The Covid-19 lockdown which is now being eased and lifted saw the closure of the highstreet for weeks on end. The place where cash flows once ran from consumers to brands and retailers temporarily dried up, and as a vital part of the economy the impact was profound. Luckily for all eCommerce provided the stimulus throughout this time.
The impact of eCommerce on the economy
The UK lockdown which was announced on March 23 brought with it shop closures which would hamstring brick and mortar stores that typically contribute to about a third of consumer spending in Britain. This loss was hugely propped up by online eCommerce which filled a void and sated consumer demand.
Cloud.IQ’s own statistics on its platform showed that there was a 75% increase in average weekly sales since the start of the lockdown period as of the beginning of June. There was also a traffic increase of 46% and a revenue increase of 43% since the beginning of the lockdown period.
These kinds of numbers are reiterated by numerous other outlets. For example, the Office for National Statistics found U.K. online sales as a proportion of all retailing reached a record high of 33.4% in May. Online sales were also found to surge from 30.8% of all retail sales in April to 33.4% in May, and online-only retailers grew 24.3% in the three months to May.
Not only did almost all statistics point to eCommerce thriving throughout lockdown, but there are also cases of small businesses moving online during this period to help ensure their survival. In a survey for the website builder GoDaddy, a fifth of micro-businesses said they had gone online for the first time during lockdown and nearly half that their use of digital and social media tools had increased.
Where does eCommerce go next?
Yet whilst eCommerce kept the economy ticking over as it thrived throughout lockdown, it still has some way to go to ensure it still continues to grow and sell to consumers who demand a better online shopping experience than ever before including greener deliveries, readily available discounts, and less clicks.
Cloud.IQ is helping eCommerce businesses meet these changing consumer demands and optimise the customer journey in a variety of ways which see businesses soar and adapt to where eCommerce is going. These include tips and tricks on:
1. Social Proofing
To build a more community-driven approach where you can make the most of your website traffic to drive more sales, Cloud.IQ’s Social Proofing helps merchants nudge their shoppers into taking action based on the actions of other shoppers like them. By highlighting the numbers of views of a product in the last 1 or 24 hours, merchants are able to inspire confidence amongst your shoppers, increasing the likelihood of them going on to make a purchase and address the age-old problem of confidence buying online.
2. Finding ways to offer discounts
eCommerce sites can also move to optimise the customer journey by offering discounts at key touch points where drop-offs and abandonment are typically seen. This includes loss of customers at the browsing phase and also at the basket. To rectify this and ensure eCommerce sites move in the right direction moving forward Cloud.IQ’s Cart Abandonment and Browse Abandonment provide merchants with the ability to display overlays to shoppers offering discounts or communicating ways of gaining access to them. This includes options such as pop-ups which offer discounts in exchange for newsletter sign-ups.
And as part of creating personalised customer journeys that resonate more with the shopper than ever before, Cloud.IQ’s Recommendations functionality shows shoppers items that are commonly bought with the item they are browsing and are likely to buy. The positive news for merchants is that it increases AOV and delights shoppers by bringing the things they like to view them.
To thrive as an eCommerce store in this climate, click here to see how Cloud.IQ could help your business like it has by helping many retailers before driving revenue and creating loyal customers.