According to Salesforce data, the global revenue from online sales increased by 71% (YOY) during the second quarter of 2020.
E-Commerce sales surged as lockdown and stay-home measures were implemented, as consumers shifted online to shop for necessities.
While this may seem like great news for online retailers, many were in fact concerned about product availability and being able to meet this demand during the first two-quarters of the pandemic. Now the question is: will retailers be able to deliver in a sustainable manner, after taking into account the costs associated with e-commerce?
“To succeed in e-commerce, you need to have the right assortment, then make things easy to find, purchase, and get delivered. This is the genius of Amazon. But there are definitely opportunities to make online shopping more ‘fun’. Livestreaming is one. AR (augmented reality) and other means of enhancing utility are another,” Michelle Whelan, CEO of commerce agency Geometry U.K., told CNBC via email.
Indeed, some retailers have expanded to social media platforms to maximize their online reach. Apps like TikTok, Taobao Live, and Facebook Live have been used as an alternative channel for promoting products with influencers or key opinion leaders with a huge following.
With the increasing number of internet users around the world, online sales will definitely continue to grow. How else do you think online retailers can improve the online shopping experience and become more efficient with sales?