The first COVID-19 wave brought businesses to a standstill across all states and now the second wave seems to have worse effects. More people are shopping online to stay safe and for the convenience it offers.
The traditional methods of buying are changing and consumers are engaging in safer and faster channels of buying that require minimal or no cash transactions at all.
Strategic consumer spending
One of the major ways COVID-19 is spread is through contact. Hard cash can be an easy way of spreading the disease to millions of people. As a stay safe precaution, consumers are moving away from cash transitions and leaning more towards soft cash transactions. Online transitions are taking shape across many sectors and even gamblers are turning to casinos online to place their bets.
The COVID-19 pandemic increased the number of people who stayed at home either working from home, waiting for schools to re-open, or just searching for online opportunities.
As a result, consumers have reduced spending on some goods and increased spending on others. The necessities like groceries and other household needs like toiletries and laundry needs have remained steady and in some cases increased as people stock more to avoid visiting the local store more often.
Other business categories like gyms, eateries, hotels, and nightclubs have recorded a decrease in business unlike before when the sectors recording steadfast business. This has raised the need to look for ways to increase business profits either by providing home service for the hostility sector or online gym exercises.
Rapid growth in online retailing
After the restricted movements were relaxed, physical store shopping recorded an increase in retail shoppers, but the greatest boom was recorded in online retail shopping.
According to statistics, online sales in 2020 amounted to over $209 billion drawn from about 69% of US citizens who shopped online in the second half of 2020. The number is expected to rise in 2021 and hit about 300 million online shoppers by 2023. This is evidence to why there is increased online activity in the online casinos.
What is selling most and least
The stay at home rules gave a plus to some goods and a minus to others. The top sellers in the list are disinfectants, soap, and other household cleaning agents which recorded an above 100 percent increase.
Health supplements is a boom as well as coffee and online gambling are major winners. The main losers are cosmetics and sun care products which dropped by 25 percent.