Future of eCommerce
24th July 2020The Future of eCommerce: Even Brighter than Before?
eCommerce businesses were already seeing strong market growth, particularly with advancements in digital technology making it easier for people to shop online.
It has now been suggested that Covid-19 will have a lasting positive impact on the continued growth of eCommerce businesses. According to an article by Econsultancy, UK retail prices dropped by 2.4% in May, the largest drop since 2006. This drop is thought to be driven by non-essential retailers as a method of enticing shoppers to continue to purchase products, despite the economic uncertainty this pandemic has brought.
Although prices of non-essential items have dropped, it isn't thought to have much of a negative impact on those businesses that have reduced their prices. This is due to eCommerce retailers having fewer overheads to pay for. The creation and maintenance of a website that supports online purchases is going to cost much less than the rent and maintenance of a brick and mortar store (and let's not forget the cost of electricity bills too!).
As a result of lockdown forcing non-essential shopping to be made online, 2 in 5 UK shoppers say they will make more online purchases once lockdown ends. Those aged between 25 - 36 are most likely to increase their online shopping habits, whilst 31% of 56 - 65-year olds have also vowed to increase their online spending habits once the pandemic has passed. Older consumers are now embracing shopping with eCommerce businesses 15% more than in previous years. This rise in new audiences willing to shop online is likely to accelerate the growth of eCommerce substantially, and for a long time after the outbreak has passed. In comparison, only 6% of shoppers claim they will make more of an effort to shop in-store once lockdown eases completely.
For those businesses wanting to capitalise on the growing e-commerce market and reach even wider audiences, the Local eCommerce package from LOCALiq gives you more than just an eCommerce website. They will provide you with a stylish and functional website optimised for online selling, along with everything you need to effectively promote your business to the audiences that matter. As well as a digital consultation and audit, they will provide you with training and a highly targeted digital advertising campaign that promotes your products to local audiences.
For more information on what the Local eCommerce package provides, and how it can help your business achieve its objectives, email Josh Holmes, Head of Digital for LOCALiQ Cumbria today.
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