According to an analysis by the Department of Commerce data by Digital Commerce 360, consumers spent $350 billion online with U.S. retailers in the first six months of 2020. This is up 30.1% from $266.84 billion for the same period in 2019. This has undoubtedly been fueled by the recent outbreak of COVID-19 and the subsequent shutdown of brick and mortar stores.
As a result of the COVID-19 economic meltdown, many shoppers are strapped for cash. But a new survey by leading retail and coupon experts has found that consumers are insisting on online deals before they can make a purchase. For instance, close to 80% of consumers now say they look for deals before committing to purchase especially during the pandemic. A whopping 40% of respondents reported spending close to 2 hours a week just browsing for online coupons and deals.
As more brick-and-mortar retailers reopen, experts believe a lot of customers will continue to shop online. This is also being fueled by the fact that online shoppers are competing aggressively with traditional brick and mortar stores. component to attracting customers to shop in-store and to rebuild trust and confidence is by offering real savings.
If online stores successfully rebuild trust and confidence in their products, then this will further the online shopping frenzy boost to head back to work. However, she argues that the online shopping trend will be here to stay even as more people begin feeling confident enough to venture outside their homes.