As has been said since May, electronic commerce has accelerated, we have seen figures that were not expected for 5 or 10 years and, therefore, it is indisputable that 2021 will be loaded with news. Shopify has carried out a study to find out what will be some of the trends that we will find in 2021, “Future of e-commerce 2021”.
To develop the report, eCommerce and consumer data have been combined, to understand how the retail landscape will change in the coming year and how small businesses and independents are creating a new retail reality. And it is that everything indicates that this 2020 has not only accelerated exponentially a change in the way of buying but has set the precedent of what will be in the future: 84% of consumers have bought online since the beginning of the pandemic.
“ The importance of this relationship has never been clearer. In the immediate aftermath of a record Black Friday / Cyber Monday weekend, and closing one of the most disruptive years for commerce and the world, we are excited to look forward. Looking ahead, we see independent retailers and the next generation of consumers driving changes that will pave the way for an even brighter future of commerce. ”
The 5 trends highlighted in the report:
1. Young consumers will change the business landscape: as e-commerce progresses. More than half (53%) of the consumers interviewed have allocated most of their expenses to online purchases since the pandemic was declared, and of these, 67% have been young. This is also the majority demographic when it comes to pointing out that they like to discover and buy products through social media, prefer to buy green and sustainable products, and shop to have a positive impact.
2. Physical retail will transform, offering new advantages to local businesses. Features, new technologies, and omnichannel experiences will breathe new life into brick-and-mortar stores and enable businesses to take advantage of proximity to local consumers. Some of these strategies and technologies include contactless payments, appointments for in-store purchases, and alternative product pickup and delivery options.
3. Consumers want to shop independently and businesses will adapt to make it easier. 64% of those interviewed say they want to support local businesses, however, there is a great disparity between that desire and actual buying habits, since only 25% of those consumers say they have bought in an independent business.
4. More consumers will choose with their wallets, forcing brands to demonstrate authenticity, transparency, and responsibility as consumers increasingly support local businesses and sustainable products (for example, 60% of respondents say they prefer products ecological or sustainable). Following these same principles, 58% of the consumers interviewed say they buy at the neighborhood level to strengthen the local economy, and they do so because, according to 41% of them, doing so contributes to the creation of local employment and helps to Invest in their community (35%).
5. Modern financial solutions will revolutionize banking, finance, and business and consumer loans because traditional financial institutions are not empathetic to the current reality of entrepreneurs and small businesses. 36% of merchants facing challenges related to COVID-19 stated that “my bank or financial institution does not understand the needs of my business.”
The full study includes a comparison of data with other countries.