Ready to Ship Excellence?
New insights offer SMBs a guide to delivering on consumer expectations
Pandemic Pressure: The Acceleration to Online Sales
Every moment counts for small and medium businesses, especially when customer expectations and costs are high. And the past year has brought no shortage of elevated expectations, unexpected expenses and disruptions to traditional business models.
The pandemic accelerated the existing shift to online commerce, and SMBs found themselves in a race to match the demands of online spending. According to Digital Commerce 360, consumers spent $2.67 trillion globally on the top 100 online marketplaces in 2020, accounting for 62% of global online retail sales. Those numbers can seem daunting, but SMBs actually have a chance to capitalize on this new trend by creating a seamless delivery experience.
Meeting the Demand: Are You Ready to Ship Excellence?
Every opportunity comes with potential challenges. For SMBs, the shift to online commerce can feel overwhelming. You’re relying on suppliers and buyers from around the world, threaded together by a complicated global supply chain. Consumers often don’t see this path to delivery, but they can feel the impact of a challenging shipping experience.
To better understand these consumer preferences and how SMBs are addressing them, UPS Capital commissioned a survey of 1,000 U.S. consumers aged 18+ and 896 SMBs between March and April of 2021. The objectives were to understand how consumer shopping has shifted during the pandemic, impacts to SMBs and consumers and pain points associated with shipping mishaps.
The survey revealed that 59% of consumers spend between $100 and $1,000 on online purchases from SMBs annually. This creates a significant ecommerce market opportunity of up to $123 billion in sales, but only if businesses can meet consumers’ needs through these channels.
To see more findings and learn how you can deliver excellence, download our SMB Week Research Report.
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