For the next few weeks (at minimum), you have a captive audience that is mostly working from home or in self-isolation, and all shopping – personal and business – is done almost exclusively online. Additionally, this ongoing situation will likely result in long-term fundamental changes in consumer shopping habits and business operations.
The stay-at-home orders minimize the time spent commuting to/from work and nearly eliminate time spent driving to/from brick-and-mortar stores. This means more time to browse and order things online. It also means people who were strictly in-person shoppers at brick-and-mortar locations are now shopping online, and they could transition to partial or fully online shoppers.
- From March 22 through April 4, web-only online retail orders were up by 52 percent year over year in the US and Canada. (source)
- Reports from HubSpot, state that the average monthly website traffic increased by 13 percent in March, compared to February this year.
It’s a safe bet that the amount of shopping and website traffic will continue increasing over the next few weeks/months until stay-at-home orders are lifted.
It’s also highly possible that your competitors are already investing in ecommerce, or they are considering it. According to a Forrester report, companies are expected to spend about 30 percent of their 2020 US technology budgets on customer-facing technologies (ecommerce sites, financial management systems, order fulfillment, and more).
Specifically, retail companies will spend 34 percent of their 2020 technology budgets with a deep focus on ecommerce, sales, customer service, marketing, and other related projects.
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