April 10, 2015
Online, or in line? Many consumers today are asking themselves this very question of whether they should order online or wait in line. With eCommerce on the rise, retail storefronts are now home pages, and departments are now in located on the sidebar. In the United States alone, there are 191.1 million digital shoppers, and 101.7 million mobile buyers. So, are you a physical retailer? A shop looking to enter the online marketplace? Or do you already offer products and services online? Either way, you must understand the nature of eCommerce, and the information behind the virtual storefront.
Online shopping is a growing activity, but last year it only accounted for 9% of retail sales, with an expected growth to 11% by 2018. Don’t let the small percentages fool you, though. Within this 9% of retail sales, $51 billion has been made online in clothing, $26 billion on electronics, and $16 billion on groceries. Online sales are incredibly popular for consumers, where the entire marketplace, regardless of location, is at their fingertips, and products can be sent right to their front door (or directly to their computers). This level of convenience for the user comes at a great competitive price for the retailer, and proper strategies must be employed to effectively compete in this marketplace.
How can you keep up with the competition? Online shopping is less about brand loyalty now than it is about maximizing quality and minimizing costs. Many consumers will check online to compare prices, and studies have shown that 34% of consumers will research a product on their phones while physically in a store. Shoppers will much rather wait for 3-day shipping than pay an additional $5 on the exact same product found in a store, placing price more important than convenience. The inconvenience caused by waiting for shipping can be remedied by free shipping, which again minimizing costs for the consumer. The key thing to remember to be the best on the market: Provide quality goods and services for unbeatable prices.
Joining in on the virtual market is highly recommended. As phones become smarter, computers become easier, and consumers continue to make and spend money, eCommerce will only grow. Learn more about online shopping with this infographic provided by Koeppel Direct, and set up your virtual storefront today!
“Corner shop” Image Credit: Flickr/Maggie Stephens
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