The eCommerce Industry
Over the past few years, the eCommerce industry has exploded, going from being nearly nonexistent, to making up 14.1% of all purchases worldwide. That number is on the rise and expected to hit 22% by 2023. So why do people online shop? Why do you online shop? Brick and mortar stores offer convenience but eCommerce retailers offer variety. Companies are beginning to improve their online stores to become more like shopping in person except more convenient. Features such as product details and description, attractive product photos, reviews, return policy, and even the ability to instantly get answers from chat-bots have a huge impact on the buyer’s decision. Competitive pricing is also a factor. How many of you have ever seen an item in the store but looked it up online to see if you could get a better price?
Coronavirus too played a role in this noticeable shift. With many states imposing lock-downs and stay-at-home orders, shoppers had to get what they needed online. A recent study revealed that in March 2020, 42% of the US population purchased their groceries online at least once a week and will continue to do so after the pandemic is over.
