Ecommerce now accounts for 23-25% of all retail commerce in the US

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 10, 2020, 2:50 AM UTC

IAB’s 2021 Brand Disruption Report reveals that quarantine has accelerated the transition of “storeless” in the US amid COVID-19.

With more consumers shopping from ecommerce stores, Direct Brand Economy is increasing five times faster than pre-pandemic rates, as per the report. Most consumer goods and services are now digital. Ecommerce in the US is now 23-25% of all retail commerce, seven times more than in 1995.

A cited McKinsey study predicts a 15-45% lasting growth for every consumer category in online shopping. Further, government privacy rules, browser/OS restrictions and “storelessness” have fast-tracked investments into first-party data.

Direct “shoppable media” (livestreams, social commerce, shoppable ad formats) are projected to be the fastest-growing categories for ecommerce. Same-day delivery for Target improved 350% amid COVID-19, and buy online, pickup in-store (BOPIS) grew 700%. 43% of top US retailers now offer BOPIS.

Read the original article

[3 minute read]