline customers’ purchasing process. 

3. Consider Paid Ads  

When it comes to hunting for deals, online searches reign supreme. For retailers, seizing this opportunity means investing in paid search ads to guarantee visibility in Google search results for your products.

Google Ads can elevate your business to center stage, shining a spotlight directly on those actively seeking the products or services you provide.

Crafting the perfect blend of targeted keywords and compelling ad copy to showcase your EOFY deals ensures your business shines amidst the competition. Plus, Google Ads provides invaluable real-time insights.

Need help setting up your EOFY campaigns?

4. Retarget Your Audience

Imagine a prospect exploring your website, intrigued by your EOFY promotions, only to become distracted. Enter retargeting, a systematic approach that ensures no opportunity is missed. It traces their online journey by leveraging AI and cookies, enabling you to deliver tailored advertisements reflecting their past engagement.

It’s not merely reflecting on their virtual visit to your website or landing; it’s reigniting their curiosity and steering them back to finalizing their purchase, thus converting window shoppers into real customers.

5. Use Email Marketing 

Forget about those bland, cookie-cutter emails. Your emails should ooze personality and flair. Begin with a subject line that grabs attention by the collar. From there, infuse your message with captivating content that effortlessly leads your reader to the irresistible ‘Shop Now’ button. Add visually arresting graphics and a dash of humor to keep things lively and compelling. Tailor your emails to speak directly to the recipient, making them feel valued and understood. By taking this approach, you’ll not only make your customers feel like VIPs but also boost the likelihood of them jumping on board with your EOFY deals.

Get the Most of Your EOFY 2024 Campaigns With VIDEN

Look at the impressive results Meta ads brought to one of our clients during 2023 EOFY sales.

EOFY Campaign

Our dedicated EOFY campaign on Meta Ads drove $170,000 in sales with a return on ad spend (ROAS) of nearly 760%.

We incorporated scarcity elements into our ads towards the end of June. This resulted in an additional $35.5K in sales with a ROAS of over 920%.

25% of EOFY searches occur during May, and the volume increases steadily, peaking just before June 30.

Contact VIDEN now to plan in advance your EOFY campaign.

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