The results are in, and as expected Searchspring customers saw explosive growth in 2020 across the board. Last year set year-over-year records, with Searchspring customers generating over $72B in total revenue, while average transactions went up 342% over 2019. In a world upended by a pandemic, for many, ecommerce became the only viable option for safe and convenient purchases of essential goods and services.
Our proprietary data and insights offer an exclusive glimpse into the industries that had a breakout year. Home & Gardening, Health & Fitness, and Hardware & Home Improvement were among the industries that benefited from this record-setting year, as the world shifted priorities and consumer investment in health, well-being and all things cozy became imminent. Arising trends included the increase in Curbside Pickup and Buy Online Pickup In-Store (BOPIS), and a rise in mobile traffic, and gift card purchasing.
Predictably, ecommerce is becoming particularly routine among younger generations, including Gen Z’s, who yield $44B in buying power. This year, as merchandisers shift to proactive ecommerce strategies, following a reactive 2020, many will look into investing in the right technologies. Competition is at an all-time high, and merchants can no longer just run on basic platforms and apps to offer the shopping experience their customers want and expect.
While the next wave of ecommerce growth will certainly look different, we predict consumers will continue to browse and make purchases from the comfort and ease of their smartphones – all while expecting their shopping journey to be easy and curated to them. With 80% of consumers likely to buy from a brand who offers a personalized experience, looking into solutions that offer hyper-relevancy will become absolute. With a world of options at their fingertips, merchandisers who are able to offer a relevant, swift and enjoyable shopping experience in just clicks will be the projected winners of 2021.
ABOUT THE AUTHOR
Peter Messana, CEO of Searchspring
Peter is the CEO of Searchspring. He has over 16 years of experience in the retail and technology space, most recently as COO of GroupBy. Previously, he co-founded Austin Kayak and was CEO and President of Summit Sports, leading both the digital and brick and mortar sides of the business. Peter has also held leadership roles at Dell and Home Depot and is regarded as one of the leading retail technology minds in the digital commerce space.