eCommerce is on the rise. Even before the pandemic, Shopify notes that worldwide eCommerce sales topped $3.5 trillion USD in 2019, increasing 18% from the year before.
In Australia alone, NAB estimates that in the last twelve months (from March 2019 to March 2020), Australians have spent $31.91 billion on online retail. In part due to the current climate, we’ve seen growth in sales in takeaway, games and toys, groceries, personal and recreational, department stores and homewares and appliances sectors.
As the world increasingly adopts online shopping as part of their routine, the eCommerce industry continues to evolve and it’s important businesses understand where it’s headed.
eCommerce is no longer dominated by B2C, rather B2B sales are predicted to grow. There seems to be a trend where companies are buying products/ services for their own workforce. It’s never been more important for companies whose target market is businesses to engage in an online channel.
eCommerce automation is an important element of online business. Automation eliminates the manual tasks that reduce productivity. We’re seeing more businesses put operations on autopilot and become more efficient in other facets.
According to Web Alive, one in four shoppers in Australia will purchase items from their mobile phones. With more people utilising mobile devices to shop, we’re seeing brands building their online businesses with mobile users in mind before desktop users. Buyers want a full shopping experience on all devices so it’s key that you provide this.
Sustainable eCommerce is going mainstream. Consumers are looking for businesses that are minimising the impact on the environment. Whether it’s selling sustainable products or committing to zero waste packaging, businesses are thinking about how they can improve their green manufacturing practices.
From augmented reality to chatbots, technology is allowing businesses to provide their customers with a more immersive and engaging shopping experience. Businesses need to think about how they can adapt to customers needs and bring the experience of a brick and mortar store, online.
Elevated consumer expectations regarding shipping speed and costs are changing the scene. Customers are looking for same-day delivery or free shipping otherwise they won’t complete their purchase. To meet expectations, businesses are setting up free shipping thresholds to encourage customers to add more items to their carts and remove the cost of shipping.
Customers are looking for personalisation. eCommerce is no longer just a transaction rather it’s creating an experience that engages customers. Customers are also wanting businesses that are humanising themselves and building direct relationships.
Businesses are increasingly prioritising the customer experience by personalising and optimising their sales process online and building direct relationships through activities after purchasing (such as eDMs with sneak peeks of latest products).
When considering where to buy a product, customers tend to research extensively beforehand. It’s key that your online store is visible online to customers who are doing their research piece before committing to purchasing.
A lot of things are expected to change in eCommerce land over the next few years. We’ve seen the power of eCommerce during COVID-19 with sales thriving and more consumers online than ever. If you haven’t thought about eCommerce, we encourage you to do so. The future of the industry is likely to be an exciting one for both businesses and consumers.
We’re still here, still connected and still BAU (business as usual). If you need help, would like a chat or even a 1:1 where we can give you some direction during this time, enquire now and we can set up a Zoom or a phone call.
Some content has been derived from the sources below, VO Group does not take ownership of said content. To read more about eCommerce and key industry statistics, see the links below. Also, take a look at our previous blog about the digital landscape during COVID-19.