Finding the Right Ecommerce Solution Is Crucial to Digital Growth

While the last three years have brought unprecedented uncertainty, the home and building supply industry has seen an explosion in ecommerce channels during the pandemic. This growth in ecommerce stemmed from customers feeling increasingly more comfortable purchasing online. Consequently, business leaders have adapted their strategies to prioritize online shopping experiences. 

We recently surveyed 200 U.S.-based lumber, building material, and hardlines software decision-makers to see how they are approaching the coming year. This 2022 State of Lumber, Building Material, and Hardlines (LBMH) Report reveals that 63% of industry professionals consider ecommerce to be the most crucial feature in running their businesses.

However, when it comes to adopting an ecommerce software solution, many LBMH companies still lag behind. We know change can be scary and there are many reasons behind this. Maybe they don’t feel as tech-savvy as they should be or perhaps the whole idea of ecommerce seems outside their realm of know-how.

No matter the reason, the growing importance, sales opportunities, and accessibility to easy-to-use tools are making it more challenging for businesses to ignore ecommerce.

The global impact of ecommerce

Statista anticipates that by 2024, U.S. mobile shoppers will exceed 187 million. By the end of 2022, ecommerce will also account for 20.4% of global retail sales, up from 10% just five years ago. The COVID-19 pandemic only intensified online shopping, forcing businesses to pivot towards online sales. Statista also estimated that ecommerce sales accounted for 18% of worldwide retail sales at the height of the pandemic.

At the end of 2021, Statista estimated there were 2.14 billion global buyers online, making ecommerce not just crucial to business growth, but a customer expectation.

Added value for brick-and-mortar

A recent article in Forbes said it best, “ecommerce is a growing part of not just retail, but the economy as a whole. Small businesses should look to selling online to increase revenue and better connect with their audiences. While brick-and-mortar is far from gone, online sales are becoming a major part of how we shop — in Canada, the U.S., and worldwide.”

Today, ecommerce has become just as, if not more, an essential part of how we shop and do business as in-person shopping. Leading businesses rely on ecommerce to engage customers, track trends, and make more informed business decisions. As these trends grow, is your business prepared to meet customer expectations?

What the right ecommerce solution can do for you

The right ecommerce solution can help small and midsize suppliers like you compete with Home Depot and other big box retailers by automating your online inventory and sales. This saves you time and money while allowing your customers shop easily. By investing in the right solution to open an online sales channel, you'll gain quality traffic and turn visitors into customers.

As you build out your online strategy, be sure you take advantage of the newly unlocked opportunities that come along with it. Our 2022 State of LBMH Industry survey found professionals in your field valuing the following services in an ecommerce solution: 

• 50% value online payment processing 
• 48% value product information management 
• 46% value BOPIS (buy online, pick up in-store) services 

With a new online sales channel, you can free up your overworked staff members, increase profits, and retain valuable customers. Just like you, your customers seek convenience. Having an ecommerce platform that meets your customers’ expectations around convenience will ensure they stay loyal. By investing in online sales, customer-facing employees will have time back to be more efficient, creating a more balanced, effective workforce. Our survey also found that ecommerce solutions provided home and building supply professionals with the following business benefits:

• 71% saw organized inventory 
• 70% saw organized product information 
• 66% saw higher customer volumes 
• 63% saw the ability to compete effectively with big-box retailers 

As building a website becomes easier, having an online store is becoming a crucial way to increase sales. There are an estimated 24 million ecommerce sites across the globe, with more created daily. The rapid importance of providing your customers with convenient online shopping makes finding the right ecommerce solution more critical than ever. By doing so, you’ll stand out in the marketplace while having the tools to scale your business all in one place.