According to e-commerce statistics for 2020, 95 percent of retail sales are expected to be made via the internet by 2040. In this environment, businesses that rely on traditional marketing techniques are at a disadvantage. Mobile e-commerce sales are driven by Google searches and social media marketing, and without an online presence, consumers are less likely to purchase from local sources or engage with small businesses. E- commerce and online retail sales can combat the impacts on the local economy of declining revenues or closings of brick and mortar stores in the face of disasters such as COVID-19, as well as boost sales during a stable economy.
A new report from the International Economic Development Council provides economic developers and the businesses they serve an introduction to e-commerce just in time for the holiday season. The usefulness of e-commerce to businesses owners and a community’s economy is outlined through the description of various resources available. By sharing this information with business owners in their community, economic developers can stimulate economic growth and increased e-commerce exchanges among local businesses and consumers.
Covered in the report are the following topics, along with examples of states and communities where e-commerce is being supported.
- E-Commerce Platforms from Small to Large
- Banking and Online Payments
- Digital Marketing