U.S. e-commerce firms recorded a slight improvement in business during the first quarter of 2017, as online sales soared to 14.7% at an estimated amount of $105.7 million.
The data from the U.S. Census Bureau report also showed that the amount represented a 4.1% growth over the previous three-month period. Coming into the second quarter of 2017, Labor Department figures indicated that inflation has stabilized due to a rebound in consumer prices in April.
It’s true that many companies reap the benefits of expanding their online strategies to boost revenue, yet not knowing your competition may have negative consequences. Competitive price monitoring tools serve as a good option to identify how your rivals attempt to outdo you in terms of product sales.
Some of the biggest companies in the U.S. have already recognized the importance of this tool, as they adapt to a shifting trend of consumers, from visiting physical stores to online shopping. Walmart, for example, enjoyed a 1.4% increase in revenue for the first quarter, amounting to $117.5 billion.
That’s because the company’s e-commerce sales rose 63% in the same period. The Census Bureau report added that their online transactions made up 8.5% of the total $1.25 billion sales between January and March.
You might be thinking that Walmart is already a giant that it can do as it pleases. However, the online retail business has forced even some of the biggest mall owners in the country to shut down several stores. Walmart was just flexible enough to embrace the online trend.
Whether or not your business solely relies on a digital platform, it’s becoming more relevant to study how your target market reacts to product prices while shopping online.
The rise in online sales meant that consumers are increasingly becoming more in favor of the idea of buying things online. How will your business make the most of it?