Table of Contents
Overview
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- What you need to know
- Key issues covered in this Report
- Definition
- COVID-19: Market context
Executive Summary
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- Top takeaways
- Market overview
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- Figure 1: Total US sales and fan chart forecast of ecommerce retail sales, at current prices, 2015-25
- Impact of COVID-19 on ecommerce
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- Figure 2: Short-, medium- and long-term impact of COVID-19 on ecommerce, February 2021
- Opportunities and Challenges
- Target new set of consumers entering the online marketplace
- A focus on convenience
- Capitalize on the possibilities of technology
The Market – Key Takeaways
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- eCommerce grows to encompass more share of total retail
- Key elements elevate the online experience
- Catering to a new consumer group online
- Enhancing all the elements with technology
Market Size and Forecast
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- eCommerce growth soars throughout 2020 and beyond
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- Figure 3: Total US sales and fan chart forecast of ecommerce retail sales, at current prices, 2015-25
- Figure 4: Total US retail ecommerce sales and forecast, at current prices, 2015-25
- Macroeconomic factors
- Unemployment recovery leads consumers to seek out value
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- Figure 5: Unemployment and underemployment, January 2007-December 2020
- Lagging disposable personal income
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- Figure 6: Disposable personal income change from previous period, January 2007-November 2020
- Impact of COVID-19 on ecommerce
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- Figure 7: Short-, medium- and long-term impact of COVID-19 on ecommerce, February 2021
- Lockdown
- Re-emergence
- Recovery
- COVID-19: US context
- Learnings from the last recession
Market Factors
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- Lagging confidence keeps consumers holding back on spending
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- Figure 8: Consumer Sentiment Index, January 2007- January 2021
- New consumer groups enter the online marketplace
- Building a strong ecommerce experience with technology
- Incoming barriers to personalization
- Sound environmental practices for a better future
Market Opportunities
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- Offering shopping assistance specifically for older generations
- Focus on delivering the omnichannel experience
- Using tech to enhance all the elements
Companies and Brands – Key Takeaways
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- Amazon redefines convenient shopping; Instacart welcomes new shoppers
- Retailers partner together for a seamless shopping experience; Costco joins the curbside revolution
- Fashion and beauty implement personalization
- Nike goes hiking with tech
Competitive Strategies
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- Understanding convenience with Amazon and Instacart
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- Figure 9: Instacart Senior Support Service
- Delivering seamlessness with Kroger, Walgreens, and Costco
- Offering personalization with Sephora and Stitch Fix
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- Figure 10: Stitch Fix Style Shop
- Utilizing emerging technologies with Nike
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- Figure 11: Nike digital Smith Rock State Park experience
The Consumer – Key Takeaways
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- Providing consumers with tailored opportunities
- Keeping consumers’ interest in one convenient location
- Store functions help build confidence in online purchases
- Sharing data can lead to an elevated experience
- Using tech to support the elements and cultivate relationships
Consumer Trend Drivers and Key Elements
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- Crafting an experience online with Trend Drivers
- Technology
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- Figure 12: Technology Trend Driver and associated Pillars
- Rights
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- Figure 13: Rights Trend Driver and associated Pillars
- Value
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- Figure 14: Value Trend Driver and associated Pillars
- Experiences
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- Figure 15: Experiences Trend Driver and associated Pillars
The Key Elements of eCommerce and the Online Shopping Experience
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- Impacting each phase of the consumer journey
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- Figure 16: Key Elements of eCommerce
- Figure 17: Importance of key elements when shopping online, October 2020
- Role of Key Elements When Browsing Online
- Guiding consumers with personalization and a seamless experience
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- Figure 18: Importance of key elements when browsing products online, October 2020
- Understanding each gender’s approach to browsing
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- Figure 19: Importance of key elements when browsing products online, by gender, October 2020
- Role of Key Elements When Researching Products Online
- Using tech to bring confidence to shopping online
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- Figure 20: Importance of key elements when researching products online, October 2020
- Use familiar tactics to help older consumers understand new processes
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- Figure 21: Importance of key elements when researching products online, by generation, October 2020
- Role of Key Elements When Purchasing Online
- Putting the elements together for a superb purchase process
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- Figure 22: Importance of key elements when purchasing products online, October 2020
- Blending tech and convenience at checkout for Gen Z
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- Figure 23: Importance of key elements when purchasing products online, by generation, October 2020
Category Snapshot
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- Leveraging key elements to drive more online shopping
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- Figure 24: Products purchased online, October 2020
- Finding fit, comfort and style online
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- Figure 25: Bonobos elevates the online shopping experience
- Improving the home through online features
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- Figure 26: Ikea brings showroom to app
- Online grocery retailers deliver groceries, and convenience
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- Figure 27: Instacart brings convenience to shoppers
Attitudes toward Convenience
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- Collecting consumer interest under one roof
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- Figure 28: Attitudes toward convenient shopping options, October 2020
- Online oasis of discovery
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- Figure 29: Attitudes toward convenience shopping options, by generation, October 2020
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- Figure 30: Outdoor Voices dance session
- Brands as a partner with all the right tools
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- Figure 31: Important convenient factors, October 2020
- Flexible payment options open up opportunities for a variety of consumers
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- Figure 32: Important convenient factors, by HHI, October 2020
- Better search capabilities reassure consumers
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- Figure 33: TURF Analysis – Important convenient factors, October 2020
Attitudes toward Seamlessness
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- Implementing store functions to bolster purchase confidence
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- Figure 34: Attitudes toward physical stores, October 2020
- Bringing the store to the consumer, wherever they might be
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- Figure 35: Attitudes toward physical stores, by generation, October 2020
- Establish various pick-up options
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- Figure 36: Pick-up and purchase options, October 2020
- Younger consumers prefer flexible payment options
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- Figure 37: Pick-up and purchase options, by generation, October 2020
Attitudes toward Personalization
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- Demonstrate the benefits of sharing
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- Figure 38: Information willing to provide, October 2020
- Consumers offer up style; older consumers offer their number
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- Figure 39: Information willing to provide, generation z and millennials by gender, October 2020
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- Figure 40: Information willing to provide, generation x and baby boomers by gender, October 2020
- Using tools for personalization
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- Figure 41: Personalization comfortability, October 2020
- Younger consumers are more eager to share
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- Figure 42: Personalization comfortability, by generation, October 2020
Attitudes toward Emerging Technologies
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- Elevating the shopping experience and cultivating relationships
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- Figure 43: Attitudes toward shopping technology, October 2020
- Focus on younger consumers, but don’t leave older consumers out of the mix
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- Figure 44: Attitudes toward shopping technology, by generation, October 2020
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- Figure 45: Turner Classic Movies How-To video
- Consumers arm themselves with tech for decision-making
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- Figure 46: Preferred use of technology, October 2020
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- Figure 47: Larroudé
- Implementing technologies to craft a well-rounded social commerce experience
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- Figure 48: Preferred use of technology, 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 Market
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- Figure 49: Total US retail ecommerce sales and forecast, at inflation-adjusted prices, 2015-25
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Appendix – The Consumer
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- Figure 50: Importance of key elements when shopping online, by generation, October 2020
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