Spring of 2022 marks two years since the coronavirus pandemic took over the world. This was the moment when consumers were forced to stay at home and use online to buy their essential items, pushing eCommerce sales to new proportions.
The global pandemic of Covid-19 has left a mark on most aspects of life, work, and how businesses are done. eCommerce, in particular, has seen rapid growth, as online retail has become the first option for consumers facing lockdowns, fear, and anxiety in the face of the virus. In 2022, eCommerce leaders are looking at how Covid has impacted their business and how to improve for future viability.
This article will look at the acceleration of eCommerce throughout the pandemic and how it has impacted every facet of online retail.
But first, the data
If online retails have seen steady growth throughout the year, starting with 2020, consumers went all in. According to a study by Mckinsey, eCommerce has grown 2-5 times faster than before the pandemic.
Statista data sheds some light on some of the fastest-growing eCommerce industries in Romania, including the beauty sector (with a growth of 309.5% in 2020, compared to 2019), followed by items for children (265% growth), pet supplies (151% growth), home and garden (88.5% growth), electronics and IT&C (38.5% growth) and last but not least the books, movies and music category (22.4% growth)
Another study by Juniper Research shows that the forecasted value of global eCommerce transactions will exceed $7.5 trillion globally by 2026, up from $4.9 trillion in 2021 – a growth rate of 55%. According to the researchers, the growth will be driven by “retailers offering compelling omnichannel retail experiences that increase user eCommerce spend”
That means that omnichannel strategies that include online, mobile, and physical retail locations will be crucial to retailers’ future success. The research recommends prioritizing digital wallets, open-banking facilitated payments, and cryptocurrencies.
Impact on worldwide consumer behavior
As pandemic restrictions prevented in-person activities and shopping, businesses turned to eCommerce sales channels to survive.
Online, global consumers continued purchasing items from their favorite websites (44% of global digital purchases) and online marketplaces (47% of global digital purchases). However, most countries saw the most significant increase in the number of businesses selling online due to the pandemic.
The pandemic has provoked a genuine customer transition to digital, and it can be anticipated that consumers' preference for digital won’t go away.
More time spent online means more shopping
According to ROI Revolution, the time spent online by people worldwide increased by at least 1 hour throughout 2020. This has been one of the reasons behind the growth of eCommerce as users became more familiar with online shopping due to the extended navigation time.
Product discovery has become more available through online stores and product photography placed on social media, and most consumer needs were met while shopping online. In short, digital offers a safe and convenient alternative to brick-and-mortar shops.
Social media shopping
Social media platforms were in tune with the growth of online retail demand. They adapted fast, developing more commerce features, enabling shoppers to see product photography through posts, and stories and shop without ever leaving the platform.
As customers' expectations for personalized online experiences are growing, it’s no wonder that social commerce has become a big thing in 2022. Channels like Facebook, Instagram, Pinterest, Twitter, and WhatsApp adopted shopping and payment functions that allow people to buy a product or service.
Social commerce represented 4% of total eCommerce sales in 2021, and that number is expected to continue rising by 5.2 by 2025.
The growing importance of professional photography and image editing
The rise of eCommerce is undeniable, and you don’t have to take our word for it, as numbers speak for themselves. As customers spend more time shopping online, the pandemic has accelerated the demand for high-quality product photography and image editing.
If they want to stay ahead of their competition, online retailers need to prioritize commercial photography and contract photo retouching professionals to enhance their product photography.
Get in touch with our team today if you want to make the most out of your eCommerce business and gain a competitive advantage. We specialize in making your brand and products look flawless through a complete set of photography and image editing services.
