The end of the year is often a time for reflection and planning. Here at SkuVault, we’re looking back at what 2022 had in store for the eCommerce industry, recent product innovations, and SkuVault customer successes before looking ahead to see what’s in store for 2023.
The eCommerce industry in 2022 and beyond
The Covid-19 pandemic rapidly increased the world’s adoption of online shopping. Worldwide eCommerce sales are expected to reach $5 trillion dollars this year after being just over $3 trillion in 2019.
This growth, however, was not without its challenges for the industry. Exploding growth and low barriers to entry led to increased competition for retailers leading to higher acquisition costs. Plus, inflation and lower consumer confidence put a damper on spending expectations.
And yet, despite all headwinds, there are still significant signals pointing towards the importance and stability of online selling. From July to September of this year, over 20% of all US consumer spending occurred online, a 33% increase from pre-pandemic levels, and shoppers spent a record $11.3 billion on Cyber Monday.
With the eCommerce scene set, let’s look at how SkuVault has worked to keep our customers competitive this year through continuous product innovation.
SkuVault product updates this year
SkuVault is committed to helping retailers succeed in today’s market by helping them grow through inventory and warehouse management solutions.
This year SkuVault launched a number of new integrations, including Wayfair, QuickBooks Online, and Easyship, to help customers overcome any hurdles in their way of success. Enabling our customers to utilize best-in-class partners through robust integration offerings has, and will continue to be, a core tenant of how we help businesses grow.
Earlier this year, SkuVault also launched our 3PL offerings to help a unique segment of the eCommerce market run more efficient operations.
Additionally, SkuVault software started utilizing more in-depth in-app onboarding, training, and support materials to help speed up time to value and quickly answer customer questions.
SkuVault customer successes
SkuVault customers have fulfilled more than 81 million orders so far this year with plenty of holiday shopping still to be done! These customers also were responsible for more than $114 million in GMV from Black Friday to Cyber Monday.
While the comprehensive numbers tell an impressive story, we’re also excited to share some recent wins from customers who were able to overcome unique challenges to grow their businesses.
You can see more customer success stories here.
Looking ahead to 2023
Even though e-commerce’s pace of growth has slowed, it is still a vital and growing market around the world. We’re thrilled to be a key growth partner for our customers and are excited to help make 2023 their best year yet.