Curious to know more about the impact of Covid-19 on e-commerce in retail? Did you know that experts predicted that e-commerce sales in the United States should jump 40.3% during the pandemic? They also say that online sales which accounted for 15.8% of total retail sales in 2019 will be 21.0% or more this year.
SummaryWhat's happening with e-commerce growth today?Why experts believe the e-commerce trend in retail will continueHow technology growth will support e-commerce retail growthWhat's next?But does that mean it's the future of retail or is it just a trend that's sure to end soon? Well, that's what this article is about. When you're ready to dig deeper into whether e-commerce is just a trend, read on.
Around the world, e-commerce accounted for 14% of global retail in 2019, but rose to 17% in 2020. We don't yet know what 2021 will bring, although we do know that retail e-commerce is already higher than 2020. The future of retail after Covid-19 is uncertain, although all fingers are pointing to a steady increase in e-commerce sales.
If you think e-commerce and retail go hand in hand, you're not alone. The experts would agree with you and here's why:
Reduced costs :When evaluating the costs of setting up e-commerce versus retail stores, there is no comparison. Entrepreneurs can start an online store in under 30 minutes for less than $30 per month. And with the right retail software, they can spruce up their digital storefront anytime in less than an hour.
Customer follow-up :If you know anything about sales and marketing, you know it's about understanding your customers. You need to know their habits, routines and problems. The more you understand their behaviors, the easier it is to give them what they want or need.
Well, with the advent of e-commerce came web analytics. What are they, you ask? Why these are feedback tools designed to track your customers' online behaviors.
Customer Experience :Did you know that you can create different online experiences for different customers? That's right, you can their PC is their portal to your digital retail store. And you can set different portals to provide different experiences.
Sales scope :Your physical store is limited. That's why thousands of small business owners, just like you, have been researching selling online during the pandemic this year. But you can reach east coast customers as easily as you can reach west coast customers if you choose a digital storefront instead.
You can see the growth now. All you have to do is pick up your smartphone to figure out how this shade of paint will work on your wall. If you access the right website, you can take real-time video images of your room and change the paint color of those images at will.
And just as you try digital painting on your walls, you can try digital clothing on yourself. That's right, you can forgo the dressing room and just layer this dress over your digital image. Now you can tell if it goes with your skin tone.
Now that you better understand the potential future of e-commerce in retail, you see why all the experts love digital marketing. It costs less, requires less overhead, and can be done from the comfort of your own home.
Want to learn more about business and marketing? So browse our extensive online library of small business and marketing articles today.
