No industry has been left untouched by the coronavirus pandemic, let alone eCommerce. The pandemic has accelerated the shift from physical stores to online shopping much before we could expect it. While department stores declined by more than 60%, eCommerce grew by about 20% in 2020. As a result, stores worldwide were forced to shut down for months, and consumers had no option but to depend on eCommerce retailers or e-tailers, leading to $4.28 trillion retail eCommerce sales worldwide*. eRetail revenues are projected to grow to $5.4 trillion in 2022, with surging demand for groceries, home improvement, and alcohol.
Sources: Statista, Forrester, Podium
Key Takeaways for eCommerce Retailers
Based on the above facts and figures that are enough to emphasize the significant impact of COVID-19 on the eCommerce industry, here are a few key takeaways for e-tailers.
- As more and more people are shopping online each year, there can’t be a better time than this to launch your online store or expand your business online.
- Optimize your website for mobile and never compromise on UX and visual design, as a seamless mobile shopping experience matters the most.
- Department store retailers should quickly overcome omnichannel retail challenges and pivot to omnichannel fulfillment capabilities. This is the way to stay competitive in the dynamic digital retail landscape.
- As brands, if you give your consumers enough convenient payment options, you can quickly boost your conversions, average order value (AOV), and revenue.
- Marketers should frequently communicate with their customers and prospects, with email emerging as the top communication channel. Voice will also serve as a key eCommerce marketing channel.
- Chief Data Officers (CDOs) prioritize gathering data and analytics to improve eCommerce marketing effectiveness. Increasing agility in meeting customer needs is the ultimate demand today.
Going for an eCommerce web development company to implement all the above learnings is a prudent option. Consider hiring a company that offers eCommerce development services, right from consulting, and UX to unified digital storefront development, and web hosting, digital customer experience analytics, to e-market integrations. Your eCommerce development agency should have the ability to optimize your online business for mobile and other devices, besides helping you take the omnichannel approach.