Three ways for Australian businesses to prepare for Christmas
With only a few weeks until Christmas, retailers are gearing up for the busiest period of the year. As chaotic as the season is for shoppers, retailers are already scrambling to make sure everyone’s got something in their stocking.
Qualtrics, an insights and customer experience company, surveyed 1,150 shoppers in Australia, the US and the UK to uncover what makes their shopping season tick, including plans, budgets and preferences.
Bill McMurray, Managing Director, Asia Pacific and Japan, Qualtrics, said, “Almost half (49 per cent) of Australian consumers do most of their holiday shopping from their phone, tablet or computer. The challenge for retailers is to tailor online experiences to individual customers, and provide a frictionless experience in order to convert site visitors into increased sales.”
Qualtrics has identified three key tips to increase online sales over the Christmas period:
1) Consider where consumers leave the website
Businesses should pinpoint where they are losing customers in the sales process. Identify at what point in the online order cycle customers leave and then correct those loss positions. This will create a lateral shift from frustration to purchase and help buyers better manoeuver around the website, locating what they want, with no checkout issues at the finish line. It will bring an immediate win on closing rates.
2) Understand where consumers get stuck on your website
Businesses should track activity on the website, not just roadblocks to purchase but also where consumers are having difficulty. Based on website analytics, online retailers can use a website intercept system, that lets the organisation get feedback on the spot.
McMurray said, “If a potential customer can’t find what they are looking for, they may leave the site. To prevent this, you need a website intercept system that recognises when there has been a halt in activities for a minute or two and then triggers a message to the customer asking them how you can help. This can deliver useful insights on how the customer is using the site and where they ran into trouble.”
3) Win consumers back as they abandon their shopping carts
Qualtrics’ survey found that 16 per cent of Australian consumers say they frequently and 17 percent say they usually place items in their cart and then abandon it. Businesses can use cart abandonment surveys to determine why a consumer is leaving without buying and offer promotions to encourage them to purchase. For example, if a consumer abandons a shopping cart due to shipping costs, online retailers can offer a promotional code for discounted shipping if they purchase in a certain period of time. Interjecting at the right touch points and offering assistance, special promotions, or more information are a great way to get buyer success and customer feedback.
McMurray said, “By making some simple tweaks to your website, you can gain deep customer and market insights, which can enable you to provide a better customer experience. Gaining a comprehensive understanding of customer behaviour and providing targeted experiences can mean the difference between engaged, purchasing customers and lost sales.”
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”