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<ul><li>The key predictions for businesses in 2021 according to <keyword id="1715801" type="COMPANY" weightage="20" keywordseo="Shopify">Shopify</keyword> are - Young consumers will change the business landscape as ecommerce charges ahead.</li><li>Physical retail as we know it will transform, giving local businesses new advantages.</li><li>Consumers want to shop independent. Businesses will adapt to make that easier.</li><li>More consumers will vote with their wallets.</li><li>Modern financial solutions will disrupt business and consumer banking, financing, and lending.</li></ul>The pandemic has brought about a huge change in the way consumers shop. The year has led to massive digital adoption that will change the way we approach shopping, perhaps forever. To understand the kind of changes that have happened in the ecosystem, Shopify has released its first annual report*, Future of Commerce 2021, that marries global merchant and consumer data to predict how the commerce landscape will shift in the coming year. By examining perspectives of both seller and buyer, the report aims to capture the full picture of the industry to make predictions that span commerce in its entirety—from shopping habits of consumers around the world to the evolution of running, marketing, and funding an omnichannel business today. “At Shopify, we believe commerce is more than a transaction; it’s a relationship between a business and its customers. It’s only possible to report on the future by examining both audiences together,” said <keyword id="10397175" type="PERSON" weightage="20" keywordseo="Harley-Finkelstein">Harley Finkelstein</keyword>, President, Shopify. “The importance of this relationship has never been clearer. On the heels of a record-breaking Black Friday/Cyber Monday weekend, and as we close out one of the most disruptive years for commerce and the world, we’re excited to look forward. Looking ahead, we see independent retailers and the next generation of consumers driving shifts that will pave the way for an even brighter future of commerce.” Analyzing Shopify data from more than Shopify's one million merchants around the world and insights from their customers, this first annual Future of Commerce report reveals five key predictions for businesses in 2021 and beyond. They include: 1. Young consumers will change the business landscape as ecommerce charges ahead. 2. Physical retail as we know it will transform, giving local businesses new advantages. 3. Consumers want to shop independent. Businesses will adapt to make that easier. 4. More consumers will vote with their wallets. 5. Modern financial solutions will disrupt business and consumer banking, financing, and lending. India Snapshot: Shopify Future of Commerce 2021 1. Young consumers will change the business landscape as ecommerce charges ahead. While the pandemic kick-started a behavioral shift to ecommerce, the highest shift was seen in young and middle aged consumers. Brands will need to adjust the way they do business to meet new consumer expectations and have staying power. ○ Consumers are hesitant to return to in-store shopping. ■ 84% have shopped online since the pandemic; 38% have shopped in-store. ■ 85% of consumers said they will shop online regularly in the next 6 months; significantly fewer (31%) say they’ll shop in-store regularly in the next 6 months. ■ 85% of younger consumers (18-34) &amp; 90% middle aged consumers (35-54) years shifted more of their spending to online shopping since the pandemic was declared, compared to the 86% average. ■ Brands should pay attention to the habits of younger consumers as they lead the shift to ecommerce, especially because they are more likely to: ● Discover and shop via social media ○ 55% of younger consumers who purchase from independent retailers discover brands via social media compared to 45% of middle aged consumers 35-54 .and 33% of older consumers 55+ ○ 41% of younger online shoppers said they purchased via social media, compared to 44% of middle aged online shoppers and 22% of older online shoppers. ● Prefer to shop for sustainable and green products ○ 83% of young consumers(18-34) prefer to shop for sustainable and green products compared; 93% in the middle aged bracket also prefer to shop for sustainable and green products ● Shop to have an impact ○ 42% of younger consumers who shopped from independent retailers since the pandemic was declared did so to have a positive impact on society, compared to 26% of middle aged consumers “Although we have seen the greatest shift online among young consumers, the other key segments including middle aged and older consumers are also seeing significant numbers starting to go online for their shopping needs,” <keyword id="1164852" type="COMPANY" weightage="20" keywordseo="Sandeep-Komaravelly">Sandeep Komaravelly</keyword>, Director of International Growth at Shopify. “We expect such habits to persist in 2021 as Indian consumers increasingly prefer to support independent brands and local businesses.” 