International online sales are predicted to increase by 120% year-on-year (YOY) during October, peaking in the last weeks of the month, as consumers shop earlier for Christmas pulling sales forward and away from the traditional twin peaks of Black Friday and Cyber Monday, according to new research.
The study compiled by cross-border ecommerce leader, eShopWorld (ESW) indicates that post-lockdown, cross-border ecommerce sales have remained at record levels as ‘peak’ becomes a year-long event.
Data from ESW, which is the largest cross-border ecommerce provider globally, suggests that unprecedented sales growth will peak at an average of 135% during the weeks commencing 18th and 25th October 2020.
The data forecasts:
• Unprecedented sales growth is predicted to peak at an average of 135% during the weeks 18th and 25th October
• Cross-border ecommerce sales have seen historic growth year on year and the forecast for October sees that same trend accelerated by sales being pulled forward from November
• Macro trends in consumer behaviour, along with a more protracted peak shopping season, driven by brands’ efforts to generate demand, are driving this growth
Increased online consumer shopping activity, borne out of necessity during lockdown, has been met by retailers and brands with an acceleration of digital transformation programmes, ecommerce initiatives and global diversification, creating a push-pull dynamic that has sustained heightened cross-border sales post lockdown, which are forecast to continue throughout the remainder of the year.
Tommy Kelly, CEO of ESW, commented: “Overall, cross-border ecommerce sales have seen historic growth year on year. Our forecasts for October see that same trend, accelerated by sales being pulled forward from November. In retail, you often see numbers being driven by discount events, whereas here the forecast is saying they are being pulled forward by macro trends in consumer behaviour, along with a more protracted peak shopping season, driven by brands’ efforts to generate demand.”
“Covid-19 has been a real accelerator. All of the recent challenges have forced brands to rethink what retail is, and how they can more effectively blend online and offline experiences. Ecommerce has become the transactional engine driving growth for retailers. Customer behaviour is unlikely to pivot back, so to reap the benefits of this shift, retailers need to double down on their digital readiness, target non-domestic markets, and meet demand at its point of origin by offering localised shopping experiences where ecommerce customers in every geography feel as if they are receiving the same level of service and convenience they would enjoy if shopping locally,” he concluded.
ESW is the largest cross-border ecommerce provider globally with the combined gross merchandise value transacted through its platform set to double in 2020 to nearly £1 billion.
Brands partnering with ESW can enter new international markets in as few as six weeks, up to six times faster than if they attempted to do so on their own – all while engaging directly with customers and retaining ownership of all the data collected during the shopping process.