The past 12 months have brought some weird and wonderful changes particularly in how we do business, here we take a deep dive to see how these trends will help the economy bounce back.
One of the knock on effects of the 2020 global pandemic is that the simple act of leaving our house to visit our favourite shops has now become more of a chore than a fun task. It is projected that global eCommerce revenue will total $2.4 trillion in 2020. Additionally, revenue is expected to show an annual growth rate (CAGR 2020-2025) of 7.4%, meaning the projected market volume of $3.1 trillion over the next 5 years.
You might have heard a lot about starting an online business, and it’s probably all true. It is a competitive playground that tests even the savviest of entrepreneurs. Nevertheless, it is worth grabbing a piece of the pie. Best of all, it is the easiest way to become a globally recognised brand. Read our “Tips for Boosting Online Sales” for a better understanding of how to get noticed by potential customers.
Furthermore, mobile sessions account for 39.6% of all retail sales, which is expected to jump to 53.9% in 2021. The ability to shop on the go is very much evident. So, it is not enough to just have an operating eCommerce site, to be fully successful you need to optimise your site for mobile.
In this blog, we dive into the changes and trends that have occurred over the last 12 months and the effect these will have in piecing back our economy.
From Panic Buying to a Rebounding Economy
Taking a look back to March when the lockdown lifestyle became the new normality. With crowds raiding supermarkets for food and – who could ever forget – toilet paper. Survival was the keyword for both people and brands. Foreseeing a harsher, but a shorter crisis, some businesses opted on closing shop instead of trying to cope with the situation.
Nine months down the line, we can look back and see that refusing to adapt was a crass mistake that cost some companies more than they had to spare. After the initial shock, costumers resumed activities, and after the initial wave of the Coronavirus, companies that decided to hold their ground saw a return on sales.
With two lockdowns behind us, the Irish economy seems to be climbing back to a new normality. The recent reopening of businesses as the HSE’s decision of bringing the whole country back to level 3 has shown positive results, with estimates showing that the numbers reached in 2019 Christmas season might be achievable again.
Key Trends of Online Stores in 2020
Online stores had stopped being a luxury to a necessity. Before covid, we assumed some businesses were not meant to be conducted online, but that has changed. Nowadays, anything can be purchased online – from fine dining restaurants, that simply abhorred the idea of delivering food, and had since created different products to sell online, such as the popular “Cook-at-home” boxes to online property purchasing, with 3d open house events and mapping being more popular than ever.
Specific to Irish markets, many studies from before the pandemic pointed out that Ireland had a larger than usual gap between online and offline stores. That was the reasoning behind governmental programmes such as the trading vouchers, which allowed small brick and mortar to quickly set up digital shops. The initiative was a massive success, with over 56% increase in new .ie domains being registered this year.
What if I Already Have an Online Store?
Even well-seasoned online stores have benefited from this crisis. With an increase of over 52% in online spending across Ireland, opportunities are plenty and readily available.
After the first lockdown finished, safety was still on top of customers lists. That led to the development of a mixed approach to sales, with e-commerce becoming more prominent to close purchases after looking at products in-person. This was already a common practice for large department stores, but throughout 2020, even brick-and-mortar ventures saw that trend skyrocket.
Another example of changes we will continue to see in the future is online checkout, live pick-up, where customers close a deal online using click to collect systems. Investing in creating experiences that emulate the ease-to-purchase online are key to online shopping in 2021 and beyond.
We Can Help you put Your Store Online Quickly and Easily
As all businesses that faced challenges and rose above this year, Webbiz has adapted and evolved during 2020. We are well-aware of the issues many companies face while setting up online stores and had developed a quick and easy platform to get your online store up or optimize your current system.
Get in touch and together we will make your project a reality.