Square released its second annual ‘Future of Commerce’ report and the pivot by many small business retailers to add online ordering or eCommerce sales because of the Covid-19 pandemic is here to stay.
It doesn’t matter retailers are large or small, all-sized businesses have found customers want options on how to buy products/services and it’s vital now to engage customers where they shop. Be it on a website, marketplace, social media channel, or in-store.
Future of Commerce Report Highlights
- 47% of retailers now offer buy online, pick up in-store (BOPIS) with an average of 58% sayng their revenue is now coming online sales.
- Of those retailers that are on social media and can attribute revenue from their activites on those channels find that Instagram (32%), Facebook (31%), Twitter (31%), and TikTok (30%) have the best results.
- Unforunately, 1/4 of retailers still say they don’t know enough about technology options/platforms which is keeping them from using digital marketing to drive sales.
- And about the same number of retailers also believe that their customers wouldn’t shop on other sales channels. But are they right?
- Even in-person service businesses need to enage shoppers online. The report found that 30% of customers say they wouldn’t visit a salon if they didn’t have a website showing services offered.
- Overall, the data shows that Omnichannel is as imortant for small businesses as it is for larger brands like Walmart, Best Buy, Target, etc. The pandemic has shifted buying behaviour for good and small business retailers need expand their sales channels if want to survive in an ever-growing digital commerce world.
“During the pandemic consumers were pushed online, to the only channels available to them, which altered the balance of their time and attention preference to favor online more than ever. While updating your business to support more channels can seem difficult, automation tools like inventory management and smart stock alerts can help.”Roshan Jhunja, Head of Retail at Square
“The beauty industry has changed immensely, giving businesses the opportunity to look at their operations and find ways to operate smarter and more efficiently. By creating unique and personalized omnichannel experiences, businesses can sell products and services across a variety of channels to help grow their business.”Willem Ave, General Manager of Square Appointments
The free Square report “Future of Commerce” is available here.
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