2. Physical retail will transform as we know it, giving local businesses new advantages. Omnichannel features and experiences that retailers adopted in 2020 will give new life to physical stores and allow businesses to take advantage of proximity to local consumers. ○ Some of these new strategies and technologies resilient retailers adopted and will continue to offer include: ■ Contactless payments: 82% consumers are more comfortable making in-store purchases with digital / contactless payments (81% - younger consumers, 86% - middle aged consumers, 76% - Older consumers) ■ Alternative pickup and delivery options: Among those who used alternative fulfillment methods, over half did so more often in the past six months than before the pandemic was declared. These include: ● Local delivery: 71% of consumers are receiving items through local delivery more often than before the pandemic was declared. ● Buy online, pick up in store (BOPIS) or curbside: 69% of consumers are using BOPIS or curbside pick up options more often than before the pandemic was declared. ● Pick up point: 69% of consumers are using a pick up point option more often since the pandemic was declared. ■ Consumer pain points: Merchants will need to improve the following aspects of consumer touch points for better online experience. Top factors that made shopping online frustrating for consumers include: ● 42% say limited stock is a concern ● 36% feel shipping took longer 3. Consumers want to shop independent. Businesses will adapt to make that easier. Consumers expressed the desire to shop with independent businesses but still purchase from marketplaces for convenience. Independent brands will continue to close the gap. ○ Consumer intentions lean toward supporting independent &amp; locally-owned businesses. ■ More than half of consumers (81%) look for independently owned businesses to support for reasons including: supporting entrepreneurship, buying unique products, and experiencing good customer service. ■ 86% of consumers say they support small businesses, while 83% say they look for locally owned businesses to support ○ Consumers’ intentions to support independent businesses are not yet reflected in their purchasing habits. However, this may change: ■ 44% purchased from marketplaces since the pandemic was declared, while 52% say they’ll continue to shop from Local / Independent businesses regularly in six months’ time. ■ 76% of consumers are willing to shop at new brands or stores for the first time. ○ Independent &amp; Locally-owned retailers should highlight the benefits of their business models and adopt features offered by large retailers to meet consumer needs. ■ Fast and free shipping ● 42% of online shoppers say free delivery would improve their online shopping experience while 28% say free returns and 42% say faster delivery would make online shopping better. ● 75% of Shopify merchants who generated sales between March through September have free shipping enabled on their stores. (Shopify merchant data) ● In Q2 2020, Shopify enrolled more merchants and increased fulfillment volumes for Shopify Fulfillment Network by 2.5 times over Q1. (Shopify merchant data) ■ Conversational commerce ● As e-commerce continues to grow and retailers navigate challenges presented by COVID-19, fostering an online dialogue between merchants and customers is becoming increasingly important. ■ Merchant sales attributed to chat on Shopify Ping increased by 185% from March 16 to July 1, 2020. (Shopify merchant data) ○ Shoppable social media ■ Independent retailers are increasingly adopting ways to meet customers where they spend their time online. ■ At the start of the pandemic from March through April, marketing on Facebook and Instagram via Shopify’s channel integration saw 36% growth in monthly active users—a trend that continues to rise. (Shopify merchant data) 4. More consumers will vote with their wallets. Consumers will make an informed decision while choosing brands. Brands must demonstrate authenticity, transparency, and accountability as consumers increasingly support local businesses and sustainable products. ○ 87% of consumers prefer green or sustainable products. ○ 80% of consumers respond positively to retailers making a donation to a cause with each purchase. ○ 27% of consumers shop at local or independent retailers to reduce their environmental impact. ○ Consumers’ main reasons for shopping at a locally owned business (online or in-store) include: ■ Strengthening the local economy (37%) ■ Helping support local job creation (41%) ■ Investing in their community (22%) ○ 35% of Indian shoppers purchased something from an independently-owned retailer in the six months since Covid-19 was declared a pandemic ○ Top reasons for shopping independently include: having a personalized shopping experience (43%), having a positive impact on society (36%), and to reduce their environmental impact (33%) ○ More than (58%) of consumers who shopped at independently-owned businesses found them through recommendations, followed by through social media (48%) 5. Modern financial solutions will disrupt business