Predictions for the growth of ecommerce prior to March 2020 were shattered as soon as the pandemic swept around the world. Social distancing, closed businesses, and sheltering in place have changed consumer behavior significantly. The convenience of online purchases has accelerated the growth of ecommerce.
From March to April 2020, online shopping for non-grocery products rose from 9% to 28% of shoppers who previously shopped in physical stores. Additionally, 60% of consumers who shifted to online shopping during the pandemic plan to continue this new way of buying.
Entrepreneur points out the importance of ecommerce. “While the reasons why someone prefers digital shopping may vary from person to person, the end result is the same. Retailers that do not have an ecommerce system in place could lose significant revenue in the years to come as buyer habits become increasingly digitally oriented.”
Advantages of Major Platforms
Having your products on larger ecommerce platforms means you’re placing products in places where people already virtually shop. It may be easier for your customers to do one-stop online shopping than to visit your brick and mortar or your own online store.
Additionally, customers comparison shop across multiple platforms before deciding to purchase. A presence on multiple platforms with a broad reach increases consumer confidence in your brand and products.
Becoming a Contender
If you don’t have a presence with the major ecommerce players yet, there are a few things you need to consider before making the leap.
- Inventory. Do you have the inventory to sell products on a larger scale? Is upscaling possible if the market demands it?
- Order processing. Do you have a warehouse or third-party logistics company (3PL) to help with order fulfillment?
- Catalog. Does your catalog have the potential to expand with more offerings in the future?
- Bandwidth. Does your company have the capacity to work with other platforms and manage the important communications with those platforms?
Major ecommerce platforms aren’t one size fits all, so it’s best to learn the difference between them and find the right fit for you.
If you have questions about working with larger platforms or how to set your company up for major ecommerce success, contact us.