As Coronavirus takes hold of the world and changes the way we work, shop, and interact with others, certain aspects of life might forever change. As people stop shopping in stores, or keep their distance when doing so, e-commerce is seeming to have an up-tick.
At Coloredge, we are always keeping an eye out for the latest trends in retail and experiential, so it is no surprise that as we see the COVID-19 crisis unfold, that we wonder: How has e-commerce managed to keep brands afloat? When a store is no longer able to open its doors due to local regulations, or simple best practices in times of a crisis, are they ready to move to an online-only experience for their customers? What about when brands who were already solely online are now inundated with traffic and orders? We will be exploring these questions below.
When analyzing the online purchasing trends of major industries and categories, we refer to Adobe’s Annual Economy Index, which found for 2020, that Digital Purchases increased by 20% so far this year, and items like fitness equipment are experiencing increases in sales by up to 55% compared to last year. The report also notes how non-perishable food items have seen an increase of more than 80% this year alone.
What happens with retail? Do brands still have their staying power when they are subjected to online-only sales? In a report by CNBC, they spoke to eMarketer Analyst, Oscar Orozco, and he noted that, “Even though consumers are buying more products online due to the coronavirus, digitally native [direct-to-consumer] brands should anticipate hardships in the coming months”. This includes brands like Casper, Warby Parker, and even beauty powerhouse, Glossier. Check out this graphic from eMarketer on the projected impact of sales and revenue for digital-native brands in the past few years and into the future.
Although the horizon may be unclear, we want brands to know that they are not alone. Here at Coloredge, no matter the task, be it instore or online, we can lend a hand. Our team is ready to handle everything from photo retouching, to product renders and even CGI. Not to mention our newly inaugurated Creative Services Department that can help you with everything from landing page design and development to explainer videos and motion graphics.
Reach out to firstname.lastname@example.org to learn more and speak with a representative!