Clearbanc, an eCommerce investor, has released its first Black Friday data report, offering a closer look at the rise of eCommerce in 2020 and the first Black Friday sales during a global pandemic.
The Coronavirus pandemic’s impact on the global economy is well documented – Global GDP growth is -4.4 per cent. Unemployment rates have exploded, and consumer confidence has fallen off a cliff.
But for eCommerce entrepreneurs, it’s been a different story. As most of the world began strict stay-at-home measures, consumer purchasing behaviour shifted online in record numbers. Clearbanc’s report analyses data from over 20,000 companies on the Clearbanc platform and reveals what a unique year this has been for eCommerce founders amidst shutdowns around the world.
“It’s been a tough year for everyone, but eCommerce has been a standout of 2020 where the revenues of companies on Clearbanc’s platform grew 55 per cent on average and small businesses saw a 150 per cent spike in business over Black Friday alone,” said Clearbanc president and co-founder, Michele Romanow. “We’ll go back to a more normal life soon, but consumer behaviour has changed forever and we’ll look back on the COVID pandemic as a pivotal moment for the retail industry and a life changing year for founders riding the eCommerce wave.”
- Facebook spend YTD is down 8.94 per cent compared to 2019, which seems small considering the economy is struggling… But Google spend 2020 YTD is up 53.25 per cent compared to 2019.
- Small online businesses (£0-38K/month) are the biggest winners coming out of Black Friday, seeing 150 per cent growth in revenues over the weekend, compared to 20 per cent for companies making £225K or higher per month.
- In a tough year, eCommerce is one of the few success stories — Clearbanc’s vendors saw revenues grow by 52 per cent from March to April when lockdowns went into effect (that’s 88 per cent higher than April of 2019).
- The top product categories on Clearbanc’s platform tell a very 2020 story: Medical Equipment & Supplies (+252.53 per cent ), Hobbies & Collectibles (+212 per cent), and cannabis-related goods (+105 per cent).