Sizing The eCommerce Market
How Covid-19 has impacted Consumer Behavior Trends
The emergence of covid-19 this year has wreaked havoc across the globe, from small sole traders to large multi-national companies. The pandemic has highlighted the importance of adaptability, as many businesses have had to shift operations from offices to sitting rooms and alter business plans to facilitate the shift to online shopping. According to Geekwire (2020), 42% of Americans bought groceries online in March 2020, almost double the 22% recorded in 2018. However, this shift to online purchasing may not be temporary, as half of those who have switched to online grocery shoppers intend to remain doing so after the pandemic. If this isn't enough to convince you eCommerce is the way forward, in 2019 Episever stated that 62% of online shoppers will shop at least monthly.
What This Means for The eCommerce Market
Although covid-19 decimated high street retail, the industry has been in decline for the last 10 years. Prior to the pandemic, a number of retailers went into administration in 2019 such as Mothercare, Jack Wills and Select Fashion. Similarly, the downfall of Thomas Cook in 2019 could be pinned to their inability to accept the transformation to online and mobile booking, as they remained operating 500 high street stores, when the vast majority of holiday reservations were made through online platforms.
The surge in online shopping has worked in favor for those with a strong online presence, as transaction volumes in the majority of retail sectors have experienced a 74% rise in March compared to the same period last year. With eCommerce sales expected to surpass 1.1 trillion dollars by the end of 2020, we can expect the eCommerce market to continue to expand with new players looking for a piece of the pie.
What SalesOptimize Can Do for You
So what does our technology do exactly? We have scanned the entire Internet and as you can see above, categorized all the eCommerce sites into the countries where they trade from. However, this is only a small fraction of the data we can provide. We can drill down and show you data points such as;
- The website technology being used,
- Website and Email host,
- Countries they ship to,
- The payment provider(s) and accepted payment methods.
This is still a brief example of the data we collect, if you would like to find out more, get in touch with our sales team and discover how we're helping companies strive during the pandemic.