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April 7, 2021

E-commerce, a Covid Lifeline for Retailers with Additional $900 Billion Spent Online Globally, says Mastercard Recovery Insights.


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Infographic: Consumers are increasing their e-commerce footprints, buying from up to 30% more online retailers.


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Photo: Retail. Garments Shop. Image Credit: Roman K.


As Covid-19 kept consumers worldwide at home, they purchased nearly everything from groceries to gardening supplies online. According to Mastercard’s latest Recovery Insights report, this amounted to an additional $900 billion spending in retail online around the world in 2020.

For retailers, restaurants, and other businesses large and small, selling online provided a much-needed lifeline as in-person consumer purchasing got disrupted.

Roughly 20-30% of the Covid-related shift to digital globally is expected to be permanent, according to “Mastercard’s Recovery Insights: Commerce E-volution.” The report draws on anonymized and aggregated sales activity in the Mastercard network and proprietary analysis by the Mastercard Economics Institute. The research dives into what this means by country, sector, goods & services, within countries, and across borders.

“While consumers got stuck at home, their dollars traveled far and wide thanks to e-commerce,” says Bricklin Dwyer, Mastercard chief economist and head of the Mastercard Economics Institute. “This has significant implications, with the countries and companies that have prioritized digital continuing to reap the benefits. Our analysis shows that even the smallest businesses see gains when they shift to digital.”

While the digital transformation has been neither universal nor consistent due to geographical, economic, and household differences, the report uncovers several critical overarching trends:

Mastercard launched Recovery Insights last year to help businesses and governments better manage the health, safety, and economic risks presented by Covid-19. The initiative utilizes Mastercard’s analytics and experimentation platforms, its longstanding consulting practice, and unique data-driven insights to deliver relevant and timely tools, innovation, and research.

The report draws on anonymized and aggregated sales activity in the Mastercard network and proprietary analysis by the Mastercard Economics Institute.

Source: Mastercard

|GlobalGiants.Com|


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Edited & Posted by the Editor | 6:25 AM | Link to this Post






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