Ecommerce and Digital Retail: What Comes Next?
December 2020, Digital Marketing
Almost every sector of the economy is in a tight spot by the COVID-19 pandemic other than eCommerce. However, most of the eCommerce people have faced failure, while others like Amazon have plastered their place as foundations of the global eCommerce market. For most of the eCommerce leaders, their narratives land somewhere in between those heights.
Moreover, 75 percent of millennials are buying products online during the COVID-19 crisis they’d never bought before. The data shows that the rise of the eCommerce market has great potential, and it is spreading very fast. Therefore, the last several months have made the business more aggressive and competitive than ever before. However, some are trying to change up that attitude once and for all.
Ecommerce and Digital Retail: A ballooning market
As per research, between April 2019 and April 2020, online shopping grew by nearly 150 percent, an unusual increase in online sales that shows just how much the crisis has accelerated the trend towards eCommerce. Digital sales are making up a larger share of all sales globally during the lockdown.
Furthermore, in the second quarter of this year, Amazon posted a record-breaking online sale of $88.9 billion as Walmart topped $10 billion in the eCommerce industry for the first time. As the world has pushed themselves to adopt an eCommerce-focused mindset, big businesses with the infrastructure to manage high order volumes and same-day deliveries are pushing out smaller players. However, suspicion builds that Amazon may be utilizing its platform to undermine its opponents, eCommerce businesses need the proper resources to scrape out their portion of the market.
Because of the pandemic, the future will be entirely digital, allowing businesses from around the world to participate in the conversation. This will lead to the highlighting of panels, keynotes, Q&As with consumers, and more. The conversation will be a mix of learning and collaboration, ensuring that brand owners will learn something new regardless of consumers’ experience in the industry.
Changing eCommerce for the better
In response to this, most of the eCommerce platforms are whipping up tools to support companies boost their business in the eCommerce world. Freelancing platform Fiverr launched a new tool called The Shift, designed to simplify the transition from brick-and-mortar stores into the world of digital sales.
Related: How to improve eCommerce sales?
Enough tools are available in the market for brand owners to make the eCommerce business of their dreams. Furthermore, providing digital entrepreneurs with multiple resources to achieve success.
Moreover, digital retail giants like Dollar Shave Club, Winc, Ritual, and FabFitFun are participating in eCommerce Week. Attendees will be competing virtually with the titans of the digital retail industry. The next several months will be a critical period in eCommerce history, deciding who the viable performers will be for the next generation of virtual eCommerce shopping.
Ecommerce and Digital Retail: The wrap-up
The eCommerce market has been evolving ever since its inception but has shown a tremendous spike in online sales during the pandemic. Furthermore, a few eCommerce retail giants like Dollar Shave Club, Winc, Ritual, and FabFitFun have taken a large amount of advantage during this lockdown, meaning that small eCommerce stores will be rubbing virtual shoulders with the monsters of their industry.
What do you think about the rising eCommerce global market? The upcoming months are going to be a critical period in Commerce history, deciding who will be the possible players for the up-coming generation of virtual shopping.
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