Online commerce experienced ten years of growth in only 90 days.
With pandemic forcing people to stay at home, nearly 150 million new shoppers came online, and digital agencies saw ecommerce sales soar to an all-time high. Around 48% of online shoppers also said they intend to continue shopping online.
Interestingly, studies also found brands that did not take a holistic or omnichannel approach were the ones that lagged. Additionally, many small and decentralised small businesses have brought innovations to the table, making it difficult for big companies to catch up. With immersive virtual experiences and easy checkout options, startups could drastically reduce shopping cart abandonment and increase conversions.
More than 64% of consumers said shipping should be free. This piece suggests that brands should lower shipping costs by strategically locating fulfilment centres and boost branding efforts.
[8 minute read]