With the coronavirus keeping many of us at home, ecommerce is booming.
In fact, online spending just in the U.S. is up more than 30% from March 2020 through mid-April 2020, says CNBC. “That is significantly more growth — about 50% more — than the annual 20% growth in online shopping the firm has become accustomed to seeing in recent years.”
In addition, according to Abode Analytics, overall online sales are up 25% with the COVID crisis, as online grocery shopping sees a 100% jump in daily sales, says USA Today. Some of the top items selling online include toilet paper, hand sanitizer, cleaning wipes, paper towels, hand soap, diapers, thermometers, tissues, water filters, board games, and even puzzles.
Some of the top stocks rising on the boom include:
Amazon.com (AMZN) is at the top of the list.
“In most verticals, Amazon has seen an ’enormous increase in demand’ as shoppers are forced to stay home, essentially creating an extended Prime Day/Black Friday type of situation,” said analysts at Cowen. Plus, sales are picking up with brick and mortar stores closed.
It’s why shares of Amazon have roared from a low of $1,650 to $2,393 in recent weeks.
Shares of Shopify (SHOP) are racing higher, as well. In fact, the stock has run from a low of $334 to nearly $630, as business picks up momentum. With businesses needing to move online during the COVID crisis, a Shopify executive said on Twitter that it was ‘now handling Black Friday level traffic every day,’” as highlighted by The Wall Street Journal.
Even shares of Chewy Inc. (CHWY) are up, as folks shop from home. The stock has now run from a low of $22 to $44.72 over the last few weeks. All as people shop online for their pets. “We are seeing a meaningful lift in new customers migrating to our platform as social distancing is practiced more and more,” says CEO Sumit Singh.