Through product ratings and reviews, consumers have discovered a prominent platform within online retailers to give a voice to their brand experiences. What once was a one-way channel is now a two-way conversation between brands and consumers.
The influence of the online channel for consumer electronic and household appliance brands is even greater than implied by pure sales figures. In the UK for example, were a whopping 34 percent of consumer electronics sales take place online (Euromonitor), another 34 per cent of sales in physical stores are directly.
Over 8.6 million Echo devices have been sold to date with 1.3 Billion in Echo-driven ecommerce transactions estimated for 2016. That figure is expected to grow to 11 Billion within the next three years.
In 2016, shoppers spent $17.9 billion on Singles’ Day, compared to $3.3 billion on Cyber Monday. China’s 320 million online shoppers is actually greater than the entire population of the United States (319 million).
Online retailers across the globe are mimicking holiday sales events like Black Friday with their own mega-shopping holidays to drive sales volume during what would normally be slow shopping periods. These events, including Amazon’s Prime Day and Alibaba’s Singles’ Day, can drive billions of dollars in sales on a single day.