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How Covid-19 is changing spending patterns

The Coronavirus has brought about the strictest curbs in public life during peacetime. With all but essential stores closed and lockdowns and social distancing measures in place, commerce has undergone a seismic shift.

It’s not news that in-store sales are down while online sales are booming. Furthermore, that health and hygiene are top of mind. Medical and cleaning supplies purchased online over the last five weeks are up nearly 60% and 35% respectively.[1]

Disposable gloves, cough and cold medicine and hand soap and sanitizer are among the fastest growing e-commerce categories, says retail intelligence company Slackline.[2]
 

Eating in: the new going out

With people unable to dine out and the night-time economy at a standstill, customers are ordering in. Food takeaway sales have risen nearly 25% since 19 February 2020 as customers treat themselves to restaurant-style cuisine at home. They are also stocking up on non-perishable food.[3]

During its peak week of stockpiling, the UK’s largest grocer, Tesco, sold six million cans of beans, more than double the usual amount. And 3.3 million tins of tomatoes, up 115% compared to a typical week.[4]

As panic-buyers empty supermarket shelves, customers are increasingly shopping online for store cupboard staples. E-commerce sales of dried grains and rice, pasta, flour, cereals, jerky and dried meats have seen gains of between around 390% and 190% during March 2020 compared to last year.[5]
 

Work, rest and play

The increase in remote working has pushed up sales of computers and electronic equipment (+10%). Office desks and chairs are also popular online purchases as customers shift to home-working fulltime.[6]

With time on their hands and restless children to occupy, self-isolators are turning to apps and games. Psychology, mindfulness and productivity apps score highly at this time. Sales of guided meditation and mindfulness app, Headspace, are up 45% week-on-week. Whereas sales of teamworking app Monday are up 30%.[7]
 

How Cashflows can help

Cashflows helps UK and international businesses get paid online, grow their businesses and control their cash flow. This is important now more than ever. If you’re looking to sell online, here’s what makes CashFlows your perfect payment provider:

  • Speedy set-up – our expert underwriters and automated systems will have you set up in no time.
  • Virtual terminal – start selling online or on the telephone quickly with no need for extra hardware.
  • Same-day settlement – no need to wait 3 to 5 days for your cash with faster settlement to boost cash flow and working capital efficiencies.
  • Low fees – competitively priced payment processing for all major card schemes, direct debit and more.
  • Complete commerce – quick and easy integration to a single platform, however you trade now or in the future.

To find out more about accepting card payment with Cashflows, contact us today.

 

[1] Leadgence 2020
[2] ‘Top 100 fastest growing & declining categories in e-commerce’, Slackline, 31 March 2020, https://www.stackline.com/news/top-100-gaining-top-100-declining-e-commerce-categories-march-2020
[3] Leadgence 2020
[4] Coronavirus: Tesco tells people to visit stores to get food’, BBC, 8 April 2020, https://www.bbc.co.uk/news/business-52211912
[5] Top 100 fastest growing & declining categories in e-commerce’, Slackline, 31 March 2020, https://www.stackline.com/news/top-100-gaining-top-100-declining-e-commerce-categories-march-2020 
[6] Leadgence 2020
[7] Leadgence 2020