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Mastercard report reveals massive pandemic-driven shift to ecommerce

Published by Business Insider on Thu, 08 Apr 2021


<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Mastercard's Recovery Insights&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cubWFzdGVyY2FyZC5jb20vbmV3cy9wcmVzcy8yMDIxL2FwcmlsL21hc3RlcmNhcmQtcmVjb3ZlcnktaW5zaWdodHMtZS1jb21tZXJjZS1hLWNvdmlkLWxpZmVsaW5lLWZvci1yZXRhaWxlcnMtd2l0aC1hZGRpdGlvbmFsLTkwMC1iaWxsaW9uLXNwZW50LW9ubGluZS1nbG9iYWxseS8/5d233c18f730436f2414784fBe9f5dedf" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cubWFzdGVyY2FyZC5jb20vbmV3cy9wcmVzcy8yMDIxL2FwcmlsL21hc3RlcmNhcmQtcmVjb3ZlcnktaW5zaWdodHMtZS1jb21tZXJjZS1hLWNvdmlkLWxpZmVsaW5lLWZvci1yZXRhaWxlcnMtd2l0aC1hZGRpdGlvbmFsLTkwMC1iaWxsaW9uLXNwZW50LW9ubGluZS1nbG9iYWxseS8/5d233c18f730436f2414784fBe9f5dedf&amp;source=gmail&amp;ust=1617969681128000&amp;usg=AFQjCNGZKsWSnpAmAigoNgYKSJaQHDQvtw"><u>report</u></a> highlighted the scale of the pandemic-driven digital shift in 2020as well as what to expect going forward.</p><p><img style="float:right;" src="https://static5.businessinsider.com/image/606ef3b24d3e410018b6fef8-2298/retail ecommerce sales.png" border="0" alt="Mastercard highlights major ecommerce shift" data-mce-source="Insider Intelligence"></p><p><strong>Here are the big takeaways:</strong></p><ul><li><strong>Global consumers increased online spending by $900 billion in 2020.&nbsp;</strong>This translates to ecommerce making up $1 for every $5 spent on retail in 2020, compared with $1 for every $7 in 2019. The surge in ecommerce spending was driven by pandemic-induced <a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cubmJjbmV3cy5jb20vaGVhbHRoL2hlYWx0aC1uZXdzL2hlcmUtYXJlLXN0YXktaG9tZS1vcmRlcnMtYWNyb3NzLWNvdW50cnktbjExNjg3MzY/5d233c18f730436f2414784fB0f2efabb" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cubmJjbmV3cy5jb20vaGVhbHRoL2hlYWx0aC1uZXdzL2hlcmUtYXJlLXN0YXktaG9tZS1vcmRlcnMtYWNyb3NzLWNvdW50cnktbjExNjg3MzY/5d233c18f730436f2414784fB0f2efabb&amp;source=gmail&amp;ust=1617969681128000&amp;usg=AFQjCNHp4JkXdTH1PrhQRL0pM9-zyDKhmg"><u>lockdown measures </u></a>and brick-and-mortar store&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8wOS8xNi95ZWxwLWRhdGEtc2hvd3MtNjBwZXJjZW50LW9mLWJ1c2luZXNzLWNsb3N1cmVzLWR1ZS10by10aGUtY29yb25hdmlydXMtcGFuZGVtaWMtYXJlLW5vdy1wZXJtYW5lbnQuaHRtbA/5d233c18f730436f2414784fB6e651a8d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8wOS8xNi95ZWxwLWRhdGEtc2hvd3MtNjBwZXJjZW50LW9mLWJ1c2luZXNzLWNsb3N1cmVzLWR1ZS10by10aGUtY29yb25hdmlydXMtcGFuZGVtaWMtYXJlLW5vdy1wZXJtYW5lbnQuaHRtbA/5d233c18f730436f2414784fB6e651a8d&amp;source=gmail&amp;ust=1617969681128000&amp;usg=AFQjCNHa150Lc6VBkSZiU_9K-yTLICjilw"><u>closures</u></a>. Mastercard expects that 20%30% of global ecommerce growth experienced during the pandemic will be permanent.</li><li><strong>The online grocery sector experienced one of the biggest growth spurts.