The lasting COVID-19 impact on retail will reverberate for years to come.
Forced to social distance and stay home, American consumers started ordering products and food online at record levels.
“COVID-19 changed consumer shopping habits,” said Mitch Gould, CEO of Nutritional Products International, a global brand management firm based in Boca Raton, Fl. “Before the pandemic, online sales were breaking the sound barrier every year. Now, because of COVID-19, digital sales have reached warp drive.”
Read More: Zipwhip Expands Into Canada With Calgary Developer Hub
Statista reports that retail e-commerce sales worldwide are expected to more than double in the near future.
“COVID-19 forced people to buy consumer goods online that they previously bought in person,” he added.
Gould said the NPI team emphasizes the importance of online sales in 2021 and beyond.
“By 2024, online sales are expected to reach $6.4 trillion, up from $4.9 trillion this year,” he said, adding that online sales growth might slow in comparison to the past year, but consumer buying habits have forever been changed.
Gould said Oberlo.com lists several 2021 E-commerce trends retailers must understand if they want to compete in the years to come:
- Mobile Shopping is growing
- Young consumers are driving the shift to digital shopping.
- Social media is playing a bigger role in e-commerce with Facebook’s “Buy” button and Instagram’s “Checkout”.
- Eco-friendly brands have an advantage with today’s consumers.
- More consumers, 57 percent, are willing to purchase from new and independent businesses for the first time.
“If you are in the retail industry, you have to stay abreast of the changing landscape,” Gould said. “I’ve been in retail for more than three decades. I have to stay current to give my clients the best possible advice.”
More consumers, 57 percent, are willing to purchase from new and independent businesses for the first time.
“If you are in the retail industry, you have to stay abreast of the changing landscape,” Gould said. “I’ve been in retail for more than three decades. I have to stay current to give my clients the best possible advice.”
Gould and NPI are working with several new brands this month.
“We emphasize online importance, but we also work with brick-and-mortar stores, which will see increased sales as the threat of COVID-19 recedes,” he added.
To help new brands, Gould developed the “Evolution of Distribution,” which transcends trends or fads.
“I developed my ‘Evolution of Distribution” platform to level the playing field for product manufacturers, who wanted to sell their brands in America,” Gould said. “I created a cost-effective approach to launching new products that emphasize speed to market.”
Under the “Evolution of Distribution” platform, NPI brings together sales, logistics, and marketing services.
Read More: SalesTechStar Interview with Atif Mushtaq, Founder & Chief Product Officer at SlashNext, Inc.
“We offer all the services and expertise that new brands need to launch products here,” Gould said.
One of the highlights of Gould’s career occurred in the early 2000s when Amazon started its health and wellness category.
“I met Jeff Fernandez, who was a retail buyer on the team that was tasked with stocking the virtual shelves of the new category,” Gould said. “It was simple supply and demand. Amazon needed health and wellness products and I had the supply.”
Gould placed more than 150 brands with Fernandez and Amazon.
Fast forward to today, and Fernandez is now president of NPI.
“Jeff and I work well together,” Gould said. “When I started NPI I knew I needed someone with Jeff’s background and knowledge.”
From a pivotal time in Amazon’s development to a generational pandemic, Gould and Fernandez have worked to bring health and wellness products to the American consumer.
“We are looking forward to seeing what the next 10 years will bring,” he added.
Read More: How Intelligent Business Plans Can Forge Stronger B2B Relationships