BI Trends for 2021 – 8 of 9

E-Commerce Continues to be Remarkable – Number 8 Trend of 2021

When we thought e-commerce was getting big, along came a global event that drove more people to shop online. 

The pandemic has had a major impact on the growth in e-commerce while also forcing traditional retail into an even deeper dive.

According to eMarketer, US e-commerce sales exceeded $794 billion in 2020, a 32.4% increase and significantly higher than the 18% predicted earlier in the year.  Of course, always take into consideration of how Cyber Monday has become the one of the largest on-line purchasing days each year.

Most experts agree that the pandemic will have some lasting impacts on how people shop.

First, the fall of brick-and-mortar retail as consumers now have fewer places to physically shop in-person. Many stores that closed early during COVID has not reopen.  Second, consumers are definitely comfortable shopping online.

Whereas consumers once wanted to kick the tires, try things on or pick their produce, they are now more likely to take a virtual tour, return things if they don’t fit and let trained shoppers pick out the right fruits and veggies.  And now consumers will purchase a car, without a test drive first.

For retailers, data analytics will play a critical role in optimizing operations; managing inventory;  monitoring trends, seasonal demands and customer buying habits; and managing labor and other expenses.

At MCLOUD3, we can work with retailers to understand their data and increase sales using Phocas Software.  To learn more about MCLOUD3 and Phocas Software us at info@mcloud3.com or visit our website by clicking here.

Written by Phocas Software