The Rising Trend of Sustainability in E-commerce
Sustainability has been trending in e-commerce over the last few years. A GlobalWebIndex conducted survey showed the majority of consumers would pay more for eco-friendly products. Millennials make up to 60% of their purchases online, the same generation who are currently most willing to pay more for sustainable products. This trend is something to consider as you strategize and look ahead to the future.
It’s important to remember that the e-commerce world has a steeper climb towards sustainability than in-person stores, as online orders require more packaging and transport. The slow ascent of the trend means you have the opportunity to consider how you could make small changes to your shipping process in order to be more appealing to Millennials and Gen Z. For inspiration, check out Amazon’s recyclable mailers, launched earlier this year.
E-tailers Should Anticipate More Purchases a Year from Now
As the world slowly begins to emerge from the pandemic, an important question for sellers to consider is how shopping behavior will change. Since the start of COVID-19, online shopping experienced unprecedented growth as people turned to digital channels for the majority of their needs. Cleveland Research Company (CRC) conducted a study with a couple of key takeaways to keep in mind:
- E-tailer Execution
While Amazon is leading the pack in the majority of categories, each retailer evaluated (Amazon, Walmart, Target, Costco, Home Depot, Lowes, and Wayfair) scored well, indicating that retention rates may remain strong post-pandemic. This information should also encourage manufacturers to strengthen their relationships with multiple different retail sites in order to get the most of every digital opportunity.
- Looking Towards the Future
Manufacturers have indicated that they plan on using the same sites to make a similar number of purchases a year from now, however, 33% are expecting to use them even more, despite the potential return of normal in-person shopping behavior. Manufacturers should look at current consumer behavior as the baseline for future growth of digital sales.
GSA Agreement for E-commerce
Overstock.com is one of the 3 e-tailers awarded with a U.S government contract with the General Services Administration (GSA) that provides B2B e-commerce capabilities for federal agencies. This allows government agencies to make ‘micro’ purchases on Overstock up to $10,000. GSA supplies include items like office furniture and equipment, along with a wide assortment of other products. This development could be particularly beneficial for small businesses, as government personnel will be able to make purchases for commercial, off-the-shelf (COTS) products through Overstock. This provides a great opportunity for manufacturers to potentially prioritize COTS products and develop a relationship with Overstock.
