Almost everything from gardening items to groceries was procured via online platforms
Online purchases accounted for over $900 billion in online retailing. Source: pexels.com
In 2020, online purchases accounted for over $900 billion in online retailing globally. Out of every $5 spent in purchases, $1 was via e-commerce. This is an increase from $1 out of every $7 spent in e-commerce in 2019.
Economies that had adopted digital trends before the pandemic gained more from online purchases. For instance, the US and the UK gained more than countries that had not fully adopted the digital transformations such as Mexico and Argentina. North America, Asia Pacific, and Europe were the strongest forces in increasing the adoption of digital trends.
Discount and grocery stores gained more in the digital transformation, with an estimated surge of 70-80%. These sectors had the smallest e-commerce representation before the pandemic.
The pandemic also caused a 25-30% rise in global e-commerce. This came with the increase in sales volumes from different regions. E-commerce consumer spending observed a 25-30% year-on-year growth from March 2020- February 2021.
Consumers also increased their online buying habits, making purchases from 30% more digital spaces than before. In countries such as Saudi Arabia and Italy, residents are making online purchases from 33% more digital shops. The UK and Russia closely follow this trend.
The US observed a significant shift in electronic remittances. The pandemic accelerated this, with more consumers shifting from cash payments to non-cash payment methods. The trend is a 2.5% jump in non-cash remittances leading to a full-year rise in electronic payments.
PaySpace Magazine anticipates that consumers will increase spending on buying leisure activities stuff in both worst-case and best-case COVID-19 scenarios. For instance, in those countries where COVID-19 has ebbed, like Israel, Iceland, New Zealand, Singapore, people are likely to focus on the equipment for outdoor activities like fishing supplies or cycling-related products. As to the countries with the worst COVID-19 rates, shoppers are expected to purchase online games or home workout equipment. This way, we suggest you read our top 5 shopping tips for gamers on how to buy safely.
We’ve reported that Kenya recorded the highest inflation rate.
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