Our world is changing rapidly. While this sentiment extends across the globe, it echoes particularly strongly within eCommerce. Buying trends, consumer behavior, and managing fulfillment seem to be shifting every day.
The global automotive aftermarket industry is expected to reach $722.8 billion in 2020. According to aftermarketNews, Hedges & Company found that online revenue during the week of May 17-23 showed a 56% increase in comparison to 2019. This trend was particularly relevant in Powersports which experienced a 121% increase.
Historically, aftermarket eCommerce has trailed industries like fashion, electronics, and household goods in the shift to online purchases. But that all changed in March. In 2020, companies like Advanced Auto Parts and O'Reilly Automotive reported quarterly declines as compared to last year, but sales didn’t plummet all together.
Why? Online activity was on the rise.
Hedges & Company reported that when comparing the first 10 days of May to March, the average conversion rates for their clients increased by a whopping 11.1% with an increase in website visits up 6% from March. While these sales only began to spike after the first round of stimulus checks were released, it’s becoming clear that this shift in purchasing behavior is here to stay.
The increase in aftermarket eCommerce demand presents opportunities for new and experienced sellers to leverage both their own brands and large product catalogs. But there are many pitfalls that can, if not addressed, run your business into the ground.
If you are already selling in the aftermarket industry, hopefully the past few months have opened the door to unprecedented sales volume. Now, more than ever, is a great time to evaluate your strategy and scale up your online presence.
But we know scaling isn’t easy. And after supporting automotive sellers across the globe, we have a few tricks up our sleeve we’d love to share with your team. Just give us a call.