Last minute shoppers: Aussie retail transactions almost double on last day of EOFY sales

29th June, 2021. SYDNEY, Australia: Australian shoppers have proved their preference for last minute bargain hunting, according to Loqate, a GBG (AIM: GBG) location intelligence solution.

New data shows the last day of the End of Financial Year (EOFY) sales bought retailers almost twice the number of transactions as compared to the rest of June.

• In June 2020, the average number of transactions was 106,000
• On June 30 alone, there were 192,000 transactions

Transaction figures were derived from a sample of Australia’s largest fashion, beauty, luxury and personal technology marketplaces and brands working with Loqate. GBG is the global technology specialist in fraud and compliance management, identity verification and location data intelligence, and Loqate is its address verification solution that enables fast and seamless checkout experiences for online shoppers.

The June average compared with transactions on June 30 alone represented an 81% increase in transactions on the final day of the EOFY sales period.

“Whether it’s by design, or an accidental last minute flurry, the data shows Australians are waiting until the very last moment to take advantage of EOFY bargains,” said Carol Chris, Regional General Manager for GBG in ANZ.

“For retailers, this means the customer experience must remain flawless until the end — don’t let customers abandon their shopping spree out of frustration. Instead, capitalise on this last minute rush by smoothening the shopping cart checkout user experience to increase transactions and new customer acquisition, and ensuring that deliveries reach the right doorsteps with timeliness.”

The data also recorded a 35% growth in transactions in June 2019 to June 2020, showing the COVID-19 pandemic didn’t dampen Australians’ enthusiasm for EOFY sales.

Download the full report, End of Financial Year 2021 GBG Australia Shopper Insights.

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About GBG: GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers. Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience and establish trust so that they can transact quickly, safely and securely with their customers online. Headquartered in the UK and with over 1,000 team members across 15 countries, we work with 20,000 customers in over 70 countries. Some of the world's best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia's biggest banks and European household brands. To find out more about how we help our clients establish trust with their customers, visit www.gbgplc.com/apac, follow us on Twitter @gbgplc or LinkedIn.

About the data: Transaction figures were derived from a sample of Australia’s largest fashion, beauty, luxury and personal technology marketplaces and brands working with Loqate, a GBG solution, across the month of June 2021.