DOMINIC: We all know how COVID-19 affected the whole world when it broke out last year in early 2020. Apart from taking people’s lives, it also totally changed the way we live and do business.
Among many industries being negatively affected by COVID-19, the retail sector was severely hit, so bad that some call it the “retail apocalypse“. According to Forbes, more than 15,000 physical stores had to close down in 2020 due to the pandemic.
However, COVID-19 opened a valuable opportunity for digital retail and eCommerce as consumers’ behavior is changing towards online platforms.
According to the United States Department of Data, in the first half of 2020, consumers had spent nearly $350b for online purchasing, which is 30% higher compared to the same period in the previous year.
This number is expected to grow in 2021 and the upcoming years.