&nbsp;</strong>Currently, 9% of grocery shopping takes place onlineup from 7% before the pandemic. Moving forward, Mastercard estimates that more consumers will shift to <a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3RoZS1vbmxpbmUtZ3JvY2VyeS11cGRhdGUtdGhlLWNvcm9uYXZpcnVzLXBhbmRlbWljLWlzLXRocnVzdGluZy1vbmxpbmUtZ3JvY2VyeS1pbnRvLXRoZS1zcG90bGlnaHQtaW4tdGhlLXVzLWhlcmUtYXJlLXRoZS1wbGF5ZXJzLXRoYXQtd2lsbC1lbWVyZ2UtYXQtdGhlLXRvcC1vZi10aGUtbWFya2V0LTIwMjAtNQ/5d233c18f730436f2414784fB3f18d523" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3RoZS1vbmxpbmUtZ3JvY2VyeS11cGRhdGUtdGhlLWNvcm9uYXZpcnVzLXBhbmRlbWljLWlzLXRocnVzdGluZy1vbmxpbmUtZ3JvY2VyeS1pbnRvLXRoZS1zcG90bGlnaHQtaW4tdGhlLXVzLWhlcmUtYXJlLXRoZS1wbGF5ZXJzLXRoYXQtd2lsbC1lbWVyZ2UtYXQtdGhlLXRvcC1vZi10aGUtbWFya2V0LTIwMjAtNQ/5d233c18f730436f2414784fB3f18d523&amp;source=gmail&amp;ust=1617969681128000&amp;usg=AFQjCNEDIhwIf6s2gN9FHeKfPBsTRrUENA"><u>online grocery</u></a> shopping, with 10% of grocery sales taking place online post-pandemic. Mastercard also expects that between 70% and 80% of the pandemic's online grocery spike will be permanent.</li><li><strong>Digital payments grew rapidly and will probably continue their ascent.&nbsp;</strong>Before the pandemic, the share of&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2dsb2JhbC1jYXNoLXVzYWdlLWV4cGVjdGVkLWRyb3Atb2ZmLXNoYXJwbHktbmV4dC0zLXllYXJzLWhlcmUtcy13aGF0LXRoYXQtbWVhbnMtbW9iaWxlLXdhbGxldHMtY2FyZHMtYWNyb3NzLWdsb2Jl/5d233c18f730436f2414784fBa3f0e502" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2dsb2JhbC1jYXNoLXVzYWdlLWV4cGVjdGVkLWRyb3Atb2ZmLXNoYXJwbHktbmV4dC0zLXllYXJzLWhlcmUtcy13aGF0LXRoYXQtbWVhbnMtbW9iaWxlLXdhbGxldHMtY2FyZHMtYWNyb3NzLWdsb2Jl/5d233c18f730436f2414784fBa3f0e502&amp;source=gmail&amp;ust=1617969681128000&amp;usg=AFQjCNF0t_8KHbMrKXOHauSGdaYuJLg_Nw"><u>cash use</u></a>&nbsp;as a portion of all sales declined roughly 2.5% per year. After pandemic restrictions took effect, noncash payments jumped an additional 2.5 percentage points beyond the trendaccelerating the shift from cash to digital payments by a full year.</li></ul><p>The coronavirus pandemic has changed the face of retail, with brick-and-mortar seeing the biggest declines.&nbsp;Many consumers shifted to online shopping as a result of the pandemic, which hit brick-and-mortar retail&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2ZhbGxpbmctZm9vdC10cmFmZmljLXRvLWRlcGFydG1lbnQtc3RvcmVzLWFtaWQtdGhlLXBhbmRlbWljLWlzLXB1dHRpbmctbWFsbHMtYW5kLXRoZS1zYWxlcy12b2x1bWUtdGhleS1kcml2ZS1hdC1yaXNrLWhlcmVzLWhvdy1tYWxsLXJldGFpbC1taWdodC1jaGFuZ2UtaW4tcmVzcG9uc2UtMjAyMC04/5d233c18f730436f2414784fB9c21df24" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2ZhbGxpbmctZm9vdC10cmFmZmljLXRvLWRlcGFydG1lbnQtc3RvcmVzLWFtaWQtdGhlLXBhbmRlbWljLWlzLXB1dHRpbmctbWFsbHMtYW5kLXRoZS1zYWxlcy12b2x1bWUtdGhleS1kcml2ZS1hdC1yaXNrLWhlcmVzLWhvdy1tYWxsLXJldGFpbC1taWdodC1jaGFuZ2UtaW4tcmVzcG9uc2UtMjAyMC04/5d233c18f730436f2414784fB9c21df24&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNFcJLSr19F2fAV9TbWTLKS6UzJl8A"><u>hard</u></a>: In 2020, approximately 15,542 US stores&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cuZm9yYmVzLmNvbS9zaXRlcy93YWx0ZXJsb2ViLzIwMjAvMDcvMDYvOTI3NC1zdG9yZXMtYXJlLWNsb3NpbmctaW4tMjAyMC0taXRzLXRoZS1wYW5kZW1pYy1hbmQtaGlnaC1kZWJ0LS1tb3JlLXdpbGwtY2xvc2UvP3NoPTE4NzAyY2FlNzI5Zg/5d233c18f730436f2414784fB416ac7f3" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly93d3cuZm9yYmVzLmNvbS9zaXRlcy93YWx0ZXJsb2ViLzIwMjAvMDcvMDYvOTI3NC1zdG9yZXMtYXJlLWNsb3NpbmctaW4tMjAyMC0taXRzLXRoZS1wYW5kZW1pYy1hbmQtaGlnaC1kZWJ0LS1tb3JlLXdpbGwtY2xvc2UvP3NoPTE4NzAyY2FlNzI5Zg/5d233c18f730436f2414784fB416ac7f3&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNG9TDvcd35BvThKb4o8uR9_e4t7rA"><u>closed</u></a>&nbsp;for goodwell above the 9,879 and 5,700 stores that closed in 2019 and 2018, respectively.