Key eCommerce Trends
The eCommerce Landscape
When looking at the changes in ecommerce, it is impossible not to mention Covid-19. It's clear the pandemic has made its mark on online sales.
Data from IMRG shows that online sales in 2020 grew by 37%. This increase is not surprising as Covid-19 enforced lockdowns temporarily closed non-essential shops, leaving consumers with no other choice than to do their shopping online.
In the graph above, it is clear how online sales increased drastically during the 1st lockdown in the spring of 2020 and remained high throughout the rest of the year. It did however decrease during the last 6 months of 2020 with a spike around Black Friday, but never close to the levels seen in 2019 and 2018.
The Pandemic’s Effect on Online Consumer Behaviour
Necessity is the mother of invention, as we saw consumers who were not used to shopping online becoming familiar with it during the pandemic. A survey by Magento shows that 55% of consumers now shop online more frequently than they did prior to the pandemic, and for frequent online shoppers, this figure rises to 65%.
The Experienced and Aware Online Consumer
This increase in online shopping has made customers more experienced, quality conscious and more selective about which brands they shop with. Things like proper product descriptions, easy to find prices and high quality product images are highly valued by customers. In the online checkout, offering the right delivery options is crucial, as 50% of online consumers abandon a checkout due to a lack of delivery options. Ideally consumers want fast, free and sustainable delivery options leaving online shops no other option - if they want to stay competitive, than to improve their fulfillment capabilities. Sustainability is a key factor, as 50% consumers now say they are willing to pay more for “environmentally friendly” products or services. These stricter demands from consumers are unlikely to change post pandemic, as many will keep their new online shopping habits, or be wary of shopping in physical stores.
Of consumers now shop online more frequently than before the pandemic
Of frequent online shoppers purchase more online than before the pandemic
Of online consumers abandon a checkout due to a lack of delivery options