eCommerce will continue to be a driving component of the retail industry. Although the frequency of online shopping has decreased somewhat from 2022, 4 in 10 consumers are shopping at least once a week, and most consumers (96%) still conduct research online before making purchases.
eCommerce will continue to be a driving component of the retail industry. Although the frequency of online shopping has decreased somewhat from 2022, 4 in 10 consumers are shopping at least once a week, and most consumers (96%) still conduct research online before making purchases. This trend highlights the growing reliance on digital platforms throughout the shopping journey.
The ecommerce sector is a significant growth driver, showing faster growth rates than the total retail market. This rapid expansion emphasizes ecommerce’s crucial role in shaping the future of retail, as consumers utilize digital channels for their shopping needs.
A key opportunity lies in the rising demand for convenience and personalization. Consumers value ease when shopping online, making it essential for retailers to enhance their online platforms, optimize their communication strategies, and streamline fulfillment and return processes.
However, data privacy concerns challenge online shopping. Nearly two-thirds of consumers (65%) worry about how brands manage their personal information. This situation requires retailers to take a proactive stance by implementing strong data protection measures to foster consumer trust and ensure that privacy issues do not impede the potential of the ecommerce industry.
The online shopping journey is rapidly evolving, as consumers seek more convenience and seamlessness. Tech is crucial to increase efficiency and satisfaction.
Marisa Ortega, Analyst – Retail & eCommerce
This report examines a consumer’s journey from an unknown and known need to buying a product, as well as the multiple phases involved: awareness, consideration, intent, and purchase.
While any path to purchase likely involves physical and digital retail regardless of category, this Report focuses on the online steps that lead to purchasing on the same channel.
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
We’ve found it so useful working more closely with Mintel. They helped support our recent flagship event for our top suppliers by providing a really unique viewpoint on the future of online retailing.
Nick Carroll from their Retail Team was also an excellent panelist, sharing useful and actionable consumer insights. We definitely look forward to working with Mintel again on future projects.
Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.
It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.
