Quantum Metric, a predictive retail analytics platform, has gathered data that shows U.S consumers have been abundantly driven online due to COVID-19. Studies suggest that the 52 percent growth spike in consumer spending occurred during the fifth-eighth weeks of 2020 (Jan. 27- Feb. 23), the exact time the virus began spreading outside of Asia. Additionally, online conversion rates grew by 8.8 percent during the same time period. However both of the spikes were reversed during the ninth week of the quarter, indicating a slowdown in consumer shopping apart from items that customers would likely stockpile (e.g.., toilet paper, cleaning supplies, and food products.)
Coronavirus Drives Consumers Online
previous post