The barrage of home runs that were hit during the late 90’s was a result of batters having extra power. The era of PEDs changed the way fans think about baseball and changed the way the game is played. In the NFL, new rules to increase safety for players have also changed the way this sport is played. With more protective rules for quarterbacks, scores have risen and defenses have been forced to adapt in order to avoid penalties. These are two examples where shifts in control and power have altered the state of competition. The same is very true in the world of business-to-business e-commerce. Consumers have never had more power than they do right now, and there are no signs of that slowing down. These 8 facts support the changing landscape of e-commerce retail and how you can play by these new rules.
1.) “Free Shipping” will invoke 93% of buyers to take action on a product. (UPS Pulse of the Online Shopper, Slide 6)
2.) 33% of e-commerce sales come from mobile devices. This is a 23% increase from the year before. In the past 2 years, mobile sales have grown 175%. (Shopify)
3.) Within the next 3 years 48% of B2B customers will place 50% or more of their orders online. (Internet Retailer)
4.) 48% of companies that haven’t adapted to e-commerce cite a lack of resources as the top reason why. (DigitalRiver)
5.) 38% of shoppers say they will not return to a retailer’s site if it is not optimized for mobile. (UPS Pulse of the Online Shopper, Slide 14)
6.) The average conversion rate for e-commerce websites is 7.3% vs. only a 3% conversion rate in retail stores. (Internet Retailer)
7.) Delivery speed is considered the 4th most important factor. 83% of shoppers will wait 2 or more days for free shipping. (UPS Pulse of the Online Shopper, Slide 6)
8.) Product discovery via social media and ad targeting has increased 202%. (Shopify)
These statistics all have one overarching theme, technology. Leveraging technology to provide the information that the market demands and having the logistical resources to meet its expectations is crucial. With a focus on technology and a customized supply chain solution, Barrett Distribution Centers has the expertise and experience to answer the e-commerce challenge. For more information, click here.