How Does Online Shopping Affect the Local Economy?

Traditionally, small business marketing would involve investing money in formal advertising to take their business to the next level and reach more customers. According to The CMO Survey, businesses allotted a record 13.8 percent of their overall budgets to marketing in 2022. That percentage is up from 9.8 percent of company budgets nearly a year before. It’s the post-purchase experience that stands as a linchpin in customer satisfaction and loyalty. Whether you were a fan of online shopping or in-store browsing, the pandemic altered routines in many obvious, and some not so obvious, ways. Grocery store shelves were quickly emptied of toilet paper and cleaning supplies as everyone scrambled to stock up amid the global lockdown. As the lockdown continued, supply chains tightened, cleaning supplies were increasingly hard to come by, and everyone was scrambling to find basic food staples and necessities.

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Ok, you may not be Bonobos that have fitting locations to complement the convenience of transacting online. But you can, too, offer detailed product pictures from all sides and information on the model’s size and measurements. Customers would choose easier if they were able to touch, see from all sides and try out products – especially clothes and shoes. Currently, online retail makes up about 8% of the US market while offline holds the rest.

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Ecommerce companies built with returns at their core aren’t the only ones dodging the pangs of online returns, though. Brands that have a flexible return policy are also nailing the return game. The shopping experience you’ll be able to provide is superior to offline shopping by relevancy and convenience.

Market your online store

Another way this list helps is by creating awareness of how much you want to shop. Consumers need a place where their information can be stored and transferred instantly and securely to a vendor when a transaction is initiated. If this can happen behind the scenes without requiring any extra steps, buyers can pay in a few seconds and move on to other tasks.

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As ecommerce steals more and more market share, spurring more and more returns, that dollar size will only continue to grow. However, ecommerce is in the position to tailor the experience completely – even show only selected (and relevant) products to customers. You should make this moment special and so memorable that customers share it naturally with others. 4 in 10 people say they’d share pictures of beautiful delivery packages on social media. We believe it’s the feeling of security that there’s an expert ready to help you that makes choosing more comfortable. Plus, you have greater control over your brand image by adding an extra layer of customer service (and an opportunity to shine!). And if that’s not enough….Warby Parker and Stitch Fix are already capitalizing on the home try-out option.

Still, consumers are divided by how eager they are to shop, with 50% saying they plan to splurge on clothing and other retail items, while the other half is waiting a bit longer for the pandemic to wane further. In today’s fast-paced world, we’ve witnessed an array of new developments, some with positive impacts, and others with negative consequences, all of which have undeniably influenced our lives.

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