How Did US Consumers Spend Online This Summer?
Monday, October 26th, 2020
Fintech service provider ViaBill, which partners with hundreds of merchants to offer no-interest Buy Now Pay Later shopping experiences for consumers, continues to see increases across a handful of categories as shoppers purchase more goods online using ViaBill at participating retailers. ViaBill's data shows that many are making more purchases in certain categories this year. Looking at the most recent data through Q2 2020 reveals the following.
- An 84% increase in computer and accessories
- A 41% increase in toys
- A 39% increase in adult items
- A 39% increase in food and drink
- And a 34% increase in sports
"As we continue to see more shoppers purchasing goods online, this data showcases how people are living their life amid the pandemic and the 'new normal' here in the United States," said ViaBill North American President, Kristian Niedoborski Thøgersen. "Across the hundreds of thousands of transactions we track through our payment solution, we're witnessing an ongoing need for purchases that support working from home. Sports and entertainment categories are also up, showing that people are doing more activities at home — they are both working and relaxing at home."
The Q2 data echoes some of the major increases in categories during Q1 2020 — computers and accessories were also a top category last quarter, highlighting the ongoing need for people to set up home offices.
ViaBill is well positioned to track consumer spending habits. The global scaleup — which handles half of all buy now pay later transactions in Denmark and is fast expanding in Spain, along with the thousands of U.S. retailers who rely on ViaBill — creates a simple, transparent, and hassle-free payment method for online shopping, giving the opportunity to buy now and pay later by splitting payments into four installments with zero interest.
While not a traditional credit card, ViaBill's payments solution allows consumers to spread payments over time, showing a level of confidence in taking on new payment terms. ViaBill will continue to track trends and shopping habits during Q2 as the majority of the U.S. remains either shut down or in a state of slow reopening.
The company raised $10 million USD in a Series A funding round in February 2019, It plans to introduce new online and offline payment options in different markets over the next few quarters, while leaving the opportunity open for Series B investors.