SUMMARY: Stuck at home and unable to spend as much as they normally would in restaurants, bars, and cinemas, consumers have accumulated $1.6trn in excess savings during the past year. They’re ready to spend, but what will they find when they return to brick-and-mortar stores?
SUMMARY: As more and more baby boomers move online, retailers and consumer goods brands are scrambling to meet them there with round-the-clock customer service, detailed nutrition information, and interactive videos aimed at simplifying e-commerce for the uninitiated.
SUMMARY: 93% of consumers used the internet to find a local business in the last year, with 34% searching every day and 87% of consumers read online reviews for local businesses in 2020 – up from 81% in 2019. Nearly nine out of ten (89 percent) consumers worldwide make the effort to read reviews before buying products (Trustpilot, 2020). Consumer reviews can make or break your product/brand.
SUMMARY: It’s estimated that 60% of online advertising dollars are being shifted to Amazon but is it really worth it? Although Amazon.com has many advertising choices, advertisers’ abundance of paid ads is making it harder for your ad to stand out.
SUMMARY: Online sales were set to increase between about 20 and 40 percent from 2019 levels on Black Friday, according to estimates from Adobe, although the analytics group pared back earlier forecasts for an even bigger jump. It recorded $5.1bn worth of eCommerce orders on Thanksgiving — almost half from smartphones. The key question is will this trend last?
SUMMARY: Poor usability is a known factor in cart abandonment. The top 23 sites all gross over $1 billion per year but have a 44% worse checkout user experience. At the average abandonment rate of 68% each of these sites could be losing $3 billion, if not more.
QUICK READ: eCommerce sales are up in double-digits but in this, in this author’s opinion it won’t last. We all know that the reason eCommerce sales are up is that people are afraid of the pandemic but with the rise in eCommerce comes the responsibility of treating the customer like Amazon treats the customer.
QUICK READ: Many DTC brands are failing customers because of poor customer service. Amazon.com has set the bar high and people want to be treated like valuable customers, not just numbers.