E-Commerce: Growing and Here to Stay
Over the past year, brands have had the chance to adapt to consumer behaviors that resulted from the COVID-19 pandemic. Consumers are shopping online as an alternative to in-person shopping, making it a part of their regular shopping routines. Check out our take on the story of e-commerce during COVID, how brands should capitalize on it, and how they should keep this momentum.
E-commerce is growing and is here to stay
Brands quickly received a shock as COVID-19 spread across the world over the past year. This led both brands and their shoppers to explore alternatives to in-person shopping, the main one being e-commerce. Consumers began to use online shopping options, and by May 2020, total online spending hit $82.5 billion, which was up 77% year-over-year, something that would’ve taken 4 to 6 years to reach if growth was at the same levels as previous years. This statistic is shocking in and of itself, and makes us think of how much power the consumer has at their fingertips.
How brands should capitalize on e-commerce usage
We’ve seen the power of the consumer and how much e-commerce has grown, but how can brands capitalize on this? One key factor is to understand how much the consumer has changed during this time. A top priority for many is to see brands that have digitized their consumer experience, creating more digital and online options to interact with the brand and purchase. Consumers like to see online ordering or BOPIS (buy online, pick up in-store) options. Brands should continue to use these methods of buying. It also can help to conserve resources, saving money on in-person operations. Virtual try-ons are quickly replacing fitting rooms. Kendra Scott has done a great job using this to their advantage during the pandemic. Customers are able to virtually try on jewelry as an alternative to going in-store. This can help consumers make a buying decision more quickly.
Next Phase: Keeping up the Momentum
Moving forward, as vaccines roll out and consumers become more hopeful about being able to in-person shop again, brands need to adapt to this without losing the momentum the e-commerce growth gave them. Online shopping should be something that is continuously available, dependable, and trustworthy. Brands should prove this to their customers in order to build lasting relationships. 3 out of 4 American consumers have tried a new shopping behavior since the pandemic, and an up to 40% net increase in the intent to spend online post-COVID-19; e-commerce is here to stay.
Keeping marketing programs more agile is a key way brands can ensure they are moving along with the customer as their needs/preferred methods of shopping change. Agile Marketing can help to manage change and increase productivity, and is a way to take advantage of this unpredictable economy. Brands should focus on making each shopping experience valuable, whether it be in-store or online, and make it a priority to understand each customer will be at a different level of comfort as vaccines are made available and the pandemic continues.
