Now that we’ve all had some time to recover from the holiday’s, let’s go over the new trends we’re seeing in retail and e-commerce. With the rise of new tools and marketing practices for online shopping, e-commerce is beginning to have a significant impact on retail. Statistics from Annalect, Verizon and Forbes paint a very clear picture:
- Cyber Monday sales broke records at 6.6 billion, 17% increase from 2016. (Annalect.com)
- Black Friday had an increase of online sales while physical retail sales dropped 2% from 2016. (Annalect.com)
- Consumer survey reflected they planned to shop online over in a store
- Mobile shopping increased significantly in 2017 over the holiday season
- Businesses and Retailers who leverage and utilize all sales channels are at a significant advantage for attracting customers, sales channels include online, mobile, in-store, and social)
- In comparing Black Friday from 2016 to 2017, there was 111% increase in e-commerce traffic (2017 Holiday Retail Index by Verizon)
- Smartphone and Tablet E-Commerce had 54% of site visits while desktop dropped to 46% visits (forbes.com)
We can all agree that online shopping has amazing perks. You avoid holiday traffic, browse hundreds of products while sitting on the couch and purchases are delivered straight to your door.
It’s safe to say that e-commerce is beginning to dominate the shopping experience is because of one reason: it saves time and energy.
So what does this mean for brick and mortar?
It’s a stretch to say every retail store will shut its doors, but many store owners agree that it’s getting harder to keep them open. However, more and more shops are wising up. With social media and influencer marketing, some retail stores are actually expanding. E-commerce isn’t dominated by just one monster entity (necessarily). E-commerce is an open market for businesses and the ones who are jumping in are seeing the upside to going online.
Besides opening an online shop, there are other ways retail businesses can stay ahead of the curve.
- Businesses will want to provide a competitive advantage in optimizing convenience. This includes free and fast shipping, multi-channel options, and promotions for both in-store and online.
- Offer multiple delivery options including different shipping options, in-store pick up, and pick up from a different store location.
- Enhance the In-Store customer experience by staying up to date with service providers and software including multi-channel integration, such as real-time inventory for in-store and online, email marketing, offering loyalty and promotions, and giving your customers a reason to return whether it is in store or online.
- 48% of customers said free shipping and shipping promotions was a key factor in purchasing from a retailer (invespcro.com)
After looking at the numbers, offering a mobile shopping and checkout experience is going to be the biggest win for retail. More and more people are “naturally” going to the phone or tablet to search and purchase stuff. The good news is that’s easier than ever to implement a mobile and online payment solution for business owners.
Want to learn what the best payment solution is for your business? Whether you’re running an online store or have a physical location, Preferred Payments can help you find the best payment solution. Book a free consultation by clicking here.