Product Details

COVID-19 Impact on Global B2C E-Commerce and Online Payments: April 2020

Publisher: yStats.com
Published: April 01, 2020
Length: 68 Pages
SKU: YST16202272
COVID-19 Impact on Global B2C E-Commerce and Online Payments: April 2020

Coronavirus pandemic drives increase in online shopping

As consumers are told to stay at home due to the coronavirus, they turn to online shopping
Citizens in many areas of the world are being told by health or political authorities to remain in their homes to help halt the spread of COVID-19. As consumers are restricted in movement, they turn to online shopping for essential items to sustain their families. With schools closed and workers encouraged to work from home wherever possible, online sales of health products, food, and some educational and home office items have surged. The yStats.com report cites the increase in such product categories in various countries around the world in the first quarter of 2020

Increase in online sales of essential items amidst the pandemic offset by drop in travel, big ticket items
Even though the number of online orders in some nations has increased greatly, the decrease in purchase of travel arrangement and higher priced items could contribute to lower total online revenues, as projected in the yStats.com report. Brick and mortar sales are projected to undergo an even greater decrease because of the economic uncertainty triggered by the coronavirus outbreak, which is expected to contribute to E-Commerce garnering an even greater share of total retail sales globally.

Online payments increase in the COVID-19 crisis
The worldwide spread of the coronavirus has led to a movement to digital alternatives to cash in stores as well as for payment of orders initiated online. Some consumers avoid cash as a COVID-19 vector, others simply move to plastic or digital payments as a consequence of ordering online. However, the yStats.com report suggests that even though the number of online payment transactions has spiked, the total value of online payments will likely be lower for the current fiscal year as fewer big ticket items and less travel arrangements are purchased by consumers.