Small Online Businesses Grow 150% Over Black Friday says Clearbanc

Covid-19 News | Reports | Retail

e-commerce

Clearbanc, the world’s largest e-commerce investor, has released its first ever Black Friday data report, “Lockdown: Sales Up.” The report offers a closer look at the meteoric 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%. unemployment rates have exploded, and consumer confidence has fallen off a cliff.

But for e-commerce entrepreneurs, it has been a different story. As most of the world began strict stay-at-home measures, consumer purchasing behaviour shifted online in record numbers. Data from the report suggests that small online businesses were the biggest winners coming out of Black Friday, seeing over 100% of growth in revenue compared to the 2019 Black Friday period.

The report also shows that sales of medical supplies and hobbies and collectibles grew sharply, with companies selling these items seeing revenues grow by 253% and 212% respectively. While the bulk of customer purchases fell into the clothing, home goods and health and wellness categories, the increases in other categories tells a much more ‘2020’ story.

Clearbanc President and Co-Founder, Michele Romanow said: “It’s been a tough year for everyone, but e-commerce has been a standout of 2020 where the revenues of companies on Clearbanc’s platform grew 55% on average and small businesses saw a 150% spike in business over Black Friday alone. 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 e-commerce wave.”

Clearbanc’s report analyses data from over 20,000 companies on the Clearbanc platform.

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