How to maximise your share of the pandemic eCommerce boost
Online shopping was already mainstream, but by changing the way we work and live the pandemic has driven consumers online in higher numbers than ever before. And it’s only just the very beginning. Now is the time to go all-in on eCommerce.
Australia Post’s Inside Australian Online Shopping Report reported that more households are buying online, and more often than ever recorded - many for the first time.
Online sales in Australia are in hyper-growth
In Australia, online sales are in hyper-growth (despite a recent correction) and pure-play online retailers are booming.
Online Sales in Australia are in hyper growth
In a survey of 2,500 senior executives, cloud communications leader Twilio found that the pandemic fast-tracked digital communications strategies by an average of 6 years.
In The Next Normal – The recovery will be digital, McKinsey & Company forecast that as economies rebound from the hit of COVID-19, the proven success of digitalisation will lead to an investment surge in online platforms.
“If the pace of the pre-coronavirus world was already fast, the luxury of time now seems to have disappeared completely. Businesses that once mapped digital strategy in one- to three-year phases must now scale their initiatives in a matter of days or weeks.”
eCommerce is still just 14% of total retail sales in Australia - the upside is massive!
Whether you’re a veteran eCommerce and technology leader, or a senior marketing executive with a foot in the old and new world, it’s time to go all-in on eCommerce.
The good news is that, despite the hype and acceleration, Australia is still only at the very beginning of the eCommerce revolution and lags behind similar global markets.
While it is the fastest-growing sales channel, eCommerce still accounts for just 14% of total retail sales in Australia. Further, most technology brands we researched reported less than 15% of their sales through their own direct-to-consumer eCommerce channels. So the upside is massive.
How do you capture both the short and long-term opportunities?
The multi-billion-dollar questions are:
How do you maximise and lock in the short-term revenue gains driven by the pandemic?
How can you capture your share of looming opportunity in the next few years?
Right now, eCommerce is a licence to print money and CFOs are ready to spend. The temptation is to double-down on short-term tactics such as marketing, advertising, discounts and tech optimisation to capitalise on current opportunities.
However, the game-changing opportunity for your business, and your career, is to invest in the future and position your brand long-term to capture your share of the mega global trend towards buying online.
One thing is for certain; owning your own robust and profitable direct-to-consumer channel is an asset you can control, own and invest in without the uncertainty of platforms, marketplaces and partners changing the rules under your feet.
Without being overly dramatic, for direct-to-consumer brands, the next few years present both the opportunity and threat of a lifetime. If you don’t grab it your competitors will.
Get your hands on the best eCommerce strategies from Apple, Dyson, Dell, Sony + Top 25 consumer tech brands
In our report, Ranking Australia’s Best eCommerce D2C Websites, Nugget Digital benchmarked the best of the best to identify what makes them successful online. For all the insights, ideas, stats and strategies from the best of the best download your FREE copy now.
How Nugget Digital can help?
Based on 20 years of hands-on experience leading eCommerce brands including Dell, Lenovo and Microsoft, Nugget Digital helps eCommerce and technology marketers make better decisions, gain revenue momentum and capitalise on growth opportunities.
If you have questions or need help with your eCommerce strategy, Nugget Digital can help. Contact us today.