expected online retail sales in the U.S. by 2022
Online retail sales in the U.S. alone are estimated to reach over $500 billion in 2022. The acceleration of digital transformation in the last two years has changed the game for most online sellers, and trends continue to evolve. The most successful retailers have pivoted and developed new strategies to address the industry disruption.
Over the last few months, we’ve illustrated seven commerce trends that every retailer must understand to stay customer-centric, profitable, and ahead of the competition. Below you’ll find a short summary of each trend and link to each article for further reading, as we discuss ways to make your business stronger, safer, and more agile.
1. Ecommerce adoption and digital transformation has accelerated at an unprecedented pace
Consumer behavior has shifted enormously in the past two years and accelerated many ecommerce trends that were already on the horizon. Understanding the impacts of shifting consumer behavior is critical as preferences for personalized, meaningful experiences continue to evolve, as we explain in How Retailers Can Respond to Rapid Digitization and Shifting Consumer Behavior.
2. Personalized experiences will lead to higher loyalty and profitability
Research shows that 80% of consumers prefer a personalized customer experience. Unfortunately, personalization is one ecommerce trend that many retailers don’t fully understand. In Personalization and Its Impact on Loyalty and Profitability you’ll learn the true definition of personalization, how to measure its business value, and ways that AI and deep data insights can help build more personal connections with your customers.
3. Retailers must operate efficiently to compete with low-cost mass retailers with sophisticated supply chains
While most retailers are focused on strong marketing strategies, your supply chain capabilities must be viewed as an important part of the customer experience as well. In our article 3 Common Supply-Chain Weaknesses Retailers Must Solve we explain ongoing disruptions to fulfilment, the impacts of limited supply on your business, and ways to respond that can create a richer, more robust omnichannel customer experience.
Today's consumer demands seamless, omnichannel shopping experiences. Are you enabling them?
4. A range of fast and convenient fulfillment options is critical for retailers to drive conversion
As we explain in How Retailers Can Drive Conversion Through Flexible Fulfillment Options, customer fulfillment preferences have changed dramatically in the past two years. Hybrid fulfillment services like in-store and curbside pickup have grown in popularity, and fulfillment options like same-day pickup, same day home delivery, and pickup lockers (among others) mean you need to understand your customers’ preferences from ordering to receiving your products.
5. Mobile is now present in all aspects of shopping experiences
Americans have spent nearly a third of their total media time on mobile devices in 2021, and online shopping trends in particular need to be increasingly mobile-enabled. In Mobile Commerce Trends in 2021 and Beyond we provide more statistics on mobile retail trends, explain how to complement the in-store experience with mobile commerce, and why mobile needs to be as robust a part of the omnichannel experience as any other.
6. Third-party marketplaces have opened new markets for retailers
Global sales from online marketplaces topped $2.5 trillion in 2020, and this is one of the main commerce trends that could deliver huge new revenue opportunities for your business. There are many benefits to online marketplaces, including low cost of entry, speed of setup, scalability and others. We explain how to take advantage of the fastest growing ecommerce trends in Online Marketplaces Create New Opportunities for Retailers.
7. As safety and security concerns rise, customers demand safe, secure interactions with retailers' brands
The explosive growth in online retail revenue combined with increasing customer demands for personalized experiences is causing increased concern about ecommerce safety and security. With more than two-thirds of consumers reporting that they’ll stop engaging with a brand when security has become an issue, you need to make sure that your business is safe. In Retailers Face Rising Concerns for eCommerce Safety and Security, you’ll learn more about how Avtex can help you provide secure payment options and ensure the privacy of your customer data.
Evolving commerce trends can seem overwhelming, especially when accompanied by a continuing boom in online shopping. Fortunately, Avtex can help design and build ecommerce capabilities that will keep you ahead of your competition. Here’s how:
Unified Commerce Solution
First, Avtex provides a unified commerce solution. Leveraging the Microsoft tech stack, everything you need is built-in to one unified and integrated commerce solution. Whether you need POS, eCommerce, marketing, fraud protection, contact center, or other capabilities, Avtex will help you design a unified platform that enables you to deliver omnichannel, consistent commerce experiences.
Rapid Time to Value
Second, Avtex delivers rapid time to value. Avtex can get any retailer up and running with a unified commerce solution in 2-4 months time. No other Microsoft partner can match this fast implementation time offered by Avtex.
Finally, Avtex always leads with a customer experience focus. CX is in our DNA. We lead with the experience. Everything we implement is designed to help you deliver a customer experience that brings your brand to life and differentiates you in the marketplace. We have the people, processes, and technology in place to help you deliver superior commerce experiences.