The COVID-19 pandemic that began to affect the United States in the winter of 2020 has had catastrophic effects on nearly every aspect of American life. Under statewide lockdowns, residents were not allowed to eat in restaurants, have social gatherings, or shop in “non-essential” retail stores.
This meant that the lion’s share of retail shopping moved online. As brick-and-mortar locations remained closed, online retailers found that they were doing significantly more business than ever before. Even though lockdowns have now been moderately lifted across the United States, many people are choosing to remain out of brick and mortar stores due to concerns for their health and the health of others.
As the months have gone by, many people have developed a habit of buying nearly all their essentials online and are continuing to do so. As a result, competition has increased amongst online retailers and many have modified their business model to offer even more savings to their customers.
In this article, fashion-forward e-commerce website LAV Direct explains how the COVID-19 pandemic is affecting online shopping and how conditions may change soon.
Changing Market Share
The difference in the e-commerce market share can be easily illustrated by looking at Census Bureau comparisons from the second quarter of 2019 to the second quarter of 2020. The Census Bureau found that e-commerce jumped by 44.5 percent during this time period, while overall retail sales declined by a slim 3.6 percent.
The percentage of overall retail sales, that were spent online, went up from 10.8 percent in the second quarter of 2019 to 16.1 percent in the second quarter of 2020. As a result, there are incredible opportunities for online sites to make a substantial amount of money in today’s new economy.
In the early months of 2020 and continuing into the late spring and early summer, most areas in the United States were under mandatory lockdown orders. People were unable to shop, eat in restaurants, or have social gatherings. Even after brick-and-mortar stores reopened, many high-risk people were unwilling to go out and expose themselves to the virus. This change is one of the major drivers that has resulted in the shift to online retail shopping platforms, like LAV Direct.
As people began to shop online more often, prices became more competitive and consumers recognized that online shopping often resulted in sav
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