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Online shopping is becoming more common with every passing day. According to a report by Research and Markets, the global e-commerce market was valued at $16.6 trillion in 2022. The global e-commerce market is expected to grow to $70.9 trillion by 2028 at a compound annual growth rate (CAGR) of 27.38%. According to the report, rapid urbanization and globalization have significantly fueled the popularity of online shopping sites. You can check out some of the most profitable products to sell online.
The Post-Pandemic Shopping Experience at a Glance
To shed light on the post-pandemic shopping experience, Harvard Business Review published a comprehensive report on August 1, 2023. The survey extracts important insights from 314 marketing leaders in the United States. According to the survey, nearly 61% of companies have reported an increase in the channels they previously used to reach customers. Having more channels, physical or digital, allows companies to interact with their customers in more than one way. Additionally, 45% of companies use social channels to sell their products and services, and 24% have integrated direct-to-customer channels. The primary reason for the shift is that direct-to-consumer channels allow companies to acquire important insights directly from the consumer, minimizing room for error or bias.
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6.7% of companies have completely transformed into digital companies. While global trends favor online shopping, brick-and-mortar shops provide companies with important cues about consumer behavior. Product-based companies, especially, show little willingness to shift online completely.