Marketing 2 min read

Impact of the COVID-19 Pandemic on the E-Commerce Market

Daniel Jedzura / Shutterstock

Daniel Jedzura / Shutterstock

In a recent study, UK-based behavioral marketing company SaleCycle has explored how the ongoing COVID-19 pandemic impacted the e-commerce market.

Recent data from SaleCycle explores some ways that the ongoing pandemic impacts the e-commerce market.

To curb the spread of COVID-19, countries across the world have issued a lockdown. Not only are residents compelled to stay indoors, but retailers were also forced to close their stores temporarily.

As you can imagine, this unprecedented situation has significantly impacted consumer’s shopping behavior. But how?

To answer this question, a UK-based behavioral marketing company, SaleCycle, looked at client data from March so far. Then, the researchers compared the stats with averages from the same period in 2019.

Here’s a breakdown of the study findings,

How COVID-19 is Impacting the E-Commerce Market

Here are two ways that the ongoing pandemic is impacting the e-commerce market, according to SaleCycle.

Higher Cart Abandonment Rate in the Grocery Sector

Higher cart abandonment rate on the e-commerce market
Image Credit: SaleCycle | www.salecycle.com

Lower cart abandonment number hints at increased demand for specific products or services.

According to the studies, insurance abandonment rates have decreased by 11 percent compared to last year’s number. Similarly, the prices for mobile providers are also down, dropping from 92.1 percent to 89.93 percent.

The study also points out that demand is higher in other sectors, such as groceries. However, the higher than usual abandonment rate doesn’t reflect the growing demand.

Editor-in-chief at SaleCycle, Graham Charlton, speculated that customers might be having a hard time finding some items on retail sites. It could also be due to poor website performance, which could be a result of the normal levels of traffic, Charlton said.

Average Order Value is On the Rise

Image Credit: SaleCycle | www.salecycle.com

According to data from Average Order Value (AOV), consumers are spending more than usual in several sectors.

For example, the grocery, pharmaceutical, as well as the overall retail order values are higher than usual. And this could be because consumers are buying items like disinfectant and foodstuffs online.

Expectedly, AOV on travel is down when compared with 2019’s number. Average insurance order values, on the other hand, are up in 2020.

A previous study from British international Internet-based market research and data analytics firm, YouGov suggests that COVID-19 concerns may boost e-commerce. And that’s because consumers are now vigilant of going to stores.

Read More: Why Businesses Must Rely on Digital Marketing to Beat COVID-19

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