The latest reading came in at 89.1, the lowest showing since October 2016, according to CNBC . To get a sense of the magnitude of the drop, the reading in February was 101. And consumer expectations slipped to 79.2 in March, down from 92.1 in February.
Consumer spending was up a mild 20 basis points in February, the third straight monthly gain of 10 basis points. That gain, of course, reflects calm before the storm, so to speak, before the unemployment filings, the mass closures, the stimulus efforts and stock market roller coasters.
Other things to check out:
New Report Says Ecommerce Transactions Will Hit $4.8T by 2024
With the coronavirus outbreak in full swing around the globe, a dependence on eCommerce is rising, which should not be relegated as a one-time event when the virus wanes, but a pervading trend that should continue. Data from Juniper Research shows that eCommerce will grow exponentially over the next four years.
“A new report from Juniper Research suggests that total eCommerce transactions will reach $4.8 trillion by 2024, up from $3.3 trillion in 2020,” an I nternet Retailing report noted. “This growth will be driven by emerging markets, with China having 62% value growth over the next 4 years.
eCommerce losses to online payment fraud to exceed $25bn annually by 2024 - VanillaPlus - The
The new research observed that as well as implementing further payment security measures, eCommerce merchants must take on a more educational role for their users. This role will primarily be education about cybersecurity practices, common fraud methods and changes to the checkout process to improve fraud mitigation. This will be essential in China, which will account for 42% of all eCommerce payment fraud in 2024.
Research co-author Nick Maynard explains: "The explosion of eCommerce means that fraudsters have evolved their tactics, and so merchants must also evolve. eCommerce merchants must educate their users in anti-fraud best practice, as the human element is consistently the most vulnerable to exploitation in the online payments ecosystem"..
Ecommerce Ad Spend Doubles As Consumers Self-Isolate
By late February, news about the severity of coronavirus was being broadcast around the world, and many people began to respond with social distancing and avoiding crowded places, immediately impacting businesses globally. Since self-isolation began, there has been a corresponding jump in online sales and ecommerce ad spend, which nearly doubled as news about coronavirus took hold.
Seach Engine Land reported , “ecommerce ad spending jumped from $4.8 million the week of February 17 to $9.6 million the week of March 9.” Adding, “[This] encompasses advertising spend across national TV, print and digital media, including websites, Snapchat, YouTube and podcasts.”
And here's another article:
Covid-19 Is an Opportunity for Some Local Merchants | Practical Ecommerce
Most folks in the retail industry understand the importance of ecommerce. So, you might be asking, “How could a successful retail business have no ecommerce component?” But they exist.
In many cases, these companies are small or mid-sized, successful, and busy enough that they simply had not yet developed an ecommerce presence.
“Going online was something they had hoped to do, but it wasn’t something that they needed to do,” explained Mike Potter, the co-founder and CEO of Rewind , a cloud backup service with approximately 10,000 clients on Shopify and BigCommerce. Potter’s company has been on-boarding some new-to-ecommerce retail customers driven online by the pandemic.
How A UK Startup Is Bringing High Street Home | PYMNTS.com
If you can’t get shoppers to go to High Street, bring High Street to them. In fact, let them create their own High Street . That’s the general business model behind Streetify , a unique eCommerce concept that launched last week in the U.K.
Streetify provides virtual stores for every business’ website, replicating the shopping experience by street, based on location. Shoppers can find out which shops are open, pre-order items for pickup or arrange for delivery, all in a remote eCommerce model. It is available throughout the U.S., Canada, the U.K., India and Australia as a website and free app for both iOS and Android, and will be rolling out elsewhere this year.
eCommerce Grocer Weee Notches Almost $50M | PYMNTS.com
In Series B and Series B+ rounds headed up by VMG and XVC, California-based eCommerce grocer Weee notched almost $50 million in financing. Lightspeed Ventures, iFly.vc, Silicon Valley Bank and Goodwater Capital were participants in the investment, Deal Street Asia reported.
The new funding will assist the startup in speeding up team building, supply chain optimizations and market growth. And the company seeks to expand its delivery network to encompass 20 major Canadian and American cities in the three years to come.
Coronavirus Impact on Ecommerce: Is Your Store Safe? - Business 2 Community
Many marketing experts predict that e-commerce sales will only increase as COVID-19 infections soar, social distancing becomes standard practice, and more people choose—or are required—to stay home. However, sellers aren't so optimistic.
In fact, 36% of sellers predict their sales will actually decline due to supply chain issues, product shortages, shipping delays, and the potential for demand to drop as the economy fluctuates.
Here's what sellers can expect during this turbulent time, as well as tips from e-commerce experts on how to protect your online business and make the most of this opportunity by connecting with your customers.
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