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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
After more than two decades of growth, e-commerce and online shopping are undoubtedly here to stay. The industry has proven that it's more than just a niche retail model—it's the predominant shopping solution and should be a key part of most businesses' sales strategies.
E-commerce has been gaining steam over the course of a generation. In its infancy, the selection of products for sale online was limited, to say the least. Amazon only sold books, and eBay was an auction site for collectors to buy and sell PEZ dispensers.
As technology became more user friendly and pervasive in everyday life, e-commerce sites went from niche retailers selling books, CDs, and electronics to merchants of all sizes selling just about any product or service consumers were searching for.
The pandemic accelerated e-commerce growth in 2020, as shoppers looked for convenient and safe ways to meet their shopping needs. With stay-at-home orders in place and traditional brick-and-mortar stores closed, consumers turned to their computers, phones and apps to buy everything from groceries to cars. By the first quarter of 2021, e-commerce spending reached $196.7 billion (PDF), up 39.1% from the same quarter of 2020.
The growth of e-commerce and online shopping is driving traditional brick-and-mortar stores to adapt, with many adding e-commerce options as a complement to their existing sales strategies.
Some of the main benefits include:
The bottom line? If your small business doesn't have an e-commerce element, you could be missing out on sales.
Not sure where to start? You'll have to make a few investments, such as building a website and preparing to accept payments. Here's how to build an online store.
The ease of technology and the rise of e-commerce make it an attractive sales option for most businesses. To see if it's right for you, speak to your trusted business specialists—including your payment processor and your business banker—to determine if you should add an e-commerce site to your existing business and sales channels.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
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