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The COVID-Normal State of E-Commerce
In the last six months, the interest in online shopping has gone through the roof. In the recent Trajectory Report by Power Retail, revenue and intent to spend online has continued to stabilise, ultimately revealing what the ‘new normal’ of the e-commerce landscape may resemble.
The Trajectory Reports also includes online shopper data refreshed every two weeks, sourced from our panel of over 75,000 Australian online shoppers.
Given the pressures that retailers are currently facing amid the pandemic, the landscape has become even more challenging and competitive.
The Average Conversion Rate has now surpassed three percent, which is an enormous shift. Moreover, this is an encouraging sign for a post-COVID landscape. Of the Australian online shoppers surveyed in the Trajectory Report, 80 percent of those increasing their online spend are doing so to take advantage of bargains.
Conversely, only 39 percent of online shoppers said they would be increasing their online spend due to fear of catching COVID-19 in physical stores. With a ten percent decrease from the previous report and the increased bargain buyers, this is extremely encouraging.
The intent to spend has been holding out steady with 55 percent planning to spend approximately the same amount online moving forward. This number has stayed somewhat consistent from July, through to August and September, at 52 percent, 54 percent and 55 percent respectively. This suggests that the industry has hit an equipoise.
New Trajectory Reports are published fortnightly, covering digital retail benchmarking trends such as revenue, traffic, conversion rate, digital marketing costs and more so you can compare your performance to the market.
The Power Retail Trajectory report is available for download on the Power Retail Insights Library, where you can find over a hundred reports on key topics and trends relevant to e-commerce. If you want to stay switched on and not be left in the dark, become a Power Retail member today Find out more here.