E-commerce Stealing Market Share from the High Street
Whilst the retail industry has been struggling throughout the world after the credit crash a few years ago, the e-commerce industry has been a ray of light in the gloom. E-marketer revealed recently that e-commerce sales in America are set to reach nearly $300bn a year by 2015.
The Boston Consulting Group (BCG) meanwhile revealed recently that e-commerce spending was a bigger part of the American economy than the federal government, with e-commerce set to be over 12% of the UK economy by 2016.
Research released recently by Nielson has come to a similar conclusion over the growing importance of e-commerce. The report called Retail USA: What's in Store 2016 reveals the importance of e-commerce as a growth channel for retailers.
You can see from the image below how Nielson believe retail will change in the coming years.
What is clear from these three independent pieces of research is the growing importance of e-commerce to the success of retailers throughout the world.
So what makes a fantastic online store? Here are five things that I think define a great online store.
- Great navigation
- A great search engine
- An easy to use shopping cart
- Personalized offers
- Outstanding use of images
With research from Forrester showing that just 3% of websites have exceptional usability there is clearly some way to go for many retailers but the potential rewards for those that do get it right are clear for all to see.
Have you increased your own online spending in recent years? What defines a great online store for you?