COVID-19 has massively accelerated the growth of e-commerce, according to an Adobe Digital Economy Index (DEI) report released today.

Adobe’s DEI is a global economic measure for the 21st century that more
quickly, comprehensively, and internationally measures the increasing buying power of digital consumers — with greater detail than any other data source available. You can download the full report here.

Highlighting that total online spending in May hit $82.5 billion, up 77% year-over-year, the report states: “It would’ve taken between 4 and 6 years to get to the levels that we saw in May if the growth continued at the same levels it was at for the past few years.”

Report highlights:

E-commerce: jumped $52 billion
Memorial Day sales: jumped 75% from $2 billion last year to $3.5 billion this year
Mobile’s share of e-commerce: grew from January but not much, up just 10%
BOPIS: buy online, pick up in-store grew 195% in May
Travel: flight bookings tripled from early April to late May

Higher rates of e-commerce and BOPIS (buy online, pick up in-store) may be the new abnormal, Adobe data indicates.

“We are seeing signs that online purchasing trends formed during the pandemic may see permanent adoption,” Taylor Schreiner, Director, Adobe Digital Insights, said in a statement. “While BOPIS was a niche delivery option pre-pandemic, it is fast becoming the delivery method of choice as consumers become more familiar with the ease, convenience and experience.”

Adobe’s DEI analyzes over one trillion online transactions across 100 million product SKUs, the company says.

What people are buying is changing too, perhaps returning more to relatively normal consumption patterns. Electronics and apparel purchases were up 11% and 12%, respectively: we’re working at home, but we haven’t bought new clothes in a while. Pricing is changing though: grocery prices were up 4% in May compared to 2019.

The data is telling us that COVID-19 has simply accelerated the trend of growth in the digital economy that has already been happening for many years. I share more in this short video below:

So if you’re serious about your business, you need to listen to what the data is telling you and be agile enough to act/respond accordingly.

Many people see the advantage of an online business but fail to get started because they simply don’t know where to start, or have a fear of failure. That’s exactly the position we were in which held us back for so long until we found the right education and support network to help us get started from scratch. If you’re ready to explore proven steps with a support network that you can take right now to take advantage of the growth in the digital economy, then Click Here to learn more.

You know, many people talk about ‘thinking big’ in business and in life to succeed, and I get that, but this week I want to encourage you to simply think small, in both your business and personal life.

In the video below I share two examples of people who are making a big difference in this world not by thinking big, but by thinking small, one of whom is a 16 year old girl who through small acts is making a huge difference…

Finally, as we all think about ways to generate wealth to make a difference in this world, I want to leave you with some of the last words Steve Jobs shared before he passed away at the age of 56 from pancreatic cancer:

“At this moment, lying on the bed, sick and remembering all my life, I realize that all my recognition and wealth that I have is meaningless in the face of imminent death.

You can hire someone to drive a car for you, make money for you – but you cannot hire someone to carry the disease for you.

One can find material things, but there is one thing that can not be found when it is lost – “LIFE”. So, love the people God sent you, one day he’ll need them back…”

May we all make a big difference in the week ahead by thinking small.

What has Horse Riding and words of Wisdom from Dr Martin Luther King have to do with learning to start something new?

I share some fundamental principles from both in relation to starting an online business you’re passionate about in this Sunday’s thought for the week.

Please click here or on the picture below to watch this Sunday’s thought for the week. 

I also introduce one of our latest ImportsXperts business mentors to you, Jay Bansal:

Our ImportXperts team are all about helping and guiding you to build an eCommerce business which is relevant for you. And by that, we mean helping you sell products based on your interests. There are tons of reasons why this is so useful:

• You’ll understand what your audience wants
• You’ll be able to answer your customers’ questions better
• There’s more chance you’ll have the passion to stick at it, even if you come across a few hurdles
• You’ll have pride in your business
• And there’ll be more chance of long-term success

Jay will be heading up the new training curriculum in our ImportXperts academy, and to summarise:

• He’s a very successful entrepreneur having sold multiple products on Amazon and Shopify over the past 5+ years. 
• He’s mastered the art of design and knows how to create the most premium products. He made $25,000 in one day serving just 23 customers!
• He’s worked with both small and big budgets and has a passion for supporting others to create amazing products that they can be proud of.