New SkuVault E-Commerce Index Shows Online Sales of Collectibles Outstrip Medical Supplies, and Other Surprises, as Buyers Shift Preferences
LOUISVILLE, Ky., May 7, 2020 (Newswire.com) - Amid a global economic slowdown and deep losses for brick-and-mortar stores, many U.S. e-commerce retailers are booming. Sellers of collectibles and outdoor gear, for example, have seen double-digit growth in orders. This according to insights from Louisville-based SkuVault, developer and marketer of e-commerce inventory management software. With more buyers staying home to shop, many retailers who sell online have been scrambling to meet demand.
SkuVault recently aggregated and indexed order data on almost 1,000 e-commerce retailers in most areas of the industry. While some results were predictable, growth in collectibles, motorsports, and eyewear came as a surprise. Online sellers of auto parts saw a 70% increase in order volume from March to April, while online retailers of eyeglasses and firearms, and companies that provide third-party logistics services, have seen order volume grow by nearly 300%. Arts and crafts products spiked by 74% in April. In a surprise to many, medical supply sales saw a modest 25% growth as buyers return to normalcy and inventory on-hand remains strong.
“We believe e-commerce sales are a reflection of how Americans are adapting to the coronavirus and quarantine. It’s a peek into people’s lives and behaviors,” said Andy Eastes, CEO and co-founder of SkuVault. “Brick-and-mortar retailers need to be thinking strategically about how they can adapt. E-commerce retailers are poised to power this new economy forward.”
The COVID-19 crisis has forced brick-and-mortar retailers to rethink their business models. Traditional apparel stores reported a 52% year-over-year sales drop in March. While retailers who embraced e-commerce technology and adopted “BOPIS” (buy online pick up in-store) models have seen sales through that channel jump by 62%.
“Over the last couple years, we’ve seen a trend of traditional brick-and-mortar retailers working to expand into e-commerce. Companies are changing their priorities as the world changes,” said Eastes. “We believe the speed at which traditional retailers move to an e-commerce model will be critical to their survival. Meanwhile, if you already sold online, there’s a good chance you’re doing well. Especially for products deemed essential.”
As buyers move faster toward online shopping, companies are forced to rapidly implement shipping, inventory, and online store platforms to compete. In a time where business owners need to be lean and make the most of their dollar, the time to implement better supply chain processes, specifically in e-commerce, have come to light.
SkuVault was built by e-commerce sellers for e-commerce sellers. With that knowledge, the SkuVault team of experts is prepared to help merchants during challenging times with automated and streamlined processes. SkuVault recently launched the SkuVault Network, a marketplace created to help connect merchant and logistics clients.
For more information about SkuVault or to schedule a demo, visit us at www.skuvault.com.
SkuVault provides a cloud-based inventory and warehouse management system designed for businesses looking to scale with a competitive e-commerce and omni-channel distribution solution. Delivered via a Software-as-a-Service model, SkuVault's product is directly integrated with channel management systems, e-commerce store platforms, shipping software and many other operational technology platforms, creating a more seamless experience for its customers and allowing for a more streamlined product fulfillment.