The 80/20 of Ecommerce – March 19, 2021

March 19, 2021
/ Blog
/ By sevenfiguresel
/ 14 COMMENTS

“E-commerce got a permanent boost due to the pandemic… Prices are ticking up,” according to the Adobe Digital Economy Index Report

In an extremely thorough report on the Digital Economy, Adobe Analytics surveyed over 1 trillion site visits and over 100 million SKUs.

Overall in ecommerce, “2021 is showing no signs of slowing down; Jan-Feb 2021 grew 34%” year over year.

For those that speculated that 2021 would return to pre-pandemic levels, the report finds that “E-commerce spend was bound to drop from the +80% YoY growth we saw in May, but it’s now evident that +20% of that boost is here to stay”.

Interestingly enough, prices of goods sold online are going UP. This is mainly due to the strain on the supply chain due to the effects of the pandemic which has increased shipping costs and delivery lead times as well as the effect of Amazon’s own logistical challenges with their warehouses.

In other words increased demand and lower supply (more stockouts) has driven prices upwards. If you’re an ecommerce seller this could be good news as Consumer Digital Purchasing Power is decreasing.

There also is a surge of new customers online as well. Two key data points are:

Many new consumers shopping online for the first time in 2020. “9% of consumers report never purchasing an item online prior to the US pandemic emergence in March 2020.”

Also 47% of consumers served agreed that “the pandemic drove them to buy certain types of goods online, for the first time.”.

One of the big winners in 2020 was the home improvement category. As many people are quarantining and stuck at home, it makes sense that they want to upgrade their homes to live more comfortably as they’re spending more time there. “From April – October 2020, home improvement received a 60% boost over January levels”.

Also fun fact – “Consumers are shopping more and more during work hours”. This was bound to happen as more people are working from home!

“How to sell $30-100K+ in pre-orders before ordering inventory” – Webinar about getting pre-orders and List Building with Vance Lee

In this 60 minute training, you will learn how to:

Execute the little known (yet powerful!) Kickstarter launch strategy
Minimize financial risk by getting pre-orders (and cash!) before ordering from your supplier
Build an audience and list before you launch
Develop a brand and how this will increase revenues, decrease risks, and create a sustainable business
Rally your first 1000 true fans
Launch or grow a sustainable brand using influencers, PR, and generate social credibility for FREE

If you missed it, we had over 50 people join live and we answered a TON of questions as well so definitely check the replay if you missed it LIVE.

Watch the full replay here.

Access the bonuses resources for our 7FSS community:

#1 – Free resources here,
#2 – Application for free strategy session here

or email Vance directly with any questions (vance@livemyplayground.com)

Here are some things you may have missed from last week:

Thanks,

Gary

About the Author sevenfiguresel

Meet Gary Huang, the creator of the AI for Amazon Sellers 28 Day Challenge and the founder of the 7 Figure Seller Summit. Gary's journey in the ecommerce world began in 2005, when he launched his first private label brand selling women’s shoes on eBay. Since then, he has steadily grown a portfolio of ecommerce brands on platforms like Amazon and Shopify, serving customers in marketplaces across the globe.

But Gary's experience isn't limited to just ecommerce. With a decade of corporate experience under his belt, he has managed supply chains in Shanghai, China, overseeing multimillion-dollar sourcing campaigns. This broad range of knowledge has provided him with a unique perspective on the ecommerce industry, which he now shares with others through his various initiatives.

He is a highly regarded figure in the ecommerce space, with his strategic insights and innovative approaches widely recognized in prominent media outlets including Forbes, NPR, and Bloomberg.

Recently Gary’s fascination with AI came from a simple observation: AI was changing everything, everywhere, all at once. This impact is affecting everything from education, politics, the arts, to ecommerce businesses.

This led him to spend hundreds of hours testing AI applications in his own business and interviewing other successful Amazon sellers and ecommerce experts at the AI and ChatGPT Summit for Amazon sellers.

His aim was to find out how AI could be used to grow ecommerce businesses, save time, and increase profitability. The insights he gained have played a crucial role in shaping the AI for Amazon Sellers 28 Day Challenge.

Outside of his own ventures, Gary has shared his expertise on platforms like the Helium 10 podcast, Jungle Scout's Million Dollar Case Study, Webretailer.com, and the Global Sources Summit. His understanding of global trade was even acknowledged when he served as the Chair of the American Chamber of Commerce in Shanghai's Supply Chain Committee, briefing White House Congressional officials on US-China trade and supply chain strategies.

Despite a career that has taken him around the world, from his native Los Angeles to Shanghai and now Japan, Gary remains down-to-earth, focusing on his role as a husband and father. His experiences, both personal and professional, inform his approach to business and the advice he shares through the 28 Day Challenge.

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The 80/20 of Ecommerce – March 19, 2021

About the Author sevenfiguresel

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