Manufacturers, retailers and other online businesses who faced the change and growth of ‘online sales’ in their commerce game know that addressing to the potential and actual online customers is a crucial part for their success. In 2020, many trends have been set in online sales, especially with the COVID-19 pandemic. Since because a global pandemic breakdown caused a havoc in the world’s economy, all of the businesses faced the evolution of sales in general.
Why Need Price Monitoring
Within the changes that came with pandemic, people had to spend more time at their homes for their quarantining and self-isolation; many businesses faced lock downs all over the world; and online businesses and online orders grow faster. This situation caused the general shopping trends’ change for the advance of online sales. Even the shops started to open and receive normal customers now, people decide to spend their money online. This is a change of sales trends. And it seems like even the COVID thread passes, online shopping experiences are going to stay in our lives. According to the statistics, 82% of customers are going to shop online even the pandemic is no longer in our lives. 94% of customers are looking the prices of online sales more and 80% of customers are looking to spend for groceries online.
With this kind of an importance in online sales and changing trends and habits of online shoppers, it is crucial for any business who would like to stay in competition of commerce to keep up with strategies. To sell more and gather more profit from online shoppers can be tricky situation. It requires necessary data, information and strategy for sales. To have these kind of data, advanced technologies of Price Monitoring and Price Intelligence will be used more and more in the recent future.
According to a new statistic, at the end of 2020, 3.9% of average decline will happen to global retail sales and it will cause $1.2 trillion. This number forecasts that online sale is the only way for any business to keep up with this recession. In North America retail online growth is about 18.5%, meanwhile in Europe is about 17.7%. The same retail online growth rates are going to be 23.0% for Latin America and 13.1% for Asia Pacific countries. Online sale is better option for pure play e-commerce, groceries, general merchandise and home improvement. Especially the grocery industry is taking another step for online sales within the self-quarantining process. And it is expected for them to grow more and more in 2021.
With all of these numbers, manufacturers, retailers and brands who would like to sale online are focusing on more of digital experiences for shopping and they try to gain the attention of online shoppers.
So, how businesses should expand their clientele in 2020?
Digital approach always helps to people who would like to sale more. Digital touchpoints are crucial for decision making of customers. This is why having a digital access point to the customers is a must. Also, consumer demographics are becoming more and more Gen Z and Millennials. Those two demographics are purchasing more online. This is why having more than one access point to them with promotion strategies can be crucial as well. Having a good online marketing strategy for different social media outlets is crucial.
Lastly, with more sales online, competition is going to grow and different manufacturers are going to come into play with different price tags. To keep up with prices and making shoppers stay away from counterfeit products, manufacturers and brand owners should keep an eye on Minimum Advertised Prices. For this, they should utilize an advanced technology of Price Intelligence.
With all the changes of online sales and differentiation of customer trends in 2020, manufacturers, retailers and other online businesses should look at their competition with advanced data gathering tools. To have such an edge in e-commerce, join PriceRest today!