Within the last several months, many industries have tanked and many have boomed. Ecommerce is one that has generally skyrocketed with “75% of millenials buying goods online since the start of the pandemic (Rampton).” While this is great for many online businesses, it also presents a conflict. Pulling in this week’s reading to the mix, companies also need to be more competitive and position themselves with a greater competitive edge. In the Positioning Your Startup article, Jackson states “It’s critical that you understand how you fit in your space where competitors are operating.” That said, a lot of players that many never really thought had a huge digital presence or thought were the underdog are making top dollar earnings. An example of that is Walmart. “In the second quarter of this year, Amazon posted online sales of $88.9 billion as Walmart topped $10 billion in ecommerce action for the first time ever” (Rampton). With the number of struggling businesses – large and small in the pandemic era- ecommerce can definitely help boost sales during this time and beyond.
With the world changing, the behavior of consumers are also changing and companies are having to adjust to those needs. This is where market segmentation comes into play because smaller companies will really need to find their niche in order to be seen as a competitor among larger companies. Larger companies will already have the resources available to execute high volume orders, where as a smaller company with little to no resources will be overlooked. This is also where a lot of free programs and tools can be useful. The article above mentions Fiverr’s new feature, “The Shift”, as a tool to help companies and freelancers break into the ecommerce world on their own. “The Shift is designed to help streamline the transition from brick-and-mortar retail into the world of digital sales..” Tools like this target business owners and allow the value proposition of ease and flexibility to manage your company from anywhere as well as monitor activity. There are many businesses that would pay for something like this although there are also many free ones as well. Hawke Media also put together an Ecommerce Week – which is a virtual event where companies like Dollar Shave Club, Winc, and FabFitFun will come together to give tips on how to thrive in the digital space. It will be a collaborative event with the opportunity to network, attend workshops and Q&A’s and much more. I think events like this are very beneficial because it allows companies to share ideas and take notes on what is working online and what is not.
So what’s next for Ecommerce and Digital Sales? As you can probably tell by the earnings made so far this year by the aforementioned companies, ecommerce is making waves and looks like it will continue to do so. The article says, “The next several months are going to be a crucial period in ecommerce history, determining who the viable players will be for the next generation of virtual shopping.” How do you guys think the market will change in the next few years? Are there any challenges that could come from this digital boom?
“Positioning Your Startup Is Vital – Here’s How to Nail It.” First Round Review, 29 Jan. 2015, firstround.com/review/Positioning-Your-Startup-is-Vital-Heres-How-to-Do-It-Right/. Web. 20 Oct. 2020.
Rampton, John. “What Comes Next for Ecommerce and Digital Retail?” Entrepreneur, Entrepreneur, 15 Sept. 2020, www.entrepreneur.com/amphtml/355896. Web. 20 Oct. 2020.
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