Verizon Business Retail Trends Report finds online shopping traffic up 82%
20% fewer people visiting U.S. malls this year vs. last year, while 59% more people visiting malls since the height of COVID-19 restrictions
28% increase in use on payment sites versus last year
BASKING RIDGE, N.J., Nov. 18, 2020 (GLOBE NEWSWIRE) -- Verizon Business today announced the Verizon Business Retail Trends Report, now in its seventh year. Verizon’s data finds holiday shopping surging early this year and confirms how COVID-19 restrictions and concerns could be linked to an increase in online shopping this holiday season.
According to the Verizon Business Retail Trends Report, online retailers are booming. A sampling of traffic to 20 of the top 100 retailers, according to the National Retail Federation (NRF), comparing the first week of November 2019 to the first week of November 2020, shows:
Separately, according to Verizon’s latest network data report, mobility traffic to and around the U.S.’s largest malls has decreased dramatically from last year. According to Verizon’s data handoff metrics comparing the first week of November 2019 to the first week of November 2020 (the times when a data session moves from one cell site to another as users walk or drive around):
“Our report confirms what we expected to be true, significant shifts continue from in-person, brick and mortar shopping to online shopping,” said Michele Dupre, VP of Sales Vertical Markets, Retail and Hospitality for Verizon Business. “What’s surprising and promising for retail stores is while mobility around U.S. malls is down from last year, it’s up significantly at 59% since the height of the pandemic. Online retailers will need to continue to invest in creative and innovative customer experiences, to capture revenue and offset lost sales from in-person shopping.”
Verizon is working with retail partners to develop new solutions and revolutionize the retail industry.
Retail patterns and habits have changed throughout the years due to the availability and sophistication of online retailing. With the advent of 5G technology and Mobile Edge Compute, Verizon is exploring the continued evolution of the retail industry as retailers seek next-gen technology to drive sales and improve customer interaction including:
“To survive and grow in these rapidly changing times, it’s essential for retailers to embrace new ways of interacting with their customers and driving their operations. We are working with retailers to push the boundaries of what’s possible using the power of Verizon’s 5G network, which will shape the future and the way we do business,” said Dupre.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $131.9 billion in 2019. The company offers voice, data and video services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.
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