Every quarter, Scanmarket reports on statistics covering insights into the savings performed by eAuctions executed globally.
Overall savings were booming coming out of the second quarter of 2020. We have been awaiting third quarter statistics with heightened interest as Q3 was seemingly getting back to business as normal. March of 2020 saw the more severe and widespread impact of the COVID-19 pandemic, and corporations are still under significant pressure to survive and to find new ways to adapt to the new normal.
Looking at how COVID-19 has impacted the statistics in Q3, we need to look at the highest volume categories in the quarter. The top 10 categories more or less remained the same quarter over quarter except for Clothing with 7.56% savings which included “Safety Equipment” as a new entry into the category. As protective measures are being applied in more and more countries, this was to be expected. However, the Clothing category replaced the Healthcare category (Lab equipment, Medical consumables, Ingredients for production etc.) from the top 10 which is perhaps more surprising as COVID-19 continues to dominate Q3.
The third quarter ended with an overall saving of 9.34% compared to 8.3% in Q3 of 2019 and 18% in Q2 of 2020. Coming out of 2020 in Q4, we will learn if the second quarter of 2020 was a single outlier, or the year could end with another record. The overall savings in 2020 will likely have an opposite correlation to the global GDP which has fallen significantly during 2020.
To learn more, download the Q3 2020 eAuction Savings Report here.