April 8, 2021
Consumers spent more at online stores last year than the previous year by a staggering $900 billion according to a Mastercard Economics Institute study. This isn’t very surprising as more shopping was relegated to online retailers due to the pandemic. But what is shocking is that a large share of it is here to stay. The study shows that habits have formed in consumer shopping, and that online deal hunting will remain electronic. Grocers will retain about 70-80% of their online commerce. Even industries more likely to return to pre-pandemic levels, clothing and electronics are expected to keep about 20% of their digital sales.
FINSUM + Magnifi: Electronic shopping presents ease and convenience, and many are realizing the hassle saved by grocery store runs. Companies with easily accessible online platforms will benefit most from these preference shifts.
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