When covid-19 was declared a pandemic, there were many uncertainties for businesses across the globe. The challenges pushed business leaders to rethink their business models, strategies and reinventing how they reach their customers to survive. Now that just over a year has passed, it is a great time to reflect on how retail and consumer behaviours have diverted.
Online sales growth
According to Big Commerce, eCommerce sales will make up 22% of global retail sales by 2023. The
advantages of online shopping is a two-way street. Shoppers can purchase their items conveniently, and retailers experience a reduction in overheads. These are the two primary drivers of Australian eCommerce growth. As stated in Australia Post's insight, 1.36 million aussies shopped online for the first time in 2020.
High shipping costs are the number one reason for cart abandonment. However, the steady decrease in logistics and delivery costs supports the continuous growth of online sales. Learn how to select the right courier service for your business.
Marketplaces maximise your sales growth, allowing you to gain access to new customers and ensure your product is available where your customers are. Grow your digital footprint by posting your products on several marketplaces from one seamless, integrated platform. Also, if you haven't read our recent post on how to succeed on eBay, you can find it
here.
Mobile shopping is on the rise .
Mobile shopping is continuously increasing. According to research, 71.6 per cent of people said they shop via mobile at home, during their free time, or while travelling. 72% of Australian smartphone users make purchases or payments using their mobiles; this figure rises to 87% for Australians under 35, with 39% of these younger consumers are choosing to shop via mobile over any other device.
Before COVID was declared a pandemic, total mobile sales expected to increase by 25.4% more than in 2019. The growth continues, and the projections are 22.3% in the year 2021.
Consumers spending habits are shifting to mobile, and you will need to prepare your business to facilitate commercial transactions on mobile if you haven't already done so.
Young shoppers are changing the retail landscape
While young consumers have been the most significant shift to online shopping, there was also a shift from other key segments, including middle-aged and older consumers. Furthermore, young consumers have expressed the inclination to make purchases from independent and locally owned businesses while also purchasing from online marketplaces for convenience purposes.
This consumer behaviour indicates the importance of the outreach on multiple marketplaces. Both locally owned and independent businesses should consider this outreach. Check out a smart way to sell on multiple marketplaces.
Increase in buyer's urgency and same day delivery services
More retailers are using retail stores to fulfil eCommerce orders. While some may find it hard to compete with Amazon's one-day delivery, others think outside the box by providing customers with convenient click & collect options. These customers have the opportunity to select the store closest to them for an efficient experience.
Furthermore, statistics show that 49% of consumers are more likely to shop online if there is a same day delivery service available. The infographics on this link show more statistics on the importance of the delivery time for customer satisfaction.
Final tips!
- Be where your customers are at
- Find the right couriers for your business
- Make sure your business is M-commerce friendly
- Explore fast delivery options that work with your business model