With all the changes due to COVID19, information on best business practices for retail/wholesale is evolving. Sales Trends during the pandemic are changing how we shop — which will affect holiday sales.
ROI Revolution website is keeping a log of new stats and changes during the pandemic. Starting on March 12, they shared their insights into the movement of retail trends as they happened.
Summary of a few of ROI Revolution posts
Following is a post made early in the shutdown on April 14 …
The New York Times has released two articles this month on consumer behavior during the pandemic, featuring informative, timely, and easy-to-read graphics for their readers. The first is on how consumers are searching and the second is on how consumers are spending. Here are some takeaways on how COVID-19 has affected internet behavior.
On April 30 …
The pandemic has defined a new category of goods called “new
essentials.” New essentials are products that help consumers feel more comfortable under stay-at-home orders. This includes office supplies, fitness equipment, cosmetics, housewares, home improvement, toys, and hobby-related products.
These goods account for almost 40% of all consumer spending right now. 30% of the total 40% is beauty and cosmetics. Both fitness equipment and toys/hobbies account for 29% of the new essentials spending.
On June 2 …
In light of coronavirus, nearly one-quarter of shoppers are looking for contactless payments or delivery options, with 36% of shoppers saying they won’t return to brick-and-mortar stores until a vaccine is available, according to a recent survey of 3,558 consumers from Salesforce Research.
The amount of consumers who are shopping online has been steadily increasing throughout the pandemic, with 44% of respondents conducting more of their shopping online in mid-May – an increase from 42% two weeks earlier. Even after COVID-19 effects subside, 68% of U.S. shoppers expect to continue buying essential goods online. This is especially true for Gen Z and Millennials, 73% of whom fall into this category compared to 69% of Gen X and 57% of Baby Boomers.
And their most recent update on August 12 …
- Retail: Global retail sales are expected to dip by 5.7% this year due to the coronavirus pandemic. Online purchases of clothing, however, are up 76.7%, with online revenue up 22.2% – but average order value down 54.5%.
- Homemade goods. The market for handcrafted items like masks and home furnishings has exploded during the pandemic, with sales spiking 146% on Etsy’s marketplace as a result.
- Grocery. Online grocery has seen continued growth throughout the pandemic, with online grocery sales for delivery and pickup increasing 9% from May to June.
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