The Latest Trends in eCommerce (And Why They Matter)
The past several months have thrown planet-sized disruptions at virtually every industry, and organizations have scrambled to adapt to a seemingly endlessly repopulating list of challenges. Amidst all the tumult, one business channel has quickly emerged as a leading route to financial stability and recovery for many organizations: eCommerce.
As consumer behavior has consistently trended towards online shopping, more and more organizations have shifted their focus to providing better online services, and for good reason. Online shopping is projected to balloon to 4.5 trillion by 2021, up from 1.3 trillion in just 2014.
While eCommerce has long established itself as a business imperative regardless of industry, in our current climate, it’s one of the only things keeping some businesses alive. As so many stores have closed their doors (and not just temporarily, for some), online shopping has markedly increased during the pandemic.
Overall, total eCommerce sales are 40% higher than the pre-pandemic benchmark week of Feb. 24-March 1, according to eCommerce security and fraud prevention vendor Signifyd Inc., based on online sales data from 10,000 retailers. Several industries are seeing increases higher than 70%.
This increase isn’t just due to existing online shoppers buying more than they used to; entirely new, sizable portions of consumers are radically changing how they buy goods and services. 40% of consumers report online shopping on a new website for the first time, and 45% of these consumers say they will continue to shop that site if they have a good experience.
While this dramatic and acute shift presents a massive opportunity for many organizations, competition for the online consumer’s wallet is quickly becoming fiercer than ever before. The user experience a consumer has when they interact with websites or mobile apps is incredibly vital for earning their initial and continued business. Today, nothing will rule out a business faster than a user experience that confuses, frustrates, complicates, or errs.
With so much shopping being facilitated through online channels, and with this trend set to only increase in our post-pandemic world, organizations must continue to innovate and develop aggressive strategies to capture the ever-growing online consumer base in order to stay competitive and gain market share.
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