The digital transformation is here — sooner and faster than expected. With an almost entirely remote workforce, a growing dependency on online shopping and an ever-growing myriad of product options, ecommerce saw a sharp rise globally in 2020. As a result of the unprecedented shut-in due to COVID-19, millions of people found themselves buying both essential and non-essential items online instead of relying on trips to their local markets and stores.
This paired with the explosion of new brands online has accelerated ecommerce adoption by approximately five to seven years within the past 12-month period. And, there are no signs of this trend slowing as consumers value (and are now used to) the convenience, selection and speed of online shopping.
Traditional brands, DTC upstarts, and other challenger brands are vying for consumer loyalty and wallet. In today’s modern commerce world, consumers have the upper hand. With more product choice and more places to buy, expectations have shifted in the consumer’s favor. If a consumer values speed, they’ll abandon cart to find free, fast shipping elsewhere. If price is a driving factor, consumers can search across multiple sites or in person. If reader reviews are a primary influencer, a brand can lose out on an otherwise repeat customer.
The rise in consumer choice with expanded product options have put the shoppers in the driver’s seat and in turn had a dramatic impact on brands and their ability to compete. Gone are the days of competing with just the market leader in your category. Now brands have to complete with hundreds of competitors, while choosing where and how to sell on different marketplaces. The complexity of this consumer choice and the resulting lack of brand loyalty from online shoppers is a huge shift, one that is here to stay and only grow in complexities as marketplace options expand.
Many brands are feeling the strains — both resource-wise and economically — trying to compete and succeed. WBX Commerce has identified four pillars of modern commerce success for brands:
Download WBX Commerce’s ebook to read how brands can succeed in modern commerce, with the right strategies, tools and partners.