B2C e-commerce sales hit $4 Trillion with over 25% of the world population shopping online.
The digital economy is growing despite the recent pandemic.
Virtual business increases every month and retailers are seeing record sales through virtual shopping. Research shows online retail sales of physical goods are expected to reach over $470 Billion U.S. dollars in 2024. Traditionally in-store holiday sales saw better results from online-generated purchases. In fact, the foot traffic in retail stores dropped by 50% this Black Friday while eCommerce traffic the same day increased 22 percent. This makes the 2020 Black Friday shopping day the 2nd best online shopping day in recorded history.
Retailers who operate without a product-filled retail website and no plans for eCommerce run the risk of obsolesce among the rising competition.
The economic and social shifts of 2020 created a new way of doing business for retail.
Almost overnight, half the country was working from home or socially distant. Shopping in person restrictions fell into place and retailers had to adapt quickly. Even the events that fuel the home furnishings supply chain moved to a non-traditional format. The way retailers conduct business changed in 2020 to focus more on the virtual experience.
These changes, like social distancing in 2020, accelerated online buying across all industries. Especially in home furnishings.
Websites in the home furnishings industry are the most over-looked business pillars for retailers and brands. With so many options in the marketplace to build a quick website to show your company information, many retailers, and the brands who support them, make quick decisions that disable their opportunity for growth.
Connected customers require strategic digital retail marketing solutions to find your retail store. Traditional marketing is a significant expense with little to no data for analysis. Meanwhile, digital marketing is cost-effective and provides unlimited data to prove return on investment.
The home furnishings industry relies on high-quality visualization to attract buyers. Product visualization is more than a high-quality product image. As the leader and pioneer in product visualization, we know that product visualization tools like custom furniture fabric draping is a valuable asset for retailers.
Retailers who carry many brands can have instant access to updated product catalog data feeds from hundreds of home furnishings brands with MicroD. MicroD’s network of retailers and manufacturers makes product catalog data more valuable for the clients and the customers in our industry.
If you could find more time to manage bigger projects that generate more revenue, wouldn’t you adopt a solution that gives you the time and resources to build those projects? That’s the power that EDI gives to retailers and manufacturers each day.