The COVID-19 global pandemic will forever define the year of 2020. For wholesale buyers, this year has been rough. Of course, plummeting demands for retail products is the main cause. However, it’s understandable that global markets are focusing on essential healthcare-related products. However, the volatility of the current market is what’s driving wholesale buyers insane. Around the world, online purchases have gone up. However, the average order for online purchases has dropped this year. These varying statistics may alarm a lot of sellers who are already finding it hard to deal with these short-term changes. Here’s a quick review of COVID’s impact on wholesale buyers and online resellers.
Why the First Few Months were So Bad
The first few months of the COVID-19 outbreak were the worst for wholesale buyers. By the time the World Health Organization deemed this outbreak a pandemic, sales had dropped very badly. A shift in consumer priority caused this. Most consumers were happy to spend money on stocking up essential medical items. Hence, many resellers smartly readjusted their websites to sell hand sanitizers, face masks, etc. However, after the initial months of low demand, the online retail industry has recovered. There are positive signs for every aspiring reseller. Resellers, who teamed up with top wholesale suppliers such as Judson and Company, were able to beat this storm. Visit https://judson.biz/ to check out the company’s amazing catalog of diverse products. Resellers were able to provide their consumers with “retail therapy” thanks to this company’s unwavering logistical and stock support throughout the pandemic.
Age-Wise Responses
The Gen Z or the Millennial, who form a significant share of online resellers’ target market, had to adapt their online shopping behaviors during the pandemic. Since most of these people operate on small budgets or pocket monies, a drop in their response rate was understandable. Gen X, on the other hand, did not let current events impact their shopping tendencies as bad as the children. Even though the average value of their purchases dropped, compared to Millennials, their number of purchases throughout the lockdown was considerably higher. That’s great news for resellers who specialize in selling low-cost products that are easy to ship!
Good for E-Commerce Sellers?
eCommerce sales saw significant upticks throughout the pandemic. In the future, social distancing will become a part of our daily lives, and people will avoid traditional shopping as much as they can. Hence, physical retail stores will suffer, but the future looks good for online sellers and resellers!
