Many small businesses rely on foot traffic, word of mouth and local events to reach new customers. But since the COVID-19 pandemic hit in early 2020, many businesses have had to re-evaluate how they marketed their brand to reach their target market. And small businesses were no exception, in fact, they likely had a harder time with this transition than bigger brands with the cash to back up this pivot.
For smaller brands without the marketing team and cash rearing to go, they had to get savvy to start their own eCommerce site. From creating brand-new websites on platforms like WordPress or Shopify to updating their existing sites to be a little more user-friendly, there were plenty of small business owners taking to their laptops while their storefronts were closed to the public.
Those that did make the leap saw it pay off in droves, as more consumers turned to online shopping than ever before. This is especially true for those who took extra time to research their target audience to learn what they need and how they like to shop. Research, while usually reserved for larger companies with a bigger customer base, is crucial to any small businesses success when selling online.
To help new and old business-owners alike, the team at WebsiteSetup has gathered up over 80 key statistics on the growth of eCommerce below.
Generally speaking, the eCommerce industry saw a variety of trends take hold last year that business owners need to be aware of. Sales hit a record $794.5 billion in 2020, a 32% jump from 2019’s sales. And when you look ahead, this trend shows no signs of slowing down anytime soon. In 2021, over 2.1 billion shoppers are expected to make online purchases of goods or services.
So what can business owners take away from these stats? That the eCommerce industry is hot, and will be for the foreseeable future. And if the idea of creating your own website seems daunting, there are plenty of platforms out there to help you get the job done. And using a third-party platform won’t hurt your sales either. WordPress powers over 39% of all websites and Shopify saw a 62% increase in new stores created in just one month of 2020.
Reaching your target market
The most important part of any business is the customer, and that’s why small business owners need to go a step further in their research efforts to understand their customer base. From learning what discounts their customers respond to best to see what products sell best based on the demographic, there is a ton of valuable information just waiting to be discovered.
In addition to individual customer data, looking at consumer trends as a whole can be beneficial as well. For example, consumers have always prioritized convenience over cost, willing to pay more for expedited customer service or quick shipping. In fact, almost all (98%) of consumers will be more loyal to a brand if they offer delivery services. And if your target market is known to rarely use the internet, think again. Since the pandemic, many 50+ shoppers have shifted their habits to online orders, and likely will continue this post-pandemic as well.
For more information on how the COVID pandemic has affected eCommerce and the full list of statistics, head over to WebsiteSetup for more information.