How often have you heard of this phrase that “being a good detective means good business?”
In this blog, we want to share some detective work we did on 2021’s online shopping that’s going to excite you — identifying possible gaps in online commerce that could mean new business opportunities.
Here’re some nuggets from a recent report* that we’ve researched:
- 2021 Global ecommerce sale = US$4.89 Trillion => 2024 Global ecommerce sale = US$6.4 Trillion
- Convenience and competitive prices are two key factors people choose to buy online.
- Customer online buying journey begins with Google and Amazon searches.
- Amazon, Alibaba, eBay account for 50% of global sales in 2018, and is expected to increase even more post pandemic.
- People are increasingly buying their groceries online, and will continue to do so even post COVID.
- 62% buys online at least once/month, 26% once/week, 3% once/day.
- Most shopping card abandon rate is due to high extra costs, including lack of transparency on shipping costs, taxes, and fees.
These stats lay out a partial view on what online shopping landscape may look like. As a consumer, I’ve personally experienced some gaps in my buying journey that could be addressed.
For example, my recent experience with Amazon’s grocery buy wasn’t great. It created frustration for me. Their product took longer to deliver. The seller didn’t have good communication about product delivery delays, and their costs is 25% higher than if I were to get them from the store directly.
Another example would be a lack of transparency on shipping costs, taxes and fees at the check-out stage, when we had to abort our shopping cart and go elsewhere.
This is the case of my recent online transaction with Walmart, which I later changed to purchase at Bed, Bath and Beyond, because Walmart’s delivery mechanism did not recognize a campus address with a mailbox number.
There are so many little things that could go wrong in the shopping journey, from customers deciding on things to put into their shopping cart to pushing the check-out button and confirming the purchase.
In sum, as a consumer, I see lots of gaps that these big companies have in their online commerce operations. One bad experience could shake my trust of the company if they don’t pay close attention to win back my loyalty.
With that said, I believe all business owners have the opportunity to do deeper dives into these issues that I’ve experienced from online shopping. See if you have any bold ideas that could solve the problem and make it a profitable business.
Be a good detective and keep an eye on stats and trends in areas where customers experience pain or frustration. You’ll be amazed with uncovered opportunities. They could mean new business revenues for you.
*Source: Online Shopping Stats by Maryam Moshin, Oberlo, June 2021
Photo courtesy: Tamanna Rumee of Unsplash
