Prior to the pandemic, shoppers preferred the benefits and experiences associated with shopping in physical stores. But the 2020 lockdowns fueled seismic changes in buyer behavior including a surge in online shopping, even among older shopper demographics.
In the wake of the pandemic many brick-and-mortar stores regained some of their foot traffic, but today more than 90% of US shoppers primarily use eCommerce for shopping.
Many experts attribute the pandemic to having accelerated the adoption of online shopping by as many as five years.
Despite these disruptive changes in shopping behavior, and the prevalence of online shopping, today 20% of small businesses still don’t have online shopping options as part of the way they go to market.
If you aren’t selling online today, you may be missing out on a large and fast-growing sales opportunity. Your local business may benefit from meeting your customers where they are…Online.
Many local businesses are finding that making time to add online sales options is a great way to add new revenue streams and sales channels, helping them to stay competitive.
Here are some key eCommerce statistics to consider if you are thinking of moving into online selling:
- There are more than 268 million online shoppers in the US.
- 90% of the US population shops online.
- Online spend per capita in the US is $3,428 per year.
- 20.1% of retail purchases are expected to take place online in 2024. This figure is expected to grow to 22.6% by 2027.
- 34% of shoppers shop online at least once each week.
- eCommerce is expected to grow +8.8% in 2024.
- In 2024 US eCommerce sales are expected to reach $7 trillion.
So, who is doing all this online shopping?
Millennials and Gen Xers prefer to shop online rather than in-store and make up the largest share of online shoppers, with 67% and 56%, respectively. These groups often engage in social eCommerce discovering trends and products through platforms such as Instagram, TikTok, and YouTube. As well, these age groups are often shopping via a mobile device.
In addition, older demographic groups are also shopping online including:
- 20% of people ages 25-34 shop online
- 17% of people ages 35-44 shop online
- 15% of people ages 45-54 shop online
- 14% of people ages 55-64 shop online
- 14% of people over the age of 65 shop online
For your customer, the convenience of shopping day or night, self-service, and lack of sales pressure are among the main benefits of online shopping.
There are several reasons why your local business might want to consider investing in eCommerce including:
- Increased Sales: Online stores can be open 24/7, which can help your business grow.
- Expand Your Market: eCommerce can help your business reach a larger market, including customers who might not be able to visit your store in-person.
- Lower Costs: eCommerce can help businesses lower operational and labor costs through the benefits of economies of scale.
- Improved Customer Service: eCommerce can enable a business to offer personalized service and convenience, which can help you differentiate yourself from competitors and build customer loyalty.
What are the key things you need to consider when moving into online shopping?
If you’re planning to move your business into eCommerce, you should consider the following when choosing an online business solution:
- Your business will need a simple, clean, and easily navigable website.
- Be sure your website is mobile-responsive.
- Be sure you’ve optimized your site’s SEO.
- Customize and personalize your customer’s online experience.
- Develop seamless payment processing.
- Build systems to manage stock and orders in a timely manner.
- Ensure your systems are built to scale.
- Ensure security, safety, and compliance.
- Be prepared to respond to customers in a timely manner.
- Pay attention to your new cost and pricing structure.
- Consider ways to differentiate yourself from competitors, including national chains. Moving to selling online will require a fresh approach to your marketing.
Interested in learning more? Sentinel Solutions are expert in e-Commerce solutions. We have eCommerce business platforms to offer, or we can help you to select an alternative system that is best for your situation and goals.
As well, we have the marketing knowledge to help you build a positive online customer experience and marketing plan to help you succeed in both your brick-and-mortar and online businesses. Whether new to eCommerce or well-established, we can help you optimize your marketing through multimedia integration.
Give us a call if we can help at 603-352-5896 or e-mail to Advertising@SentinelDigitalSolutions.com. We’re here to help you succeed.
