In the first quarter of 2020, the United States accounted for $160.3 billion in retail sales through e-commerce channels. In 2019 alone, eCommerce sales increased by 11.1% more than total retail sales. This stat indicates that sales online are beginning to outperform more traditional methods of purchase. The growing ratio of online retail sales isn’t a new trend, either. Digital Commerce 360’s analysis of data from the US Department of Commerce reveals that eCommerce sales have been on the rise for over a decade. The COVID pandemic has only encouraged the popularity of eCommerce through the shutdown of brick and mortar stores.
At this point, it’s no secret to anyone that 2020 has been a trying year that has thrown all standard operating procedures out the window. As we head into the holiday season, there is still a lot of uncertainty ahead. Consumers are expected to spend about $50 less per person this holiday season, increasing competition among existing retailers to secure those holiday dollars. Marketing campaigns need to adapt, along with everything else this year, and follow retail best practices for COVID-19. This year’s best practices will be clearly different (vs last year), since brands are called to take much more complex decisions,
In recent years, customer engagement has grown to be the new buzz word among customer experience advocates. The more engaged your customers are, the more emotionally invested they are in your business, and hence more likely to advocate your brand. Given that study has shown that a 5% growth in retention can lead to 25% growth in future profits, it’s no wonder organizations across all sectors have embarked on passionate pursue in growing customer engagements from the leadership and down. As an industry disproportionately affected by the recent pandemic, retail businesses have extra incentive to provide distinctive customer experience to
The COVID-19 crisis has been devastating on businesses around the world, causing major disruptions to all business functions – from operations to supply chain management to marketing and sales. One of the sectors most affected by the crisis is the retail industry, as physical retail stores are ordered to shut down in cities across the world. Yet, despite all the trauma induced by this global pandemic, there is a glimmer of a silver lining out of this crisis. COVID-19 is considered to be one of the most impactful market disruptors in recent history, opening several windows of opportunity for businesses
As red and pink hearts begin to pepper the shop windows, it’s a reminder that Valentine’s Day draws near. Despite the proximity to Black Friday and Christmas period, Valentine’s Day remains one of the top holidays for boosting retail sales. In 2019, American consumers spent a record-breaking $21B on gift-giving during this period, according to the National Retail Federation (NRF), with younger millennials (age 23-29) and Gen X leading the spending. Whether if you have already started the Valentine’s Day retail marketing for your retail store, or still seeking ideas on what to do, you’ve landed on the right post.