The global eCommerce market expanded quickly during the COVID pandemic and has continued its meteoric growth. By 2025, eCommerce is expected to generate $4.2 trillion in revenue.
As retailers’ and manufacturers’ eCommerce sites rapidly gain popularity, their functionality continues to evolve to keep up with consumer demands.
Here are three trends sure to shape the future of eCommerce, with tips on how savvy retailers and manufacturers can capitalize on those opportunities.
A new wave of consumers fearful of shopping in stores turned to online shopping in 2020, and that trend continued enthusiastically into 2023 In fact, eCommerce accounts for 21% of retail purchases so far this year and are expected to continue rising.
And these millions of new online shoppers use various devices to research and order products 24/7, even if they eventually visit a brick-and-mortar store.
Tip #1: With all of the shopping options available, brands need to ensure they are meeting the demands of their new eCommerce customers. Merchants need to nurture the newcomers to create lifetime customers.
One of the best ways to build customer loyalty for life is by offering hassle-free product protection. Customer satisfaction created with excellent extended service contracts is key to building fans for life.
Rise in Sales of All Things Related to the Home
As the pandemic settled in and working from home became the norm, consumers realized they needed to outfit their homes for work, school, play, and more. ECommerce sales blew up from purchasing electronics, appliances, and new furniture to gym equipment, gardening supplies, and remote learning devices.
Shoppers justified spending their budgets on everything to outfit their homes because they were not spending money on entertainment and travel. This trend is expected to continue through 2022, with supply chain limitations lengthening the buying process.
Tip #2: From furniture, appliances, and electronics to sporting goods and gym equipment, Centricity has product protection that covers them all. Ensure your eCommerce site prominently displays your extended service contract options and doesn’t just suggest them at the Shopping Cart stage.
Consumers want to feel less anxious about their purchases, and product protection is an easy way to ensure they complete their online transactions.
Consumers expect innovative ways to buy and receive their products, including online pick-up in-store, same-day delivery, and curbside pick-up. Early in the pandemic, curbside pickup increased by 600%, driven by store closings.
Tip #3: Businesses need to respond to this apparent consumer demand by ensuring their eCommerce sites have delivery options and are easy to use. Curbside and in-store pickup orders come with the expectation that they will be ready to go quickly. So there’s no time for manual reviews or lengthy fulfillment processes.
Does your eCommerce site speed the consumer through check-out? Make sure it’s easy to select the extended service contract option, which can be added to any delivery option.
Understanding your customers is the most essential element of making sure you are meeting their needs. Your online shopping site should provide easy ways to add product protection during purchase.
Centricity offers comprehensive product protection to help retailers and manufacturers create loyal, happy customers. Contact us today for more information if you want to optimize your eCommerce site to boost your online sales.