This is good news because sales continue to grow despite the concerns about health and safety.
Consumers Are Still Relying on E-Commerce
While this kind of behavior might seem extreme at first glance (after all: how else will we eat?), it makes perfect sense when viewed through an economic lens. A growing number of people are choosing where they live based on whether or not it has access to adequate broadband infrastructure; this means more than just having reliable internet service—it means having enough bandwidth for streaming video content from Netflix and Hulu alike! Moreover, studies show that neighborhoods with high concentrations of millennials tend also have higher rates of home ownership as well as lower unemployment rates; these factors make life easier both before and after pandemics occur because young adults tend toward thriftier spending habits than older generations do (which means less time spent worrying about money).
Sales Continue to Grow
The latest report from the U.S. Census Bureau shows that sales continue to grow. According to their data, e-commerce sales for the year ending in June 2017 were $453 billion, representing 12 percent growth over a year earlier. This represents the fourth consecutive quarter of double-digit growth and the fastest rate of increase since December 2016 (14%). The overall number of online retail businesses increased by over 7 percent from June 2016 through June 2017, making it one of only three industries that gained in numbers during this time period (along with mining and construction). The percentage growth was highest among specialty trade contractors at 28%, followed by other retail stores at 20%. These are followed by motor vehicle dealerships (15%) and machinery/equipment wholesalers (11%).
E-Commerce Is Here to Stay
You might be thinking that e-commerce is a new thing, and it’s just going to go away. That’s not true at all. The truth is that e-commerce has been around for decades, but it’s only now beginning to really take off as more people become comfortable with the idea of buying things online. It may seem like there are fewer customers out there who aren’t comfortable with technology, but you’d be surprised how many people over the age of 50 still use snail mail instead of email and would never think about ordering something on their phone! E-commerce isn’t going anywhere anytime soon, so if you’re a vendor or have a business, set up your own online store so that you can reach these potential customers before someone else does!
Businesses Must Evolve to Meet the Changing Needs of Consumers
As consumers continue to embrace e-commerce and the use of mobile devices, businesses must adapt. The way we buy things is changing, and it’s up to retailers to keep up. Some have succeeded in this regard; others are falling behind or closing their doors as a result of these changes. The good news? Consumers still want what you sell! But they’re not just shopping online anymore—they’re doing it on their phones too. You might be thinking: What does that mean for me? How do I keep my business thriving in this new environment? You don’t have time for any more questions; let me give you some answers instead!
Brick-and-Mortar Retailers Must Keep Evolving
Brick-and-mortar retailers can compete with these companies by offering unique products or experiences that cannot be replicated online. For example, many brands have created loyalty programs for in-store shoppers that provide rewards such as discounts on future purchases or free shipping on orders over a certain dollar amount (examples include Nordstrom Rewards, Sephora Birthday Gifts).
Conclusion
In short, e-commerce is still here and growing, despite the challenges that have been presented by the recent pandemic. While this may be a good time to pause and reflect on what your business can do better in order to keep up with consumers’ changing needs, the overall outlook remains positive. There’s never been a better time than right now for retailers of all kinds—whether they sell products online or off—to innovate and improve their offerings so that they can continue being competitive in an increasingly competitive environment. This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional. © 2022 Ayush Chudasama
