By the end of 2022, e-commerce is projected to represent 20% of all retail sales on the planet — an increase of 10% from five years ago. But it is not only the volume of online purchases that has changed. Consumers have also become increasingly more nuanced in their buying behaviors.
Why is now the time for a commerce transformation?
Online shoppers now expect more from brands as they engage with them online. People are embracing social selling, learning about products and then making purchases at the point of influence (for example, when an item pops up in their social feed). Functionality like this will only continue to be more impactful as platforms develop and evolve over time.
To compete effectively for wallet share and consumer loyalty, retailers need to remain one step ahead of the ways consumers want to learn, engage and buy online. While baseline digital capabilities have gotten many retailers this far, yesterday’s platforms are not likely to keep consumers engaged today.
Retailers need robust, reliable and effective digital channels to deliver noteworthy commerce experiences capable of fostering lasting consumer relationships. Getting there will require many retailers to plan and execute focused commerce-transformation programs.