Despite fears that the massive ecommerce gains since March 2020 might fall off, growth is still good, particularly considering the challenging environment for retail as a whole. Many of the US estimates for 2022 show similar online growth to that seen in 2021, whereas brick-and-mortar is close to flat.
One aspect of this continued ecommerce growth is omnichannel retail, driven by integrated tech and unified data strategies. Retailers consistently say that multichannel shoppers prove to be the most valuable, and Emarketer reported in May of last year that ecommerce sales from multichannel retailers were picking up speed over non-store retailers, and would hit 45.6% of total retail ecommerce sales in 2023.
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Though, is about more than retailers selling in an increasing number of channels. Spryker, a cloud commerce solution, recently produced a useful summary of 12 ecommerce growth strategies, and along with tech such as cloud, headless, and various types of automation, it featured:
marketplaces (and the ability to create your own)
new revenue streams (such as subscriptions or retail media)
expanding your brand
exploring B2B (or vice versa)
The last of the 12 points is to “disrupt yourself”. While disruption might sound too strong a word for some, the Spryker report warns that “if you’re not willing to disrupt yourself, your competitors will” and that “fear of change can cripple a business in a rapidly evolving industry.”
There are obvious overlaps here with digital transformation and culture, and when looking at current success stories in retail, you can see the impact of investment in innovation and self-disruption. Next’s Q4 results in 2021 showed that online sales from third-party brands (Next Label) were up 85%, helping online sales overall rise 45%, in an environment where retail (UK and Ireland) was down 5.4%.