As we step into a new financial year, small business owners in New Zealand face a rapidly evolving business landscape shaped by changing consumer trends and technology factors. Here’s a look at six top trends on the horizon for small businesses this year and what they can do to embrace them.
Running a small-to-medium-sized business in New Zealand? Take payments into your hands and nail the perfect EFTPOS solution. Think fast, secure transactions that keep your customers happy, with a dedicated support team you can rely on 24/7.
E-commerce & Social commerce: Driving Online Sales
It may come as no surprise in a post-pandemic world, but e-commerce currently accounts for a fifth of all retail sales worldwide, a figure that is only expected to grow to nearly a quarter of all sales by 2027.
While traditional e-commerce will continue to thrive, keep an eye on social commerce—where social media meets online shopping. This innovative approach offers businesses a vibrant platform to engage customers and drive sales. Strengthening your presence across websites and various social media channels is crucial, as Kiwi consumers increasingly rely on these platforms.
Elevating Customer Experience: Creating Differentiation
Exceptional customer experience is vital for standing out. Every interaction—be it through social media, communication or in-store—is an opportunity to make a lasting impression. Remember, retaining customers is as important as acquiring new ones. Consider implementing loyalty programs and exclusive discounts to encourage repeat business.
Research shows it is significantly more cost-effective to keep existing customers than to attract new ones. Long-term customers also tend to spend more money over time, as they become more familiar and comfortable with a product or service.
Convenient and Safe Digital Payments: Future-proofing Transactions
With cashless payments becoming the norm in New Zealand, offering the ease of the latest payment options is essential to meet customer expectations. Partner with payment providers that offer seamless, secure methods like contactless payments to enhance the shopping experience.
However, keep in mind that with the rise of online transactions comes the risk of scams. To help protect the business, it is critical that owners and staff are trained on how to spot a potential scam (you can check out our article on this topic here!) Educating your team to identify suspicious activities and implementing strong protective measures will safeguard your business and customers.
In-house Creative Solutions: Affordable Marketing at Your Fingertips
Marketing doesn’t have to break the bank. With the rise of user-friendly software like Canva and Adobe Suite, even small businesses can create a variety of marketing materials in-house. Leverage these tools to enhance your branding without the hefty high costs traditionally associated with design services, plus you can give your creative side a go!
Getting Real On Social Media: Building Connections
There have never been more ways to connect with prospective customers than now, and social media continues to play a vital part in building brand awareness and promoting your products and services. Long-form content is making a return in the new financial year as audiences are craving depth and are hungry for content that adds real value and tells a story. Types of content consumers want to see on their feeds include:
- Personal videos and real reviews,
- Relatable content that aligns with their own values,
- Behind the scenes and ‘day in the life’ of your business
- Any ethical, environmentally conscious content.
Creating relatable content and aligning your brand values with those of your consumers can foster loyalty and attract new customers.
Continued Growth of AI: Enhancing Efficiency and Interactions
A study from Datacom New Zealand shows a relatively advanced AI adoption with almost half (48%) of business leaders stating AI is already currently in use within their organisation for efficiencies and tasks such as customer service through chatbots and handling routine duties. Both consumers and businesses recognise its value and how it is reshaping various industries.
In an annual Global CEO survey by PwC, 70% of CEOs anticipate AI will increase competition and drive changes to business models and workforce skills. Applying this to the small business landscape, businesses must not only keep pace with this trend but also try to be early adopters of these changes in order to thrive and stay competitive.
In Summary
In summary, by staying ahead of these trends, small business owners in New Zealand can thrive in the dynamic landscape of FY25-26. Adapt your strategies, engage authentically with your customers and leverage technology to pave the way for a successful year ahead.
Looking for an EFTPOS partner who provides best-in-class payment solutions? Speak to us about how we can help.