and consumer banking, finance, and lending. Providing options that traditional banks don't offer, financial solutions that prioritize speed and access to capital, faster ways to pay, and more flexible payments like installments are growing in popularity among businesses and consumers. ○ The quality of the digital user experience is a key factor for merchants: 48% global consumers say a “good online banking or mobile app experience” is one of their top three most important features when considering a bank for their business. ○ More businesses are accessing capital outside of traditional banks: Across the US, Canada and UK, cumulative funding from <keyword id="10397176" type="COMPANY" weightage="20" keywordseo="shopify-capital">Shopify Capital</keyword> reached approximately $1.4 billion at the end of September. ○ Buy now, pay later has grown in popularity: The number of Shopify merchants globally who offer buy now, pay later has increased by 60% since the start of the pandemic. * This report is based on an online survey of over 10,000 consumers in 11 countries conducted in September 2020, as well as extensive global Shopify sales data from January 2018 to September 2020. Certain sections of the report pertaining to business and consumer banking are based on two sources: an online survey of 950 Shopify merchants in the US conducted in September 2020, and an online survey of 1,000 consumers in the US conducted in December 2019. * Local orders is defined by 25 km or less between merchant and consumer on a given sale.

86% Indians have adopted online shopping during the pandemic indicating accelerated adoption of ecommerce across age-groups: Shopify

<ul><li>Things have been challenging for small and medium scale businesses that are bearing the brunt of the <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> due to low consumer spending and disruptions and delivery and production.</li><li>Canadian e-commerce company <keyword id="1715801" type="PERSON" weightage="20" keywordseo="Shopify">Shopify</keyword> has been working closely with <keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword> to help them strengthen their online presence and to future-proof their business.</li><li>Sandeep Komaravelly, Director of International Growth, Shopify walks us through all that the platform has been doing and how that has helped support these businesses during these adverse times. </li></ul>The lockdown has hurt most businesses and sectors across the world. Most are now working on ways to weather the storm, to come out of it with minimal damage. However, the Medium, Small and Micro Enterprises (MSMEs) have had to face massive losses. It is no surprise that the MSMEs have been the focus of the government’s relief packages because without external assistance, it will be difficult for most of these businesses to sail through. This is where Shopify, a Canada-based e-commerce company comes in. Since its inception, the company has been working on empowering entrepreneurs by helping them create and develop their businesses by removing the barriers that exist in selling online. While it has been helping power businesses in around 175 countries around the world, in India, it has worked with brands such as Nush by Anushka Sharma, Raymonds, Blue Tokai, WoW Cosmetics, Starstruck and John Jacobs eyewear, to name a few. The role of Shopify is to help these organizations operate and grow their business across their own direct-to-consumer website, online marketplaces, and social networks, while remaining in full control of their business. As a part of their efforts to support these MSMEs during the lockdown when many of these businesses have been adversely impacted, Shopify came up with a range of offers to help small and medium businesses across India adjust to the new normal and to help them increase efficiency while selling online. The aim of these offers was to make it easier for businesses to get back on their feet by helping them offer their customers with a good shopping experience, while also helping reduce monthly costs. According to the platform, merchants using the platform can save over Rs 1 lakh in partner credits through Shopify’s eCommerce solutions from industry-leading service partners. We recently caught up with Sandeep Komaravelly, Director of International Growth, Shopify, who told us all about the platform and its efforts towards supporting MSMEs. Excerpts: Q) MSMEs have had to face the brunt of low consumer spends. What has your priority as an organization been in these last few weeks to make things easier for these businesses? Shopify helps entrepreneurs as they transform an idea into a business. We offer a platform so easy to use that merchants are free to focus on developing their products rather than overcoming technical limitations. Analyzing the impact of the pandemic in India and an in-depth analysis of how consumer behavior has changed, we have created solutions for merchants looking to set up and grow their online business. Through our network we are extending attractive offers from partners across categories. Over Rs 