E-Commerce Spend May Hit $1 Trillion by 2022: How Do You Get Your Share?

Adobe just released its Digital Economy Index report.

It found that COVID drove an additional $183 billion in e-commerce sales, which was just slightly larger than the $188.2 billion spent by consumers in November and December of 2020.

And to put this massive growth in perspective, consumers have spent $121 billion online in January and February 2021, which represents 34% year-over-year growth.

With such wild growth happening, how can you be sure you win your share of it?

Here’s what to do:

1. Buy Online Pick Up In-Store Is Here to Stay (BOPIS)

As COVID winds down in the coming years, it’s hard to say to what extent BOPIS will hang around.

One important trend to know is that baby boomers, who have traditionally avoided e-commerce, are now running to it in droves. And because they’re more vulnerable to COVID, many will make that a nearly permanent habit…even if COVID’s effects wear away for the most part.

For now, BOPIS demand is experiencing insane growth. According to Adobe’s aforementioned report, consumer use of BOPIS has increased 67% year-over-year.

2. Keep Your Existing Customers Happy and Look for Growth Opportunities

Even though e-commerce is a completely different engagement medium, the time-tested fundamental strategy of maintaining good relationships with your existing customers doesn’t change.

It costs a lot of money to drive customers to your website. It takes a lot of work to win their trust to the extent that they purchase from you.

But, once you have them in your fold, it’s much easier and less costly to keep them around. So make sure you focus plenty of resources on providing exceptional value for your existing customers.

Customer service should deliver quick, straightforward answers for irritated and time-strapped customers.

Provide plenty of additional buying suggestions to customers who have already purchased.

3. Be Willing to Consider Disruptive Technologies

While Instagram is now considered an expected part of your marketing mix, in early 2019 it was the new kid on the block. Early adopters of marketing on Instagram made a nice chunk of change.

And the same happened with TikTok.

Live chat has now become an expectation in many niches too. And now automated chatbots have begun to become a standard operating part of many websites.

It’s up to you to figure out which technologies will be best received by your market. But clearly, if you adopt them early on as they make sense, they’ll help you win more market share.

This sounds so simple when you read it. But none of this is easy to execute.

However, at least you know what to be aware of and implement as you grow your business.