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It’s the most wonderful time of the year for retail. With Christmas on the horizon, consumers are scrambling to buy all their presents and food before the big day. In 2017, a Deloitte survey of 5,085 US participants, found that the holiday season accounts for more than $1 trillion of annual US retail sales (more than one quarter), and that more than $110 billion of this was through online sales. With online channels becoming more and more important to retailers, should Private Label be viewing the e-commerce boom as a threat or opportunity?
Online shopping has been around for longer than people realize. In 1979 English inventor Michael Aldrich connected a domestic television to a real-time transaction processing computer via a telephone line, and online shopping was born.
Since then, it has changed unrecognizably as global internet technology and connectivity has improved. From a crude teleshopping experience, E-commerce has emerged as a multi-trillion-dollar industry, covering any type of business, or commercial transaction online. In 2017, e-commerce businesses were responsible for $2.3 trillion in sales, a number which is predicted to hit $4.5 trillion by 2021. In the US, e-commerce represents almost 10% of all retail sales, a number that is expected to grow by nearly 15% each year.
It’s safe to say that e-commerce is growing and now as the ‘internet of things’ also gains momentum, we see more devices connecting consumers to their favorite e-commerce channels. Both shopping on a mobile (m-commerce) and via social media (social commerce) are becoming retail channels to watch. In 2018, global m-commerce is expected to hit $669 billion in the US. Meanwhile, social platforms such as Instagram and Facebook are putting more resources into making commerce easier for shoppers who are actively browsing their sites. In 2019, it is estimated that there will be around 2.77 billion social network users around the globe, so it’s an area of commerce to be ignored at retailers’ peril. Place these staggering figures alongside the rise of in-home smart speakers, such as Amazon’s Alexa and Google Home, which connect consumers completely through voice technology, and the world of e-commerce becomes even more vast. However, when it comes to Private Label, the relationship with e-commerce isn’t a straightforward one. In the next section, we look at the possible problems this connected and growing online channel poses to Private Label.
It’s the most wonderful time of the year for retail. With Christmas on the horizon, consumers are scrambling to buy all their presents and food before the big day. In 2017, a Deloitte survey of 5,085 US participants, found that the holiday season accounts for more than $1 trillion of annual US retail sales (more than one quarter), and that more...
Whilst browsing around the vast choice of delicious food options in today’s supermarkets, it’s probably fair to say that most of us don’t think about where the food has come from and how it got to the store.
A few generations ago, exotic foods like avocados and mangos for example, hadn’t even been heard of let alone winning a space in our...