1 Lakh in partner credits can be saved with these offers from leading technology, solution and service partners such as Razorpay, PayTM, Shiprocket, Adyogi and Delhivery to name a few. We also hosted our first-ever virtual Reunite session in May to introduce our latest innovations on Shopify to help merchants from across the world future-proof their businesses. We have introduced a number of new features, such as Shopify Email, Pick-up, Express themes, etc for merchants in India. Q) What kind of impact has there been on <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword> and MSMEs? Have you come across businesses that have had to shut shop due to the Covid impact? Even in usual circumstances, SMEs and MSME’s are more vulnerable to competition or the slightest change in the market. The pandemic and the subsequent lockdown has impacted the growth of their business. They have been facing major challenges like lack of financing, delay in payments, paused production and fall in consumer demand. Having shared this, in spite of the hurdles it has been inspiring to see the strong resilience showcased by the SME community. They have been agile and quick to adapt to the new normal of digitization. We have seen SMEs taking their business online and setting up e-stores to reach out to their customers in the fastest possible manner. There are some who are also selling masks and protective equipment addressing the need of the hour of their customers Q) What were some of the major challenges that these merchants faced during the lockdown days? How have you been able to help? The most immediate challenge for a merchant has been to be agile in moving online to safeguard their businesses and facilitating local delivery. In an immediate response to the challenges faced by merchants we have released a new one-page theme called Express that enables merchants to get online quickly. As of March 20, selling gift cards has been available to all merchants, and Shopify has seen more merchants utilizing this feature than ever before. We also introduced Shopify Email that helps merchants build more meaningful relationships with their customers, and to make email marketing easy and accessible to businesses who are new to digital marketing. Shopify also offers merchants flexibility to enable pickups, they can set up the option for customers to pick up their online orders at your retail store or any location that they choose. Q) You work with a lot of partners. How has this integration and collaborative model helped you strengthen your offering? Shopify’s partner ecosystem acts as a moat to the company. Developers build apps (plugins) for merchants that act as an extended feature set and help in greater product market fit across the world. Developers sell these apps globally through the Shopify app store and have built million dollar businesses out of India. India has always been the biggest export hub for software services. Service partners on Shopify help merchants build a website, design, do digital marketing and every possible service that an ecommerce merchant needs. This ecosystem helps merchants use Shopify in a Do-It-For-Me manner, and focus more time on their business and growth. We are presently working to grow our influencer network in India like we have in the US. Bloggers, Youtubers, educators et al help new entrepreneurs learn the specifics of ecommerce and how Shopify can be a platform that supports their business end to end. Q) What kind of business impact have you faced as an organization during the lockdown? One of the key trends that we have seen during this period is the demand for shopping locally. More than ever, merchants need efficient ways to connect with their local customers today and in the future. Globally, average daily local orders on Shopify for the six weeks ending April 24, grew by 176%, compared to the prior six weeks, coinciding with the introduction of physical distancing measures. As of April 24, 26% of brick-and-mortar merchants in Shopify’s English-speaking geographies were using some form of local pickup and delivery solution, compared to just 2% at the end of February. Shopify is accelerating and shipping products that will help merchants future proof their businesses. Historically, necessity breeds innovation. By making it easy to start and maintain a business, we continue to help merchants bring to life the innovations spurred by this unprecedented world event. We remain committed to removing the barriers that exist for merchants starting new businesses. Q) As we are slowly coming out of the lockdown, what were your learnings as a leader? We realize even more that preparedness is key and this refers to multiple scenarios. It is important that as organizations and business leaders we are quick to adapt to any given situation. It is also important to dedicate time and effort towards keeping employee morale high especially in situations like this. A dedicated and highly motivated workforce will strengthen any organization and ensure a joint effort towards meeting organization goals even during a downfall.

