The Trillion Dollar Future of E-Commerce
The pandemic set the tone for several new norms, like daily mask-wearing and outdoor gatherings in less-than-ideal weather. One trend that took the tech world by storm was the increase in online shopping. The rapid uptick in eCommerce sales during the pandemic has paved the way for record-breaking numbers in a very short amount of time.
Before March 2020, the United States has seen a steady rise in eCommerce sales of about a 15% increase/per year. By the end of 2020 that percent jumped by almost 3 TIMES that amount! That’s right! In 2020, we saw 42% growth in eCommerce sales according to a study conducted by Adobe.
Even as the pandemic began to dwindle, online shopping didn’t drop back down to that 15% increase we were seeing pre-Covid. The trend has continued to blow past expectations. “In the first two months of 2021, consumers spent $121 billion online, a 34% increase from the same time in 2020,” according to Business Insider.
What does this mean? Adobe predicts that at the rate eCommerce sales are trending, the United States will reach their first trillion-dollar eCommerce sales year by 2022! But what will keep consumers shopping online as the pandemic wanes?
There are several factors that are suspected to contribute to the continuation of this trend:
- The “buy now, pay later” trend. Software such as PayPal and Afterpay have introduced installment payments to everyday goods. It’s much easier to justify four $14 installment payments for the pair of pants that have been following you around Instagram, rather than a one-time $56 purchase. Consumers are loving the incremental payments option.
- The “buy-online, pickup-in-store” trend. When the pandemic first began, no one really knew if it was safe to go anywhere, but essential goods still had to be purchased. Ordering items online then choosing the curbside pick-up option became the go-to method during the pandemic. While shopping in-stores has been deemed safe with proper precautions, an Adobe survey found that 30% of consumers still prefer to pay online and pick up at a nearby store location rather than retail shopping.
- The realization that online grocery shopping is a huge time-savor. According to Adobe, online grocery orders increased by 230 percent from January 1-26 2020 through Feb 1 – 21 2021. This staple weekly chore has become much less arduous with the ability to order groceries online and have it delivered right to your doorstep. Consumers aren’t giving up this new norm any time soon.
This eCommerce online shopping trend isn’t going away anytime soon. Whether you are new to eCommerce, or looking for ways to take advantage of new tools, Bytes.co is excited to partner with you and help your website reach the next level.
What else do you need? Let us know what features are most important for your business today by contacting our team at Bytes.co.