COVID-19 pandemic accelerated shift to e-commerce by 5 years, new report says

-COVID-19 forced shops around the world to shut for months and recently reopen under strict new guidelines.

-The time in lockdown has caused an e-commerce boom, with the pandemic accelerating the shift away from physical stores by roughly five years.

-While department stores are expected to decline by over 60%, e-commerce is expected to grown by nearly 20% in 2020.

 
As the COVID-19 pandemic reshapes our world, more consumers have begun shopping online in greater numbers and frequency. According to new data from IBM’s U.S. Retail Index, the pandemic has accelerated the shift away from physical stores to digital shopping by roughly five years. Department stores, as a result, are seeing significant declines. In the first quarter of 2020, department store sales and those from other “non-essential” retailers declined by 25%. This grew to a 75% decline in the second quarter.

The report indicates that department stores are expected to decline by over 60% for the full year. Meanwhile, e-commerce is projected to grow by nearly 20% in 2020.

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Πηγή: weforum.org