James Grainger, VP Commercial Partnerships at Checkout.com joined us for the 6th session in our Future of eCommerce series, to discuss how to navigate the new normal using eCommerce strategies for innovative growth.
If you missed the session, you can access a recording by filling out the form below, but we’ve rounded up some key points for you!
The future is here
Between May 2019 and May 2020, Checkout.com saw a 250% increase in the volume of orders processed through their platform - there has already been huge uptake in eCommerce due to the restrictions the pandemic has placed on the globe. However, brick and mortar stores have obviously taken a hit. Virtual agility, multi-speed management and the ability to pivot and reimagine strategies is the key to recovering revenue in the ‘new normal’.
It’s been reported that we have seen 10 years worth of eCommerce acceleration in the past 3 months and consumer demand is at its peak - meaning companies are more likely to be selected by the consumer if the digital experience delivered is outstanding.
The reopening of physical stores
Since the non-essential stores have reopened we’ve seen confidence in consumer public health improve due to the measures that the retailers have in place, however, there will continue to be a tricky balance of managing risk against public health - driving the ongoing need for eCommerce due to future risk of a second or local waves.
Consumer spending habits will evolve
There has been an obvious forecasted reduction (19.4%) in revenue from bricks and mortar stores when compared to 2020, but a predicted 16.3% increase in eCommerce - meaning minimal, yet significant impact to the retail sector as a whole.
The Centre for Retail predicted an initial splurge from consumers in brick and mortar sales as non-essential retail opened up.
At Visualsoft, in June, we saw a 65% increase in revenue through the platform - blowing the initial prediction increase out of the water and showing no signs of slowing now that the shops are back open!
The acceleration of Digital Payments
The SARS outbreak in 2003 drove innovation in digital payments and eCommerce, with Taobao, JD.com and Alipay being formed around this time.
Similarly, in the last couple of months, a surge has been seen in contactless payments, with many businesses actually refusing cash payments to limit the chance of infection.
Checkout.com have already seen an increase in the adoption of Apple and Google pay, due to the safety concerns with the passing of cash - and they.com predict that people will begin to use this more frequently online too due to familiarity.
So, what now? What strategies should businesses implement from here?
Lean into your data
Personalise your customer experience
Remove friction from the checkout
Empower your customers to pay how they want to
Digital payments in the new normal
Access a recording of the full webinar by filling out the form below.