Sustainable retail success requires a thorough understanding of the journey that your customers embark on, from initial interest and product prospecting to post-sale support, and every step along the way.
The retail industry has undergone major changes over the years but the magnitude of these changes was never so pronounced before the world got hit by the COVID-19 pandemic. In the wake of the ensuing restrictions and lasting changes in consumer behavior, many retailers are realizing the potential of digital commerce and expanding new sales channels to stay afloat in these unprecedented times.
Today, most users browse websites on their mobile devices. Mobile commerce continues to grow every year, and currently accounts for 60% of total digital market growth.
87% of buyers begin their journey by searching for products on their phone, but 38% of mobile users say they are unable to navigate sites properly on mobile devices. Delivering an intuitive and engaging mobile experience is essential.
In 2020, 61% of the web traffic originated from mobile devices. Revolutionary development in mobile technology and the evolution of social media culture have changed the way customers engage online with retailers and brands. Their preferred route to access the internet is through mobile. Mobile commerce sales generated from smartphones will reach $432.24 billion in 2022. Now we see rapid evolution and boom in the adoption of mobile commerce and digital payments by the retail industry and many others.
If there’s one thing that the past COVID-affected year and a half has taught the retail industry, it is the importance of a substantial e-commerce presence. With the brick-and-mortar model highly affected globally, both small and large-scale companies lately have needed to adapt their strategies to the new realities if they wanted to be competitive and/or profitable in the marketplace.
As retailers wrestle with the corollaries of the global pandemic, many are hastening their plans and devising effective strategies to remain relevant in the new normal. The retail industry cannot afford to remain in wait-and-see mode; therefore, they are accelerating their digital transformation and modernization initiatives.
Despite the global pandemic taking a massive hit on many brick and mortar retail businesses worldwide, the future of eCommerce looks brighter than ever. Capitalizing on the upcoming eCommerce trends, retailers are feverishly transitioning to online selling platforms, while fresh entrepreneurs are kick-starting new D2C ventures online.
The shift of businesses from offline to online channels has driven double-digit growth year after year, with 2020 being no different. Despite the pandemic taking a massive hit on businesses worldwide, the future of eCommerce looks bright. Retailers are transitioning to online selling platforms while fresh entrepreneurs are kick-starting their ventures online.
The mortgage market has experienced immense changes in the last few months. Most lenders have been forced to adapt swiftly and respond quickly to new needs, opportunities, and challenges.
Retail industry is dynamic; it is always adapting to better cater to the changing customer needs, preferences, and behaviors. The past decade has seen advancements that have propelled the retail industry dramatically forward. No matter how much the industry changes, one idea will stay the same: “Customer experience is paramount.”