How E-commerce Sales Varies From Business to Business
Whether it’s purchasing something from a brand’s website or spending hours browsing through their brick-and-mortar store, we tend to spend a lot of our free time shopping. But as E-commerce continues to dominate our retail industries, it can be hard for smaller businesses to know how to effectively market their products online, especially if they rely on a customer’s physical presence. To discuss this further, this article will discuss a range of intriguing trends and explore how businesses are striving to cope with the boom of online shopping.
1. Younger Generations and Online Purchasing
Although it may not come as a surprise that youngsters are using E-commerce to buy their favorite items, the types of products they are purchasing online are quite telling. Data collected from G2 states that about 26% of teens own a VR device. Though these devices are packed full of amenities and additional features, many of their owners still preferred to buy this item online, rather than go into a physical store to try it out. YouGov also notes that only one in ten North Americans would prefer to buy a video game from a physical store, which unfortunately signals a bleak future for these types of businesses. Moreover, we can also assume that since a lot of these products are consistently being reviewed online, buyers feel confident enough to buy the product for themselves without actually viewing it in the flesh first.
2. In-Store Interactions Going Online
Despite more shoppers purchasing items via an online website, many businesses still need customers to interact with their products in order to make a sale. This is because some products depend on a customer’s senses and personal preferences, both of which cannot be easily translated online. For example, the U.S. retail industry commonly sells $3.14 billion worth of candles each year. So, since candles often give off a specific scent, customers are often encouraged to buy one in-store so that they can choose one that best adheres to their taste. However, that doesn’t mean that candles cannot be successfully sold online. Thing Testing explains that some candle brands pair their products with an emotive poem so that their customers can get a feel for how the candle smells without coming into contact with it directly. Even though this comes across as a very off-beat marketing strategy, it’s a useful way to get customers to visit their online store or website.
3. E-Commerce Is Still on the Rise
Though in-person shopping experiences still hold a firm place in the retail industry, there’s no denying that online shopping is growing at an exponential rate. Ready Cloud exemplifies this by informing us that online shopping accounts for 18% of all retail sales, a figure that’s expected to rise to 22% by the end of 2024. In fact, Forbes Advisor emphasizes this statement by noting that 24% of all retail purchases are expected to be carried out online by 2026. E-commerce may not be dominating the retail sector just yet, but these statistics inform us of a positive trend, giving businesses the prime opportunity to expand their horizons online. Although many businesses fear how this will affect their physical stores, there’s evidence to suggest that e-commerce and in-person shopping can go hand in hand without having to be in constant competition.
The battle between e-commerce and brick-and-mortar stores is still ongoing, but the trends explored throughout this article help us to understand how they can work together. Although some products are more likely to be bought via an online website, there is still an abundance of products that need to be purchased in person to get the full effect. Thus, if you’re looking to build a lucrative online presence for your business, be sure to consider some of the trends discussed in this piece.