It's no surprise to most people that COVID-19 boosted ecommerce and digital retail, as consumers were unable to leave their homes to shop in person. Amazon raked in $88.9 billion in online sales in Q2 of this year, while Walmart topped $10 billion for the first time ever. 75% of millennials bought things online during the pandemic that they had never bought before. Online orders grew by 150% from April 2019 to April 2020.
While Amazon and Walmart, the big players in the game, gained a lot through the pandemic, many smaller players lost a lot and the industry has become more competitive and fractured than ever before. Large players are pulling in the lion share of sales mainly due to the fact that they have the infrastructure and scale to handle high volume orders and same day deliveries.
Businesses are responding to this by creating tools to help the smaller players, such as The Shift, which is meant to help business transform their brick and mortar businesses into digitally driven businesses.
Hawke Media is hosting an E-Commerce Week, in partnership with the city of Los Angeles, meant to provide opportunities for networking, learning, and connecting people in the business. The event will be fully digital and will feature speakers, panels, networking sessions, keynote speeches, Q&A's, etc. Brands that are set to attend include digital retail giants such as Dollar Shave Club, Ritual, and Winc.
The future of ecommerce and digital retail appears to be bright - although giants such as Amazon and Walmart seem to be dominating the arena at the moment, smaller players have a chance to compete if they collaborate with others and are creative and strategic in their approach.
No comments:
Post a Comment