The report explains how the pandemic affected the growth of online shopping
Mastercard has found that US e-commerce made up 22% of all retail sales in April and May, compared to 11% in 2019. The Americans are estimated to have spent more money online over that period than the last 12 Cyber Mondays combined.
Along with that, the report reveals that more than $53 billion of extra spending occurred on e-commerce channels in April-May.
The Americans also started paying more attention to home improvements during the lockdown. In May, US hardware sales across online and in-store were up 36.2% compared to 2019. Besides, furniture sales rose 7.5% year-over-year in May, the strongest growth rate for the sector since August 2018.
As to the demand for groceries, it remained elevated, with sales up 9.2% year-over-year in May across online and in-store.
We’ve reported that the e-commerce market in Singapore is estimated to reach $9.5 billion in 2020. For comparison, the country reached $6.2 billion a year before.