This Article was originally published by TotalRetail on April 17th, 2020.
More people than ever are opting to shop online due to this pandemic event, ordering everything from entertainment items to groceries. Online retailers are already seeing a significant shift to customers ordering essential items. While there are a lot of challenges ahead for the retail industry, the key to moving forward is to collect and analyze data to develop a growth strategy that works with changing market conditions and shopping habits.
Our data indicates the following immediate impacts in the online retail industry as the Coronavirus pandemic started in the world.
- Consumers are shifting toward shopping online for essential priorities, with categories like arts and entertainment slowing down, and food and beverage sales going up.
- The supply chain is impacted, resulting in the number of products available in the market going down.
- Google Ads competition is slowing as the number of sellers competing is also in a bearish trend.
- Price competition is in a bullish trend, despite more products and sellers leaving or staying out of the market.