It’s been over 3 months since the COVID-19 lockdowns started in the US and we continue to see online business revenue growing at nearly 100%.
Clearly, the current growth trend is not as sharp as it was back in April, and it definitely “flattened,” but there are no signs of a trend reversal — even with brick-and-mortar stores re-opening across the US this summer.
One notable fact: Despite overall revenue and order number growth, average order values have been in decline since Q1. This can be explained by massive growth in the kind of buyers who place online orders with small ticket items. For example: household essentials, food, stationery. An increase in big ticket items would mean higher average order value, which we are not seeing so far. That can be attributed to overall decline in consumer buying power due to economic hardship.