How Shopify is helping MSMEs and SMEs sail through the lockdown by helping them strengthen their online presence

<ul><li>As we enter a brand new year, we want to crystal gaze into what the year holds for us. </li><li>In today’s feature, e-commerce players tell us what lies ahead in 2021. </li></ul>With the second-largest internet user base, India has emerged as one of the most prominent markets globally. Being stuck at home because of the pandemic further triggered the desire to make life and work easier at home, which resulted in a significant increase in <keyword id="10547863" type="UNKNOWN" weightage="20" keywordseo="shopper-spends">shopper spends</keyword>. People who would otherwise go out to buy groceries and medicines at the pharmacy, turned to e-commerce platforms to get essentials delivered at their doorsteps. 2020 accelerated the e-commerce industry by a decade, revolutionising the way brands operate, run, and grow their businesses, as well as how consumers choose to shop and pay. As per Nielsen India’s E-commerce Consumer Panel (E-Analytics Solution), there was a double digit increase in average spend of <keyword id="237977" type="PERSON" weightage="20" keywordseo="online-shoppers">online shoppers</keyword> for electronics and accessories (39%), mobile and accessories (12%), and fashion, including apparel, footwear, and accessories (10%) after the pandemic. Appliances (e.g.TV, WM, refrigerators, etc.) also saw notable shopper spending increase at 9%. This growth trajectory of e-commerce platforms in India testifies how customers are increasingly recognising the importance of comfort shopping within closed doors, and after seeing their businesses take a plunge in the first three months of the lockdown, more and more sellers are also coming online. According to IBEF, ‘The Indian E-commerce industry has been on an upward growth trajectory and is expected to surpass the US to become the second-largest e-commerce market in the world by 2034. Indian e-commerce sector is poised to reach US$99 billion by 2024 from US$30 billion in 2019, expanding at a 27% CAGR, with grocery and fashion/apparel likely to be the key drivers of incremental growth.’ The second half of the year, which is the festive season in India, brought cheer for many brands and further pushed the adoption rate of e-commerce. Players like Amazon, Flipkart, Myntra, and Snapdeal together sold goods worth $3.1 billion in the first 4.5 days of the festival season sale. Consumers are still hesitant to return to in-store shopping completely and audiences from Tier II and Tier III are also preferring to shop online. Snapdeal saw 70% of its orders come in from Tier II and Tier III during Diwali. The pandemic and lockdown period has brought many learnings for all businesses, and e-commerce has undoubtedly been one of the sectors with the biggest takeaways. As we enter a new year, we reached out to e-commerce platforms to understand what role it would play in 2021. Here is what they said: Anchit Nayar, CEO, <keyword id="7726437" type="PERSON" weightage="20" keywordseo="Nykaa-Retail">Nykaa Retail</keyword>: In the initial months of the lockdown, businesses witnessed a clear shift in consumer behaviour- with scores of historically offline shoppers coming online due to convenience and safety. As the country reopens further in 2021 we see the customer seamlessly moving with ease between online and offline channels underscoring the importance of omnichannel retailers catering to customer preference. Another key trend for 2021 will be a focus on bringing more personalization and curation to customers shopping online through greater tech and marketing integration. Lastly - we believe social commerce is going to have a big impact this year. At Nykaa we have integrated our content into our shopping app thereby allowing customers to watch and shop at once. Sandeep Komaravelly, Director of International Growth at Shopify: Shopify’s first annual report* <a href="https://www.shopify.com/future-of-commerce/2021">Future of Commerce 2021</a> report brought together global merchant and consumer data to predict how the commerce landscape will shift in the coming year. It highlighted five key trends that will be prevalent next year. <ol><li>Young consumers will change the business landscape as ecommerce charges ahead.</li><li>Physical retail as we know it will transform, giving local businesses new advantages.</li><li>Consumers want to shop independent. Businesses will adapt to make that easier.</li><li>More consumers will vote with their wallets.</li><li>Modern financial solutions will disrupt business and consumer banking, financing, and lending.