Shopping trends online have gone viral these days. With online shopping now accounting for almost 10% of total retail sales (Source: eMarketer), e-commerce has a significant impact on traditional retailing. This will boost the customer’s experience, which will lead to more sales.
However, that’s just the tip of the iceberg. Online shopping trends are going places. Some effects of these trends for retailers are shaping the future of retail – whether it’s by evolution or revolution. For those who are willing to learn more about the role of e-commerce in retailing, it’s time to clean the shades.
Online shopping trends don’t always do good to the big companies
Big companies don’t always benefit from online shopping trends
When it comes to online sales, there’s no denying that the huge enterprises benefit a lot from it. The biggest e-commerce retailer on the streets is Alibaba, a Chinese e-commerce company. This company has a Gross Merchandise Value of more than $768 billion! That’s more than Amazon, JD.com, eBay, Shopify, Rakuten and Walmart combined. However, you shouldn’t let those numbers make you feel stressed. You may consider this: Most of those online retailers owe at least a portion of their success to smaller partners. These are third-party vendors who are actually small businesses and local retailers online. In short, online shopping trends aren’t forcing anyone out. But you do have to know the way to ensure digital sales work in your favor. The chances are bright for all of you!
From multi-channel store to multi-channel world
Online shopping trends: Multi-channel store to Multi-channel world
The Millennials have become adept at making this multi-channel approach work for themselves. They’ll choose to shop in the way that’s most convenient, comfortable or cost-effective for themselves. This online shopping trend means retailers that offer a variety of options are going to score more when it comes to sales. Consider the rise of grocery shopping hybrids: consumers are fully supporting models that allow them to buy groceries online and pick them up in the store or have them delivered at home. These multi-channel models let consumers save time by not entering the store. Also, those channels can benefit from the convenience of fresh, local items. All in all, this results in the changing method of product-purchasing almost completely. The changes are varied, from traditional to modernized. Even a revolution may appear in the future, probably?
The monetary impact of online shopping trends
Money affects retailers online shopping trends
The role of online shopping for retailers is not something of the invaders. However, it’s undeniable that the impact of digital on the industry is something we should consider seriously. In 2019, U.S. online sales accounted for about 10.7% of total retail sales. This online shopping sales only accounts for just more than one-tenth of total retail sales in the US. Nonetheless, this is slowly, but surely, gaining share. It’s growing so quickly that it’s expected to make up a whopping 17.5% of retail sales worldwide by 2021. How much that growth impacts your retail business does depend on the niche. Apparel and accessories, for example, is expected to account for 20% of the online sales in 2023.
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Long-term online shopping benefit
Online shopping: The bottom line
The foreseeable fact on the future of retail sales is bright. Brands that are ready for upcoming alteration can continue to see success. That’s true for both the physical stores and the digital websites. But, as a successful retailer, you must be willing to keep up with the online shopping trends. The more flexible your site is, the better revenue you may receive. Here are a few things businesses may want to do to get ready for this bright future:
- Ensure you have an online presence. You can be discovered by a part of potential consumers who start their shopping journey online.
- Figure out how to offer goods and services via multiple channels. This will definitely put your product on the map of online sales.
- Discover whether you can break into online retail via large channels. However, you must not count on one channel to sustain your future business.
- Start benefiting from smart online marketing opportunities. This will promote you across digital and lead to sales when possible.
The trends of online retail sales are not going to slow down. As a result, we are going to see more traditional store closures. Look on the bright side, the online shopping trends that affect online sales for retailers have currently been a great outcome. This will continue to develop and maybe, create a revolution?
What’s Next?
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