It wasn’t long ago that people relied entirely on brick and mortar stores. Visiting markets was the norm. Online shopping was only a pipe dream back then, but look where we are now.
As the world’s economies sank, online businesses took the lead and sustained commerce, preventing an economic collapse. Here are some more reasons why people are relying on online shopping more.
McKinsey conducted a survey in March 2018 that targeted 2,500 buyers across the globe, including 1,000 Americans. The survey’s objective was to see how buyers researched and bought consumer packaged goods (CPG). Results showed that CPG orders were mostly placed online. It also proved that industries that previously relied on offline sellers were experiencing a major shift to e-commerce.
These statistics did not just focus on the US; the trend was seen in 40% of French buyers, 39% of British shoppers, and even 33% of Germans.
These findings prove that the shift from offline buying to online purchasing goes further back than the advent of the coronavirus. Even though the lockdown may have spurred further online activities, it wasn’t the root cause.
Wide Availability of Products
If you’ve been stuck on a dress that you saw in a store days ago only to find that they’ve run out of sizes, you know how disappointment feels. Even though the limited inventory and lack of availability dishearten buyers, it also sheds light on a bigger problem.
Brick-and-mortar businesses face limitations that online businesses can easily overcome. This includes wider availability of products. Online businesses can get real-time updates from the warehouse about stock availability and update the website. This allows buyers to find the products they need more easily. This has propelled stupendous growth in e-commerce as well.
Last but not least, the pandemic has changed the world of commerce. As states enforced strict lockdowns and marketplaces shut down, there was a need for alternatives. A survey called COVID-19 and E-commerce examined how digital solutions came to the forefront and changed the way people shopped.
Shoppers visit online websites and retail markets more frequently now, and economies rely heavily on e-commerce to generate more revenue. If nothing else, global economies are contingent on the continued success of e-commerce to reimburse the losses that came about due to the past year.
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