Retail Industry Insights Retail sites are seeing sizable shifts in audience affluence
Examining shifts in online retail audience behavior during COVID-19
Retail is among the many industries in the US experiencing significant shifts in buying behavior due to COVID-19. Roughly 75% of US consumers who responded to a February poll said they would steer away from shopping centers altogether due to growing concerns around the coronavirus.
Unsurprisingly, March saw a drop in US retail sales by 4.4%. Since shoppers are avoiding in-store visits and many retailers have had to close their physical locations completely, we are seeing an uptick in retail site traffic as more consumers take their shopping online.
In this COVID-19 vertical deep dive, Quantcast explores the shifting audiences within two primary categories of online retail: Fashion and Home Goods.
Home Goods sees a massive surge in activity, outshining Fashion within the retail space
While US retail sales have been impacted overall, we are seeing a surge in online activity likely due to new audiences now shopping online. Conversions on Fashion retail sites grew 32% in March vs. February, and Home Goods conversions jumped a massive 119% for the same time frame. Although activity declined in mid to late March when shelter-in-place orders were just beginning to take effect, spending is now increasing as quarantine wears on and consumers shift their buying to online retail sites.
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