05th May

A lost day for mothers or a new opportunity for businesses?

An honorable day for all mothers worldwide. A day for children everywhere, irrespective of the age to show their love and appreciation for what their mother has done for them from birth until that exact moment. A reason for children who have moved away to return home and make a fuss over the women who brought them into the world.

Building up to it, one generally has the same recurring idea in mind on what to do on the big day. It would normally consist of a concoction of the following:

  • Buying Flowers
  • Taking your mum out for a nice lunch
  • A handwritten card with a nice message on it (Never forget the card)
  • Taking responsibility in shutting dad down with all his complaining at least for that day.
  • Optional: An extra physical gift- like the classic, cliched vase.

Mother’s day proves to be one of the two busiest days for restaurants, hence why they are always fully booked on the day and God help you if you wouldn’t have booked your mum’s favourite restaurant at least 3 weeks in advance (I’ve been there and it’s not nice).

However this year is different. For a lot of people worldwide, children will not get to share their longed-for physical presence with the women who brought them into this world due to the situation we are faced with.

This year, we are not able to spoil our mothers with eat-outs at restaurants, or travel plans. We as children have been put to the test and it is our responsibility to make our mothers feel that extra bit special on their holiday.

On a positive note, data insights brought to us by our sister company,  Onestdata, who surveyed just about 700 people from different walks of life, show the eagerness to fulfill this responsibility even more so this year, due to social distancing.

60% OF MALTESE CONSUMERS AGREE THAT MOTHER’S DAY IS MORE IMPORTANT THIS YEAR, IN COMPARISON TO PREVIOUS YEARS.

Do you agree that given the current COVID-19 situation Mother’s Day is even more important this year than the previous?

Should mothers day be looked over this year given the circumstances?

The situation is as it is and no one can have any control over it. The best way would be to hop on the speed wagon and get involved in the latest trends being shoved down everyone’s throats.

Data insights also show that physical gift buying will grow by 8% this year and this may be perceived as a compensation for the lack of physical time spent with your loving mother.

60% OF MALTESE CONSUMERS AGREE THAT MOTHER’S DAY IS MORE IMPORTANT THIS YEAR, IN COMPARISON TO PREVIOUS YEARS.

At the same time, a very relevant factor we must keep in mind is the uncertainty of the future that this virus brings with it. Many people have now felt a reduction in their monthly income as redundancies shot up and if not made redundant, then a form of a salary cut could also be experienced. If it is the latter, then there is the uncertainty of how long this would actually last for.

THE VAST MAJORITY OF PEOPLE WILL SPEND €21-50 ON THEIR GIFT THIS YEAR

How much will you spend on Mother’s Day?

In comparison to last year, we can see that more people will purchase, but simultaneously they may spend less. This means that low-budget purchases are indeed favoured whilst luxury items are put on the back-burner.

What does this mean for the local business ?

I believe that to some extent, we can all find the time to agree that Malta is backwards in forward-thinking and as a community, it does take us a long time to accept certain sporadic changes which can affect the strategy of how we do business. The circumstance we currently find ourselves in is more of a life-death situation, commercially speaking and if you do not succumb to the fast nature of change, it is very possible for your business to fail or else lose a large amount of market share within the industry you operate in.

60% OF MALTESE CONSUMERS
WILL BUY THEIR MOTHER’S DAY GIFTS ONLINE

Where will you purchase this year Mother’s Day present from?

Rather than being seen as a disadvantage, this shifting trend brought about by the virus could be the catalyst for new business opportunities to present themselves.  Another very interesting factor worth taking note of is that COVID-19’s implications has also led to a 74% increase in people finding it hard to trust websites and online information. This consumer shift may have led to the surge in preference for online purchases to LOCAL consumers due to familiarity with 78% of people saying they will purchase locally.

But enough with the statistics. I’m sure the point has come across.

The question is clearly not a matter of whether you should hop on the e-commerce boat, but rather HOW FAST CAN YOU DO SO. The statistics are all there. One might wonder why it is that companies deem going digital to be so dangerous or simply put: Just not worth it?

Here are a few challenges you will definitely face by shifting your retail to online:

1) Partnering up with the right companies and technology

A very common challenge that retailers face is that of growth. Either their technology is limiting them or else their partners are just not adding any value. Online retailers must carefully choose who and what to work with.

2) Fishing for the right customer

Times have changed. Not only have companies evolved, but more importantly it is imperative to understand that the customer has evolved even faster. Customers are well equipped and well informed with the smartphone as importantly equivalent to a samurai’s sword.

It is a must for you to analyse what your audience is, where it is and how to attract them without breaking the bank.

3) Generating targeted traffic

Digital marketing channels are evolving.  Retailers can no longer rely on one type of channel to drive traffic to their online store.

They must effectively leverage SEO, PPC, email, social, display ads, retargeting, mobile, shopping engines and affiliates to help drive qualified traffic to their online store.  They must be visible where their audience is paying attention.

4) Capturing quality leads

Making sure that the targeted traffic you’ve generated doesn’t simply check out your e-store and then exits without buying anything. Window shopping is obviously inevitable and it is extremely healthy for it to be existent. Conversion rates up to 3% are not near close to success. This will only be successful if you manage to communicate your product well enough.

5) Retaining customers

Retaining current customers goes hand-in-hand with frugalness. It is so much more expensive than investing to attract new ones. Tactics are fundamental to enhance customer lifetime-value.

6) Hiring the right people to get s**t done

You can have the product, the perfect mindset, the perfect structure, the perfect technology, the perfect business plan – you name it. But at the end of the day, an engine does not run with no oil.

What cannot slip your mind is that nowadays we operate in a glassdoor medium. No longer are only employers looking for the perfect fit for their company – but possible employees are looking for the perfect corporate culture which suits their wants and needs.

Conclusion

The nature of a business is constantly changing. Speaking generally, the term “ceteris paribus” couldn’t be more irrelevant in this day and age as nothing is ever equal or the same.

Nowadays due to the globalisation of everything which has given so much access to marketeers who present themselves as global competitors, it is a NECESSITY with a capital “N” to constantly shift with the trends that present themselves.

Mother’s day which is to be celebrated during a pandemic where no one can leave the house is just the perfect example to exhibit the importance of keeping up with trends.

Going digital can be deemed as very risky for some as it is something new. However it is one of the golden tickets to success in the modern retail world.

ANCHOVY. fully understands the importance of forward thinking.

If you follow the same understanding and want to shift to e-commerce and/or digital, improve your customer experience, track your customers and expand your reach to clients, contact us and hop on the metaphorical boat, let’s sail together straight into success.

To get in touch, kindly contact:

alessandro.morreale@anchovyinc.com
or michael.psaila@anchovyinc.com

Author
Michael Psaila Debono
Business Unit Leader
Fact: I am a diehard Man United fan

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