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.
The article is property of Euromonitor International, a market research provider, and can be read in full through: https://go.euromonitor.com/event-content-retailing-2020-shopping_reinvented.html?utm_campaign=SC_20_11_11_STN_Shopping_Reinvented&utm_medium=Email&utm_source=1_Outbound