Contrary to what you might THINK, ecommerce revenue has gone down during the coronavirus pandemic except in one area, judging by The Retail Pulse, a YOY COVID-19 dashboard provided by WITHIN.
As of Monday, overall eomnichannel revenue dropped by 47.3% and conversion rates by 7.44% versus the prior year.
But revenue in the at-home convenience category rose by 204.88% and conversion rates by 119.35%, indicating that people are trying to survive in place and not spending on non-essential items.
The WITHIN team has developed a COVID-19 impact dashboard that monitors “the ecommerce ramifications of the virus,” writes WITHIN CEO Joseph Yakuel.
Yakuel adds, “We're tracking in real time year-over-year trends in revenue, ad spend, and conversion rate relative to pre-COVID,” writes WITHIN CEO
Also as of Monday, fashion ecommerce revenue fell by 63% and its conversion rates were down by 46%.
Luxury revenue fell by 37.87%, but conversion rates in this category rose by 25%.
This is likely because companies have "pulled back ad spend, which has decreased traffic,” the company notes. Repeat buyers and lack of new site traffic have heightened the CVR rate.
Meanwhile, digital revenue fell by 46.43% and conversion rates by 32.63%.
WITHIN, which believes that the agency model is dying, recently rebranded itself from its former name Agency WITHIN. The company bills itself as a performance brand company, and includes email marketing among its services.