As the retail industry continues to experience the full impact of COVID-19, resulting in store closures and reduced distribution capacity, there are new, emerging signs that the industry is responding positively to this new normal, adapting their ways to meet the needs of consumers.
CommerceHub, Inc., the ecommerce enablement platform of over 12,000 retailers, brands and suppliers, has reported that its online order volume has more than doubled since March, fueled by consumers who have been forced to move the bulk of their purchasing habits online. During this period, there was over 100% growth in online orders volume versus this time last year across the company’s network.
“Every industry is now rethinking the way they reach their customers, but the impact of this crisis on retail cannot be overstated,” said Frank Poore, Founder and CEO, CommerceHub. “We can no longer think of our future as a choice between ecommerce and physical retail, but instead consider the ways we can better leverage both methods to meet the needs and demands of consumers. The lasting impacts of COVID-19 aren’t going away and it is critical that retailers pivot their investments to where consumers are spending their money: online. This data is promising and is showing resilience in the retail community that will serve us well for years to come.”
Over the last 60 days since COVID-19 forever changed the retail ecosystem as we know it, online shopping and supply chain data released by CommerceHub showed:
- Massive online order volume increases: CommerceHub saw over 100% YOY online order volume growth between April 1, 2020 and May 31, 2020.
- Near peak holiday season demand reached: During the month of April, the company’s 12,000+ retailers, brands and suppliers operated at peak holiday season levels.
- Agile, digital supply chain keeps ecommerce running: Over 98% of the 12,000+ brands and suppliers on CommerceHub’s network remained operational, processing and fulfilling online orders during this period.
“While COVID-19 caught many in the retail industry by surprise, our network delivers an agile and diverse supply chain that is helping our retail partners keep selling, maintain business continuity, and mitigate distribution and fulfilment risk,” said Poore.
“CommerceHub has invested in building a secure and scalable platform that, as our data shows, is performing as designed,” added Poore. “These trends are a clear indication that having a reliable partner and dependable ecommerce capabilities is essential for retailers as their need to adapt accelerates.”