Table of Contents
Executive Summary
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- Top takeaways
- Market overview
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- Figure 1: Total US retail ecommerce sales and forecast, at current prices, 2015-25
- Impact of COVID-19 on ecommerce and technology
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- Figure 2: Short-, medium- and long-term impact of COVID-19 on ecommerce and emerging technology, December 2020
- Opportunities and Challenges
- Quick adoption of tech leads to digital engagement opportunities
- Connecting local businesses and neighborhoods
- Protecting privacy
- Bring the in-store experience online
The Market – Key Takeaways
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- Full steam ahead
- A river of innovation moves down the pipeline
- 5G drives tech advancement
Market Size and Forecast
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- Strong ecommerce market followed by tech growth spurt
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- Figure 3: Total US retail ecommerce sales and forecast, at current prices, 2015-25
- Macroeconomic factors
- Lingering unemployment leaves consumers feeling blue
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- Figure 4: Unemployment and underemployment, January 2007-November 2020
- Figure 5: Consumer Sentiment Index, January 2007-October 2020
- Tightening the financial belt
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- Figure 6: Disposable personal income change from previous period, January 2007-October 2020
- Impact of COVID-19 on ecommerce and technology
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- Figure 7: Short-, medium- and long-term impact of COVID-19 on ecommerce and emerging technology, December 2020
- Lockdown
- Re-emergence
- Recovery
- COVID-19: US context
- Learnings from the last recession
Market Factors
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- Unemployment causes consumers to seek out value from their purchases
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- Figure 8: Unemployment and underemployment, January 2007-November 2020
- Digital opportunities keep people connected
- A fast-moving stream of innovation
- Securing privacy in the digital realm
- The detrimental costs of technology
Market Opportunities
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- Rapid tech adoption
- Local businesses leverage tech
- Using social media to drive digital connections
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- Figure 9: Instagram Shops
- 5G Ready
Companies and Brands – Key Takeaways
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- Facebook: Through the (smart)glasses
- Showrooms on display
- Packaging delight
- Gamifying the world of retail
- Snapping up exclusive launches
Competitive Strategies
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- Facebook takes a peek at smart glasses
- Blue Nile displays its digital showrooms
- Amazon gives its packaging a base for engagement
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- Figure 10: Amazon packaging
- Interior design builds in the gaming world
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- Figure 11: Design Home platform
- Retailers reach consumers in a Snapchat
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- Figure 12: Jordan Brand Snapchat fashion collection
The Consumer – Key Takeaways
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- Consumers are curious about new tech
- Tech helps consumers blend the physical and the digital worlds
- Consumers want ease and convenience first
- Building online communities through tech
Consumer Trend Drivers and Emerging Technology
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- All drivers contribute to ecommerce tech success
- Technology
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- Figure 13: Technology
- Wellbeing
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- Figure 14: Wellbeing
- Surroundings
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- Figure 15: Surroundings
- Rights
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- Figure 16: Rights
- Identity
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- Figure 17: Identity
- Value
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- Figure 18: Value
- Experience
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- Figure 19: Experiences
Consumers’ Comfort with Technology
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- Curiosity is in the air
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- Figure 20: Familiarity with technology, October 2020
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- Figure 21: Amazon’s Cook Along with Alexa
- Connect with younger consumers through tech
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- Figure 22: Familiarity with technology, by generation, October 2020
- Parents find an assist they need through tech
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- Figure 23: Familiarity with technology, by parental status, October 2020
- Bring Hispanic consumers online by using emerging tech
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- Figure 24: Familiarity with technology, by Hispanic heritage, October 2020
How Technology Is Used
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- Meshing the physical and digital worlds
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- Figure 25: Technologies used while shopping, October 2020
- Scanning vs. Visual Tech
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- Figure 26: Scanning Technologies used while shopping, by generation, October 2020
- Shopping vs. Leisure Activities
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- Figure 27: Tech used for shopping and leisure activities, October 2020
Motivations and Barriers
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- Motivations
- Tech drives beyond experiences
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- Figure 28: Motivations for using new tech, October 2020
- Consumers crave comfort
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- Figure 29: Motivations for using new tech, by generation, October 2020
- Seeking more than practical, tactical brilliance
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- Figure 30: Motivations for using new tech, by generation, October 2020
- Barriers
- Privacy concerns linger on
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- Figure 31: Barriers to using tech, October 2020
- Younger consumers face being priced-out of experiences
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- Figure 32: Barriers to using tech, by generation, October 2020
Attitudes toward Shopping Technology
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- Consumers need to see the benefits of technology
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- Figure 33: Attitudes toward shopping technology, October 2020
- Younger consumers want to engage with brands
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- Figure 34: Attitudes toward shopping technology, by generation, October 2020
- Figure 35: FENTY digital consultation
- Tech aids in settling frustrations
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- Figure 36: Attitudes toward shopping online, October 2020
- Develop a simple system for consumers to connect
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- Figure 37: Attitudes toward shopping online, by generation, October 2020
- Help consumers know what they don’t know
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- Figure 38: Attitudes toward elements of ecommerce, October 2020
Future Applications
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- Transfer the in-store experience to the online world
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- Figure 39: Future online experiences, October 2020
- Equipping parents properly
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- Figure 40: Future online experiences, by parental status, October 2020
- Bolstering knowledge leads to boost in confidence
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- Figure 41: Online shopping improvements, October 2020
- Showing off values
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- Figure 42: Online shopping improvements, by generation, October 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Consumer
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- Figure 43: Technologies used while shopping, by product, October 2020
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- Figure 44: Future online experiences, by product purchased, October 2020
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