COVID-19 Pandemic will cause retail sales to decline by 3.5% globally in 2020 –approximately USD500 billion. The pandemic required temporary closure of many stores, weakened consumer demand and increased the costs for many retailers.
Consumers have increasingly turned to e-commerce during the pandemic, with markets like South Korea and China recording strong increase. E-commerce intermediaries, marketplaces, delivery platforms and social media services all play a role towards this growth.
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