Initial data indicated which industries showed early signs of bouncing back after economic lockdowns. Here are the industries that performed best during the month of August 2020.
At the beginning of July we looked at the industries moving forward as lockdowns across the world began easing. The most significant and obvious pandemic-related economic shift was a move from physical spaces and interactions to virtual ones. All products or services that could be sold or delivered via online channels were shifted to those channels.
Up to June, our customer data suggested that Food and Beverage, Medical Supplies, Pharmaceuticals, Business and Protective Apparel, and Pet Food and Supplies were the industries least affected by the lockdown period. Some might even have benefited from it.
This was influenced by their ability to digitize processes and do their business online in some cases. It was also interesting to see which industries were quickest to get back on their feet once lockdown restrictions eased. Among our customers, Automotive Goods, Chemicals and Paints, Oil and Lubricants, Electronics, and Sporting Goods stood out as the fastest recovering industries.
Now that businesses are a lot less restricted in their operations and outside sales teams are better able to visit customers’ premises again, it’s interesting to see which industries performed best in August.
Best performing industries
We’ve been measuring our customers’ performance per industry across 2020, against a pre-COVID (January and February average) benchmark we valued at 100%. Using this method, we’ve identified the four top performing industries for August. Business and Protective Apparel, Sporting Goods, Electronics, and Building Material and Hardware are not only the top performing industries among our customers, but have also all done better than the 100% pre-COVID benchmark against which we’re tracking them.
This graph show the number of orders placed and invoices written, and while all four top performers show a decline in August, further data reveals something about a promising trend in the best performing industries. Businesses are using the data made available to them through Skynamo Analytics to do better planning and sell more strategically.
Better data and better planning lead to better performances
When we look at graphs showing the monetary value of orders instead of the number of orders placed and invoices written, August significantly exceeds any other month since March. This is a clear indication that although fewer orders are being generated in August, these invoices are much larger in value, order and size and can be attributed to buyer confidence returning.
Businesses are using Skynamo Analytics data to understand buying trends and customer needs. Accurate historical data allows them to help their customers buy smarter, increasing horizontal and vertical selling. They’re given insight into changing needs of customers and the ability to consult them on stock management and order amounts.
In an uncertain environment, businesses can suggest order quantities and cycles based on historical data and current market trends, while they’re able to expand their usual product offer to include items in high demand in the COVID-environment.
Access to better data allows for better planning and an overall better sales performance.