Ecommerce is the new normal for business

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As a business owner, you likely recognize that the events of 2020 forced a change in buyer behavior. Take the first steps to ramp up your ecommerce capabilities.
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Concerns of safety, combined with varied restrictions, caused consumers to turn to online resources for any conceivable purchase, from groceries to their next vehicle. You may be thinking that these trends only impact large retailers or similar consumer businesses over the long term. However, recent events are shaping the future for many industries far more than you may realize.

The U.S. Chamber of Commerce predicts that several impacts on business from COVID-19 will last far after the pandemic subsides, including ecommerce†. COVID-19 appears to have permanently changed ecommerce.

Given this new reality, keep these thoughts in mind as you consider ramping up your own ecommerce platform:

  • Ecommerce needs to be done correctly to succeed, meaning that sellers must be prepared to meet increasing consumer demand for product variety, competitive pricing, fast delivery, and easy returns.
  • Cutting corners to maximize short-term profits may fail long-term, as consumers are expecting all online experiences to be seamless and without problems.
  • Smart investments in backend efficiencies and user functionality across multiple devices are necessary to ensure the online customer experience is positive, motivating customers to shop again‡.
  • Businesses should re-evaluate their supply chains, fulfillment capabilities, warehousing, and logistics partnerships to ensure the right products are available at the right time to avoid customer frustration‡.
  • Advanced analytics can help evaluate customers' online experiences, including satisfaction and likelihood to return.
  • New technologies are closing the gap between the in-store experience and online shopping to spur repeat sales.
  • Augmented reality (AR), for example, allows online shoppers to better visualize how products will look on them or in their home.

Looking out for you and your business

Huntington can help you address many facets of your business by bringing forward key insights, new ideas and thoughtful solutions. Connect with the business banking team at Huntington to discover the many ways we can help you grow and strengthen your business.

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† Ludwig, Sean. 10 Pandemic-Inspired Business Trends That Are Here to Stay. U.S. Chamber of Commerce. 2020.  

‡ Jeremiah Jones interview. January 13, 2021.

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