- There's a growing shift from brick-and-mortar to digital shopping.
- Online retail purchases are projected to account for 22% of global retail purchases by 2024.
It's no secret that the COVID-19 pandemic has profoundly impacted how we live and work. Perhaps one of the most significant changes has been the widespread adoption of online shopping. For many of us, buying groceries, clothes, and other essentials online is now the new normal.
And while there are still some individuals who prefer to shop in person, it's clear that the pandemic spurred a permanent shift in consumer behavior. According to a BanklessTimes.com data presentation, online shopping will continue to grow. The site reports that online retail purchases will account for 22% of global retail purchases by 2024.
BanklessTimes CEO, Jonathan Merry, has been studying the trends in online retail purchases, and he's seen some amazing growth.
In the past few years, we've seen a tremendous increase in online retail purchases," he says. "And it's only going to continue to grow. People are becoming more comfortable with buying online, and companies are getting better at meeting customer demands.BanklessTimes CEO, Jonathan Merry
Merry asserts that this growth is good news for online retailers and consumers. With more people shopping online, retailers can offer greater selection and convenience, and consumers can enjoy the benefits of competition.
What's Behind the Growth in Online Retail Purchases?
There are several reasons why online shopping has become so popular in recent months. First, it's simply more convenient than going to a store. With online shopping, you can order what you need from the comfort of your own home and have it delivered right to your door.
Second, online shopping is often more affordable than traditional brick-and-mortar stores. Thanks to competition from online retailers, prices for many items are now lower than ever.
Finally, online shopping is often more fun and exciting than going to a physical store. With so many products and deals just a click away, it's easy to get caught up in the excitement of finding that perfect item at a great price.
What Does the Future Hold?
Three trends are going to be crucial in the evolution of online shopping. The first of these is Mobile shopping. More consumers are using mobile devices to browse for products, compare prices and make purchases. The drivers of this trend are the ever-increasing capabilities of smartphones and the growing number of people who are comfortable using them for financial transactions.
Social commerce is another major trend central to reshaping the online retail landscape. In social commerce, businesses use social media platforms like Facebook, Twitter, and Instagram to sell products and engage with customers. This dynamic model provides several advantages for both businesses and consumers.
For businesses, social commerce provides a direct channel for marketing and sales. And for consumers, it offers a more personal and interactive way to shop. With its low barriers to entry and high potential ROI, social commerce is poised to become a major force in retail.
Finally, BNPL (buy now, pay later) models are gaining popularity among online shoppers. With BNPL, shoppers can purchase and pay for items later, usually in instalments. This flexible payment option appeals to consumers who want to buy big-ticket items but can't pay for them upfront. It also allows businesses to boost sales by offering financing options to their customers.
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