The future of e-commerce: 5 shopping habits that the pandemic has changed

 

2020 has undoubtedly left its mark in every sense, and commerce will be no less, online commerce was born to stay and 2020 has proven it.

This year, the development of the digital industry has accelerated by at least 10 years.

The new reality after the arrival of the pandemic has forced businesses to adapt to real needs in order to survive, and online commerce has been the salvation of many physical businesses that have been forced to close their stores.

Online commerce is undoubtedly a good bet for a business, a sector that is undergoing great evolution and growth, which projects very good figures for next year, with great growth.

Customers are making purchasing decisions in a different way than we were used to, and many of them are experiencing online shopping for the first time. People who had not planned to be online shoppers have discovered a new, convenient and effective way of shopping, so the system is here to stay.

Market trend predictions for e-commerce for the coming year:

1. Ecommerce growth will continue to accelerate as purchasing patterns evolve more quickly

• Young consumers are driving the rise of e-commerce, which will change the way brands do business.
• Consumers are hesitant to return to in-store shopping.

2. Consumers want to shop independently. Businesses will adapt to make it easier

• Buyer intentions lean toward independent businesses.
• Shoppers’ intentions to support independent businesses are not yet reflected in their purchasing habits.
• To encourage consumers to act on their desire to support small businesses, independent retailers can highlight the benefits of their business models and adopt the features that large retailers and marketplaces offer to meet price and reliability needs.

3. Physical commerce will be transformed as we know it: it will give rise to local businesses with new advantages

• The pandemic has changed shoppers' perception of shopping in stores.
• Resilient retailers will look to technology and experiences to meet customer needs.
• The desire for alternative in-store pickup and shipping options is growing rapidly as proximity becomes a powerful selling feature for merchants.
• Retailers will also adopt new health and safety measures to prevent negative in-store experiences for consumers.

4. More buyers will vote with their conscience and their wallets

• Shoppers support local businesses for moral reasons as well as convenience.
• Reasons to buy in the local market
• Despite these stated values, shoppers' intentions to support local businesses are not yet reflected in their purchasing habits.

5. New business models will disrupt business and consumer economics, finance and lending

• COVID-19 has forced businesses to not only delay their plans but also dig deep into their personal savings to keep their business afloat.
• Traditional financial institutions are not equipped to empathize with the current realities of entrepreneurs and small businesses.
• When selecting a bank, the quality of the digital user experience is an important factor for business owners, especially those just starting out in entrepreneurship.
• Long-standing businesses are turning to new online payment services to pay for their business expenses.
• Payment plans and installments have grown in popularity.

Highlights of Spain

• 53% of consumers agree with the statement "I've spent more on online shopping compared to what I spent at the beginning of this year"
• This is significantly higher for younger consumers (18-34) (62%) compared to middle-aged (35-54) (53%) and older (55+) (45%) consumers.
• 87% of Spanish consumers have purchased online in the six months since Covid-19 was declared a pandemic.
• 25% of Spanish consumers have purchased from a local business in the six months since Covid-19 was declared a pandemic
• The top reasons for shopping at locally owned businesses include: experiencing good customer service (35%), having a positive impact on society (35%), purchasing unique products (33%), and discovering new products (29%)
• The majority (68%) of consumers who purchased from an independently owned business found them through recommendations from friends and family, followed by walking around their neighborhoods (59%)

• 77% of consumers agree with the statement " Buying from local merchants is my way of helping the economy" and 74% agree with the statement " I look for local businesses to support their business " yet only 35% of consumers have purchased locally in the past six months.
• Older consumers (55+) (83%) are more likely to agree with the statement "Shopping at local businesses is my way of helping the economy" that middle-aged consumers (35-54) (74%) and younger ones (18-34) (72%)
• The top reasons for buying locally include: strengthening the local economy (58%), helping support job creation (49%) and investing in their community (40%)
• 60% of consumers agree with the statement " I prefer sustainable or “green” products when shopping "
• 62% of consumers feel that the ability to donate to a cause with every purchase is relevant to them
• Women (67%) are more likely to feel this is relevant than men (58%)

When asked what would improve their in-store pickup experience, shoppers said:

• 29% preferred to receive text message updates informing them when they could pick up their orders.
• 29% said that more pickup times would improve their experience.
• 28% preferred a faster time between order and pickup.
• 23% said a determining factor would be better signage at the pickup location and/or precise and detailed pickup instructions on the website.

What does the future hold for the e-commerce sector?

None of us could have foreseen what 2020 would bring...

Although unexpected, the pandemic accelerated a shift in purchasing habits that was already occurring, reinforcing our prediction that these consumer trends have staying power.

The companies that will survive a global pandemic are those that are willing to adapt to changing times and meet buyers where they are.

Do you have a business idea?

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Posted by Marta Ventura, CEO of The Network, Publicist and Shopify Partner Expert Spain.