{"id":16012,"date":"2020-08-14T14:00:48","date_gmt":"2020-08-14T14:00:48","guid":{"rendered":"https:\/\/fieldnation.com\/resources\/signs-of-market-stability\/"},"modified":"2024-08-21T21:35:52","modified_gmt":"2024-08-21T21:35:52","slug":"signs-of-market-stability","status":"publish","type":"post","link":"https:\/\/fieldnation.com\/resources\/signs-of-market-stability","title":{"rendered":"Field services market shows signs of stability"},"content":{"rendered":"<p><em>Insights posted 8.14.20<\/em><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">After several weeks of volatility, trends appear to be stabilizing across the Field Nation marketplace.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this week\u2019s Field Intelligence report, we\u2019ll take a closer look at marketplace volume and geographic shifts. We\u2019ll also review cancellation data and trends.<\/span><\/p>\n<a name=\"work-volume-approaches-2019-levels\" class=\"fldn-table-of-contents-anchor\"><\/a><h2 id=\"work-volume-approaches-2019-levels\"><strong>Work volume approaches 2019 levels<\/strong><\/h2>\n<p><a href=\"\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-data-viz_r06v01.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-14265 size-full\" src=\"\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-data-viz_r06v01.png?_t=1597412751\" alt=\"Field Nation Published and Routing YoY Volume Growth\" width=\"1533\" height=\"553\" srcset=\"https:\/\/fieldnation.com\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-data-viz_r06v01.png 1533w, https:\/\/fieldnation.com\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-data-viz_r06v01-768x277.png 768w\" sizes=\"auto, (max-width: 1533px) 100vw, 1533px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Based on the most recent data from the Field Nation marketplace, work order volume appears steady.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In an <\/span><a href=\"\/insights\/volume-growth-volatility\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">earlier Field Intelligence report<\/span><\/a><span style=\"font-weight: 400;\">, we described the impact of state closures in response to virus resurgence. These closures may have caused the temporary volatility we saw in week 28 (the week of July 13). Despite some weekly fluctuations, current volume appears to be settling between 5 to 10 percent below 2019 levels.\u00a0<\/span><\/p>\n<a name=\"favorable-geographic-trends-continue\" class=\"fldn-table-of-contents-anchor\"><\/a><h2 id=\"favorable-geographic-trends-continue\"><strong>Favorable geographic trends continue<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Key states continued the pattern of recovery that we reported in <\/span><a href=\"\/insights\/recovery-second-half-of-2020\"><span style=\"font-weight: 400;\">previous Field Intelligence posts.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly all states have rebounded significantly from the market low. Here are some notable trends:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Florida has recovered to within 10 percent of 2019 levels<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">New York is five percent below 2019 levels\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">California is at equal volume to 2019<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Texas is showing positive year-over-year growth of 4 percent<\/span><\/li>\n<\/ul>\n<a name=\"cancellations-remain-stable\" class=\"fldn-table-of-contents-anchor\"><\/a><h2 id=\"cancellations-remain-stable\"><strong>Cancellations remain stable<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In week 32 (the week of August 10), we posted a 7 percent increase in year-over-year work order volume. But this number will likely change as cancellations occur.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our Field Intelligence reporting shares data on posted volume as a leading indicator, but then we adjust for cancellations. That&#8217;s why you may notice the data shift over time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The good news is that cancellations have stabilized between 12 to 14 percent of work order volume. This is not significantly different from what we have seen in prior years.<\/span><\/p>\n<p><a href=\"\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-cancel-rates_r01v01.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-14266 size-full\" src=\"\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-cancel-rates_r01v01.png?_t=1597412934\" alt=\"Field Nation Cancel Rates\" width=\"1293\" height=\"553\" srcset=\"https:\/\/fieldnation.com\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-cancel-rates_r01v01.png 1293w, https:\/\/fieldnation.com\/wp-content\/uploads\/2020\/08\/1172-04_MKG_field-intelligence-cancel-rates_r01v01-768x328.png 768w\" sizes=\"auto, (max-width: 1293px) 100vw, 1293px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Work order cancellations happen for a variety of reasons. Approximately 40 to 50 percent of cancellations occur when an end client cancels the project. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Other common reasons for cancellations include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Changes in work scope<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Delays at a job site<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The job was completed internally<\/span><\/li>\n<\/ul>\n<a name=\"whats-next-for-field-service\" class=\"fldn-table-of-contents-anchor\"><\/a><h2 id=\"whats-next-for-field-service\"><strong>What\u2019s next for field service?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In typical years, we see a seasonal volume uptick between August and October. Retailers often plan store refreshes and other investments that drive higher volume during this time period. Early indications point to a positive seasonal effect, but perhaps not to the extent of previous years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stay tuned for more news on seasonal trends and their impact. We\u2019ll provide additional updates as preparation for the holiday season unfolds.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Field Intelligence experts<\/strong><\/h3>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/waelmohammed1\/\" target=\"_blank\" rel=\"noopener noreferrer\">Wael Mohammed<\/a>\u00a0has been in the IT services industry for more than 27 years. He has held leadership roles in both startups and large enterprises, including SPS Commerce, IBM, and Target. Wael is currently the Executive Vice President of Product at Field Nation, and oversees product management, product design, and data science. He is a master in identifying product and market growth opportunities, taking new products to market, and maximizing product performance.<\/p>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/steve-salmon\/\" target=\"_blank\" rel=\"noopener noreferrer\">Steve Salmon<\/a>\u00a0brings more than 30 years of leadership experience to the IT services industry. He has held senior roles in both startups and large enterprises, even co-founding a technology services company in 1992, which was later purchased. Currently, Steve is the VP of Enterprise and Channel Sales at Field Nation. Previously, he served as SVP of Global Managed Services Solutions at CompuCom, where the services revenue grew from $200M to more than $1B. Steve\u2019s expertise and strategic prowess have landed him on numerous radio shows as a technology and business specialist.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get a closer look at marketplace volume, geographic trends, and cancellation rates in our latest Field Intelligence report.<\/p>\n","protected":false},"author":53,"featured_media":16631,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"xn-wppe-expiration":[],"xn-wppe-expiration-action":[],"xn-wppe-expiration-prefix":[],"footnotes":""},"content-group":[],"class_list":["post-16012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","fldn_content_category-trends","fldn_content_type-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Field services market shows signs of stability | Field 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