Swift adaptation to new business realities can be a winning strategy for today’s small business. To stay competitive, a small business needs to know where they are and where they need to go. One of the swiftly changing benchmarks these days is the state of ecommerce. Adapting to its continuing strength is the key to the future it seems. In some recently released data from Squareup, it may be that it is time to reevaluate your current ecommerce strategies. The following come directly from their published report:
- Retailers say an average of 51% of their revenue now comes from online sales, but a knowledge gap is holding some businesses back from taking full advantage of eCommerce. In our Future of Retail report, 32% of retailers say that not knowing enough about technology options and platforms keeps them from selling goods through newer online or social channels.
- businesses are working hard to meet the needs of the 64% of shoppers who prefer delivery to in-store or curbside pickup. Our research found that 38% of retailers say they currently offer same-day delivery, and 38% say they’ll plan to continue offering it post-COVID-19.
- For retailers who sell goods online, 74% say they sell on a social channel. And social media shopping is seeing rising interest among consumers: 27% of customers say they are interested in making purchases directly on social media when it’s offered by retailers. Out of those consumers who have recently made retail purchases online, 59% made a purchase directly from social media over the past month, buying an average of seven items off social.
- Some businesses need more tools to turn their omnichannel strategies into a reality: 29% of retailers say delivering consistent shopping experiences across online and in-store channels is a challenge.
- Video has been on the rise in eCommerce for years — from product videos to ads to marketing and branding videos. Now, live streaming is here; businesses are increasingly embracing “live commerce,” in which they sell goods via real-time video (often with audience reactions and messaging built in). Thirty-five percent of retail managers planned to implement livestream shopping.
- Consumers say 37% of their monthly retail purchases are done online — leaving a large 63% still happening in person — and they value the service and interactions they receive from staff when shopping in stores. In fact, 31% say chatting with store employees would make them more likely to stay and browse in-store.
-Written by Kevin Sawyer