Americans love to shop online at Amazon and Walmart more than any other e-commerce firm in the U.S., according to a Retail Week research.
The study noted that 52% of online shoppers prefer to buy items in Amazon. Walmart ranked next, followed by eBay and Wish. Even if these companies dominate the online retail market, there are ways for your business to capture a slice of consumer activity.
Competitive strategies
Point-of-sale finance providers serve as one option for smaller online retail companies to keep up with the competition. You should be aware that not everyone is keen on using a credit or debit card for their purchase, simply because of security reasons or not having either one of them.
A person who casually browses through your online catalogue will be more likely to purchase something if you offer a broad selection of consumer financing options. Most Americans have decided to shop online due to its convenience, so having a flexible payment system will be among their expectations.
Consumer demand
An increase in demand for goods and services led to an increase in consumer spending during the last month of 2017, according to the Commerce Department. The 0.4% growth likely stemmed from the holiday season.
Still, a higher consumer sentiment served as a main factor for more purchases. Economists said that Americans used their savings to spend more as they hold a positive view of the economy. If consumers continue to spend at the same pace from December, however, they should continually earn more throughout 2018, according to Wells Fargo Securities senior economist Eugenio Aleman.
Online retailers need to think of more ways for improving customer experience, especially since consumer spending has been strong recently.