</li></ol>Although we have seen the greatest shift online among young consumers, the other key segments including middle aged and older consumers are also seeing significant numbers starting to go online for their shopping needs. We expect such habits to persist in 2021 as Indian consumers increasingly prefer to support independent brands and local businesses. Kashyap Vadapalli, Chief Marketing Officer &amp; Business Head, Pepperfry: In a post-pandemic world, the one guarantee is massive shifts in the outlook of humanity across a wide spectrum of things. As people, as societies and as businesses, there has been a sea change in what one values or considers in their decision making and actions. The illusion of continued uninterrupted safety, growth, progress have all been shattered. In such a scenario fundamental values have become paramount. Organizations and marketing teams that focus on foundational propositions will thrive and in my opinion the trend that we will see in the next few quarters will be about these fundamental matters. People have become more purposeful in their actions and consumption than ever before and marketers who can tap into this theme of purpose will be able to attract consumers to their offerings. While digital and social have enabled interactions over the last 5-10 years, the next stage of this trend is where simple interactions, evolve to become deep connections. Going beyond the transactional exchanges and building relationships is the second key trend that will drive the growth of businesses in future. Samarth Agrawal, CEO, Cofounder, MaxWholesale: The key e-commerce trend for 2021 will be D2C retail, as e-commerce is growing at a fast pace, new-age brands will capitalize this opportunity to grow direct-to-consumer reach to a $15-$20 million revenue run-rate online for their brand. For the medium and large brands, the operative word is going to be “omni-channel retail” as they will try to champion B2C and B2B e-commerce for growth. B2B e-commerce in India today is where B2C e-commerce was in 2015. Amazon Spokesperson: “The unprecedented situation of the pandemic has brought about a rapid adoption and acceptance of e commerce as an essential service. One thing we’ve learned this year is that how important a role Amazon and ecommerce can play with enabling policies – for our customers as much as for small businesses &amp; economy. Throughout the year, we remain focused on enabling small businesses to benefit from widest reach made possible by e-commerce as they adapted to the unprecedented situation. For customers, we continued to put together and safely deliver the best of products from our widest selection by top brands across categories to address their ever evolving needs. As the lines between online &amp; offline continue to blur, 2021 will see businesses seamlessly implementing an omni channel approach and leverage our investment in technology and infrastructure to help empower their growth.” Snapdeal Spokesperson: The lockdown saw shoppers order everything online, from groceries to stationery, from maths tutorials to yoga sessions. Covid-19 related disruption has brought fundamental and long term changes in the way people shop. Millions of new e-commerce users, including in smaller cities &amp; towns, are now comfortable buying online. The growing cohort of online buyers is also leading to deepening of the supply available online. Online has grown beyond just well-known brands to embrace a wide range of regional and seller brands, which offer a compelling value proposition of good quality at great prices. The range of products that users now browse for and buy online has grown significantly this year. It’s not only phones, gadgets, food and fashion that they buy online, but also everyday stuff like a new mop, cooking utensils, bed covers and much more. Till a year ago, customers usually preferred to buy such products offline after a good look and feel. Users are now turning to online channels more proactively to discover choices beyond the physical markets in the neighbourhood. Having experienced the vast selection that is available online, the basket for online users will become more diverse and will reflect their consumption in a more representative way.

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86% Indians have adopted online shopping during the pandemic indicating accelerated adoption of ecommerce across age-groups: Shopify

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How Shopify is helping MSMEs and SMEs sail through the lockdown by helping them strengthen their online presence

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