Are the days of brick and mortar stores over?
Ah, the good old days of brick-and-mortar shopping. Remember those? You know, when you had to put on pants, get in the car, and actually go to a store to buy stuff? Well, say goodbye to those archaic times, my friends, because the e-commerce trend is spreading faster than you might think.
Many companies are now switching to e-commerce platforms to enhance their businesses – this switch can largely be attributed to the effects of the COVID-19 pandemic. According to the EY Future Consumer Index, 60% of US consumers are visiting brick and mortar stores less than they did prior to the pandemic. The global pandemic that's been wreaking havoc on our daily lives has also managed to do something positive – it forced companies to embrace e-commerce like never before.
Let’s talk a little bit about why adopting an e-commerce platform will enhance your business and how Poeta Digital can help you on this journey.
Although the COVID-19 pandemic gave businesses the push to adopt e-commerce, the digital revolution of retail was already in the process before the pandemic. Let’s face it, the consumer demographics are changing and the younger generations are more attached to the online environment. One of the main reasons a lot of consumers prefer online shopping is convenience.
People have realized that shopping in their pajamas while binge-watching their favorite shows is far more enjoyable than battling the crowds at the mall. It may come as a surprise, but convenience leads to more spending.
During the COVID pandemic, the total average order value (AOV) in retail sectors increased by a whopping 75% from 2020 to 2021 (Sale Cycle). This means that consumers were spending much more than usual when the world went online. It was also found that cart abandonment rate significantly declined during the pandemic and continued to decline after the pandemic. It seems that consumers are getting used to e-commerce as their primary form of shopping
Now, with that in mind, you do not have to ditch your brick and mortar stores; however, introducing e-commerce as an additional method of sale will be your best bet.
E-commerce provides a much more comfortable shopping experience for the customers where they can get all the retail therapy they need, without ever having to leave their homes. Along with that, e-commerce allows the company to reach a much wider audience. With the ability to ship products all around the world, companies can expand their customer base beyond their local community. But of course it’s not all about the money – e-commerce opens up the opportunity for companies to track valuable shopping analytics that would not be accessible through physical stores.
So why wait? If you do not have an e-commerce platform for your retail business, it’s time to adopt one, especially as the demographics continue to change. Poeta Digital will help you through every step of the way. We will sit down with you and discuss your business needs and goals and develop the building block for your business’ e-commerce success.
If you already have an e-commerce platform, do not hesitate to chat with us about how we can take it even a step further. Reach out to us at poetadigital.com/contact and let’s get this party started! And who knows? Maybe one day you'll be able to tell your grandkids about the good old days when people actually had to leave their houses to buy things.