In a recent webinar with Coresight Research’s Deborah Weinswig, ESW CEO Tommy Kelly outlined many ways customer behavior has changed since the pandemic began and how savvy ecommerce brands are responding.
While there was an initial dip in sales in March and April when lockdowns around the world were enforced, ESW clients saw spectacular year on year cross-border ecommerce growth from May on with some seeing anywhere from 100-400% increases. The sectors that saw the most growth were apparel, footwear, electronics, and health and beauty. Many countries managed economic impacts so that consumers resumed and expanded online spending as the pandemic evolved. The shift to digital channels has also spread to new demographics.
One particular sector of the population less represented among online shoppers previously are older shoppers, who due to recent circumstances have had to move online. With health and safety concerns likely to prevent them from going back to their previous offline shopping habits, this creates massive cross-border opportunities for brands. ESW have found that this new demographic tend to have a higher average basket value and become loyal, repeat shoppers.
Ecommerce brands that can capitalize on this shift in global shopper behavior will be better positioned to ride out uncertainty surrounding brick and mortar shopping, and create new, direct relationships with a demographic that was previously impossible to reach directly online.