PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

TRENDCAST: The Surge in Online Shopping is an Opportunity for Small Businesses

By at 18 June, 2020, 9:24 pm

When the Going Gets Tough…
The tough go online shopping

by Rieva Lesonsky- 

(This article originally appeared on Small Biz Daily and has been re-posted with the author’s permission.)

Last week, we told you about the state of retail, which wasn’t good, with the exception of online retailers which, according to the NRF reported a 21.2% increase in online sales from April 2019 to April 2020. That online shopping surge has been fueled, in part, by consumers who’ve been a little more  adventurous when it comes to finding online retailers.

Chain Store Age reports on a new survey from CouponFollow which shows 73% of respondents shopped at least one new online retailer since the pandemic started. And it doesn’t stop there — 43% have shopped one to two new online stores, 24% bought from three to four and 5% tried five or more new online merchants.

This shopping cuts across all generations as 89% of millennials, 86% of Gen X, 78% of Gen Z and 76% of baby boomers were all willing to try a new company. Overall, 60% are shopping more online than in-store vs. 44% before the onset of the coronavirus and 59% have increased their online shopping in general. Again all generations are buying from online retailers, ranging from 65% of Gen Z to 47% of boomers.

Not surprisingly younger consumers are shopping the most online, with 55% of Gen Zers and 51% of millennials leading the way. And 66% of survey respondents say they’ll keep buying online, even as stores reopen.

Most respondents have opted for delivery of their items (74%), while 55% chose curbside pickup and 48% bought online and picked up their merchandise in-store (BOPIS).

All this is very good news for small online retailers. Consumers are actively looking for — and finding—new online stores to shop at—the key is to offer unique products and market your business.

Rieva Lesonsky “co-powers” Small Biz Daily, and is CEO of GrowBiz Media, a content and consulting company specializing in small businesses and entrepreneurship. Rieva has been meeting with, consulting to and speaking to America’s SMBs for nearly 30 years. Prior to co-founding GrowBiz Media in 2008, she was SVP/Editorial Director of Entrepreneur Magazine.

 

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