E-Commerce 2020 Expectations in Michiana
I know. I know. We’re all tired of hearing about the corona virus nowadays and how it’s affected all of us mentally, physically, emotionally. I’d like to take a different perspective, focusing in on E-commerce and how it’s seems to be flourishing.
At the end of first quarter 2020, and leading in to the second quarter of 2020, “brick and mortar” sales had taken a serious dip. At the end of Q1 there was a projected decline of about 10-11%. Then, with adjustments after Q2 and for inflation there was a projected 15-16% drop in retail. However, there’s a bright spot: e-commerce.
According to eMarketer, “ecommerce is poised to grow 18% following a 14.9% growth in the previous year”. And, early projections that total retail should jump by nearly 26% by the end of Q3 2021.
There are some examples of local success stories of companies focusing in on E-commerce. Listing Mirror, located in South Bend has seen tremendous growth. In 4 months, Co-Founders Erin and Brian Wawok, COO & CEO respectively, have seen over 200% increase in sales, resulting in moving their operations to a 3rd location while increasing staff by 25%.
So, what can we do? Continue to open up your businesses in a safe manner. Look for new ways to define your business, stretching your business model to take on another approach such as the possibility of remote working or e-commerce. There’s a light at the end of the tunnel. And, it’s not a train coming at you, but an opening to greater glory.