Q4 2021 looks set to be the most important and eagerly anticipated trading quarters in modern history. Following the restrictions on business due to the global pandemic that has resulted in thousands of brands disappearing from malls around the world, the retail stakes have never been higher. Research conducted by DigitalCommerce360 predicts ‘U.S. consumer spending online to grow 12.1% year over year this 2021 holiday season’, further underlying a renewed consumer confidence and perhaps, a return to the good times.
However, competition for customers online is reaching new heights. Data from Statista for 2020 showed that over 800,000 businesses launched in the US alone. A high number for sure, but in fact it accounts for just 10.7% of the world’s start ups last year. In a marketplace with no borders and boundaries competition comes from everywhere and anywhere.