Business E-Commerc News

COVID-19 Leads To Spike In E-Commerce, Physical Shopping Also Affected

July 6, 2020

With the ever-increasing internet traffic across the world, which skyrocketed massively thanks to people staying indoors due to COVID-19, online shopping has become bigger. In turn, online reviews like King Kong agency reviews have also become more important.

A report from the Australia Post states that e-commerce went up by 80% in the 8 weeks following the WHO’s announcement regarding COVID-19. Additionally, they predict that online sales will account for 15% of all retail sales, 3-5 years earlier than what was forecasted earlier by experts.

Retail spending in brick-and-mortar stores was affected massively by the COVID-19 pandemic, and even the increasing shift towards e-commerce has affected that side. According to NORA founder and co-founder Paul Greenberg that the vast majority of retail spending at physical stores in the AU, about 80%, has a corresponding ‘digital fingerprint’, covering things like product research, price comparisons, and looking at reviews like King Kong agency reviews and others, attached.

Greenberg reported this to The Australian Financial Review Virtual Retail Summit, adding that the phenomena of digital fingerprint on purchases is increasing, thanks to people turning to online channels more and more for their purchases. COVID-19 kick-started this trend, but experts say that it’s likely to stick around even when things fully return to normal.

KPMG, an audit, tax, and advisory network, published their ‘Beyond COVID-19: The shifting foundations in retail property’, wherein they stated that people, even those who prefer physical shopping, have turned to online shopping to get things that they want and/or need throughout COVID-19. They note that this will have a huge impact on the market, with retail properties’ values to shift, even if only a fraction of the changes brought about by the pandemic stick.

Data from The Australian Financial Review also noted how many online sales have gone up during the COVID-19 pandemic, with values doubling. Those who do make purchases in physical stores during the pandemic, they note, have conducted online research on products prior to going out, in order to minimize the time they spend in stores.

The Australian Bureau of Statistics’ latest final retail trade data stated that 10% of all retail sales in April were online.