The pandemic has changed the world in unimaginable ways; in order to remain relevant, retail and e-commerce stores have significantly evolved over the past couple of years.
Increase in Online Stores
Throughout the pandemic, the presence of online retail continues to increase. According to a recent survey by Mirakl, 92% of U.S. shoppers said they plan to not only continue to shop online, but plan to more often. Along with that, Shopify has seen its largest annual revenue growth to-date, with a 57% increase over the prior year.
Online marketplace growth brings about new challenges for retailers. Navigating the world of online shopping is more important now than ever before, however, creating and cultivating customer relationships can be daunting. Investing in a SaaS platform helps address these challenges by providing merchants improved visibility to the customer experience affording opportunities to nurture relationships and employ timely continuous improvement efforts.
It is critical to develop efficient delivery systems today, with only 21% of shoppers still willing to forgive retailers for inconveniences due to the pandemic, as found by the EY Future Consumer Index. Curbside pick-up has become a popular option if your online store also has a brick-and-mortar storefront. Wait time is an essential component for customers when they are considering purchasing from a store; the lower the wait time the more likely a customer will buy from you.
Supply shortages are seen all around the globe with 940 of the Fortune 1000 companies stating they have seen supply issues. Shortages are seen in a ripple effect, where if there is a disruption in one place, it will be seen across the globe. For example, ports or factories being shut down due to outbreaks along with the scarcity of any one product will affect the entire global supply chain. Because this issue is likely not to go away anytime soon, the best thing a business can do is take a deep dive into their own strategies and re-think the way they can take advantage of what they do have to offer rather than what they cannot. Pushing the inventory that you do have and shying away from what is out of stock will help with keeping your business alive.
Although we are entering our third year of the pandemic, the changes we have seen from the beginning are not going away. Instead, the changes are shifting the way the world thinks and works, with retail and e-commerce taking one of the biggest hits. Rather than being afraid of the challenges, businesses need to adapt in order to succeed.