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E-Commerce is absolutely booming. @Shopify released a report on 'The future of E-commerce'. It's a must-read for anyone invested in any E-commerce company. You can download the report via Shopify's link: https://bit.ly/36SBPxc
Here's a thread on what I liked + my opinion:
Here's a thread on what I liked + my opinion:
1/ "Young consumers will change the business landscape as ecommerce charges ahead."
- 67% of young consumers shifted to online shopping compared to earlier this yr
- 57% of adults aged 35-54
- 41% of adults 55+
No surprise that young consumers will be driving the change ahead.
- 67% of young consumers shifted to online shopping compared to earlier this yr
- 57% of adults aged 35-54
- 41% of adults 55+
No surprise that young consumers will be driving the change ahead.
2/ Old habits die hard, and it seems like the younger generation are developing new habits right now. Everyone loves convenience, and now everyone's gotten a taste of it. Will their be a major shift away back to the norm long-term? I doubt it.
3/ "Young consumers are also more likely to shop via social media."
Well duh. But here's the cool part:
- 54% of young consumers who purchased from independent retailers discovered the brand via social media.
- 43% of adults aged 35-54
- 25% of adults 55+
Well duh. But here's the cool part:
- 54% of young consumers who purchased from independent retailers discovered the brand via social media.
- 43% of adults aged 35-54
- 25% of adults 55+
4/ "Consumer intentions lean toward supporting independent businesses.
No surprise that consumers want to help SMBs, but this shift hasn't been reflected in the shopping trends yet.
50% of consumers surveyed say they support independent businesses, but only 29% shopped there.
No surprise that consumers want to help SMBs, but this shift hasn't been reflected in the shopping trends yet.
50% of consumers surveyed say they support independent businesses, but only 29% shopped there.
5/ Consumers still spend a lot of time at big box retailers, for a few obvious reasons including good product selection, lower prices and reliability.
6/ Another big reason is fast and free shipping. As E-commerce companies like Shopify help drive delivery time down via focus on logistics, we should see more and more consumers order via SMBs (in my opinion).
7/ "More consumers will vote with their wallets."
No kidding here. Social media & E-commerce in 2020 has made it so easy for consumers to drive change.
Key stat here: "During the month leading up to Black Friday/ Cyber Monday, GMV for *local ecommerce orders grew 168% YoY."
No kidding here. Social media & E-commerce in 2020 has made it so easy for consumers to drive change.
Key stat here: "During the month leading up to Black Friday/ Cyber Monday, GMV for *local ecommerce orders grew 168% YoY."
8/ "Modern financial solutions will disrupt business and consumer banking, finance, and lending."
Traditional banking isn't exactly loved anymore.
60% of merchants (w/ business tenure of 5+ yrs) are using online payment services to pay for business related expenses. $PYPL, $SQ
Traditional banking isn't exactly loved anymore.
60% of merchants (w/ business tenure of 5+ yrs) are using online payment services to pay for business related expenses. $PYPL, $SQ
9/ Buy now, pay later is just starting to grow.
Main reasons for choosing BNPL:
- "It was easier on my budget to pay in smaller chunks."
- "I wanted to take advantage of a good deal now."
- "It's better than a credit card because it's interest free."
Love the first 2 reasons!
Main reasons for choosing BNPL:
- "It was easier on my budget to pay in smaller chunks."
- "I wanted to take advantage of a good deal now."
- "It's better than a credit card because it's interest free."
Love the first 2 reasons!
