Coronavirus is changing the state of the world, and business is no exception. This global pandemic drives new eCommerce trends too sharply. So, in this article, we want to look at the fastest-growing eCommerce categories up to date.
As we adjust to life with the COVID-19 around us, our shopping behaviors and habits are quickly changing and shifting to reflect our new quarantine lifestyles and mindsets. As a result, some retailers have seen a rise in certain categories at the moment, while others facing a decline instead.
“Every consumer has a particular level of satisfaction or “utility” that they wish to achieve from their purchase of goods and services.” It’s called “the substitution effect”.
For example, those people who would normally go to the gym, are buying dumbbells and signing up for online exercise programs now. Some online retailers have noticed more customers indulging in skincare at home and stocking up on basics like shampoo, as well as enjoying more sex toys. Also, people are looking for crafty things to do with their own hands to pass the time.
At the same time purchasing power is also changing in the face of coronavirus. For instance, many consumers are tightening their purse strings even further, as they save for an uncertain future and have possibly suffered from a reduction in household income.
The questions arose: What will be the impact of these changes on the eCommerce business in general? And which categories of goods are booming right now?
We broadly see three categories:
[The psychology behind why toilet paper:“
People might not be able to eliminate the risk of catching coronavirus but they can eliminate the risk of running out of toilet paper, which makes most people feel they have some control in this very uncertain situation.” ]
For more detailed info – check the great Infographics 📈👇, created by Stackline:
To sum up, all we know it’s trying times for everyone. But, above all, we believe, that each of us can use this time for getting new knowledge, skills, discover new talents and may even get a new profession.
Or launch a new online store, selling the fastest-growing categories of goods we mentioned above. As, for upcoming eCommerce businesses, there is a range of opportunities, despite the current situation. You just need to feel the flow.
With regard to the existing ones, if your business needs support – please check one of our previous posts:
We’ll get through this together!!! 🤗 Stay safe!