</p><p>To make up for in-store losses and maintain overall sales volume, many retailers put significant effort toward ramping up their digital presenceincreasing online product assortments, making digital returns&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL21ham9yLXJldGFpbGVycy1mb3Jnby1yZXR1cm5zLXByb2Nlc3NpbmctbGV0LWNvbnN1bWVycy1rZWVwLXVud2FudGVkLXByb2R1Y3RzLWNvc3Qtc2F2aW5nLXB1c2g/5d233c18f730436f2414784fBeb1eacf4" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL21ham9yLXJldGFpbGVycy1mb3Jnby1yZXR1cm5zLXByb2Nlc3NpbmctbGV0LWNvbnN1bWVycy1rZWVwLXVud2FudGVkLXByb2R1Y3RzLWNvc3Qtc2F2aW5nLXB1c2g/5d233c18f730436f2414784fBeb1eacf4&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNGZlMxDy4ywzzwK7pMgLufblmqBjg"><u>easier</u></a>, adding faster and <a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3JldGFpbGVycy1raWNrLW9mZi1sYXN0LW1pbnV0ZS1ob2xpZGF5LWRlbGl2ZXJ5LWVmZm9ydHM/5d233c18f730436f2414784fBa0041b50" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3JldGFpbGVycy1raWNrLW9mZi1sYXN0LW1pbnV0ZS1ob2xpZGF5LWRlbGl2ZXJ5LWVmZm9ydHM/5d233c18f730436f2414784fBa0041b50&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNFwYJh7C0qLtgQWg4o1-1EZRcm6Cg"><u>expanded </u></a>delivery capabilities like&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3BhbmRlbWljLWRyaXZlbi1yaXNlLWVjb21tZXJjZS1oYXMtbWFkZS1jbGljay1jb2xsZWN0LWN1cmJzaWRlLXBpY2t1cC1tb3JlLXJlbGV2YW50LWhlcmUtcy13aGF0LXRoYXQtbWVhbnMtcmV0YWlsZXJzLXBheW1lbnRzLXBsYXllcnMtdA/5d233c18f730436f2414784fB30f57f7d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3BhbmRlbWljLWRyaXZlbi1yaXNlLWVjb21tZXJjZS1oYXMtbWFkZS1jbGljay1jb2xsZWN0LWN1cmJzaWRlLXBpY2t1cC1tb3JlLXJlbGV2YW50LWhlcmUtcy13aGF0LXRoYXQtbWVhbnMtcmV0YWlsZXJzLXBheW1lbnRzLXBsYXllcnMtdA/5d233c18f730436f2414784fB30f57f7d&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNFhs3wSSpvNyNc0QBDRvii_7n65_Q"><u>curbside pickup</u></a>, and&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3dhbG1hcnQtZGl2ZXMtZGVlcGVyLXNvY2lhbC1jb21tZXJjZS13aXRoLXRpa3Rvay1saXZlc3RyZWFtLWV2ZW50/5d233c18f730436f2414784fB07d5f245" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3dhbG1hcnQtZGl2ZXMtZGVlcGVyLXNvY2lhbC1jb21tZXJjZS13aXRoLXRpa3Rvay1saXZlc3RyZWFtLWV2ZW50/5d233c18f730436f2414784fB07d5f245&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNHQZ6i8kTAZAsu7TvNn44n-0PzSZQ"><u>investing</u></a>&nbsp;in digital partnerships.</p><p>Going forward, ecommerce and brick-and-mortar retail might hold equal weight in creating a shopping experience that consumers desire.&nbsp;The shift to online shopping might be permanent for some consumers: 81% of consumers who have used a new digital shopping method during the pandemic intend to continue using it.</p><p>But the online shift doesn't mean that brick-and-mortar retail should go away anytime soon: Retail foot traffic is already&nbsp;<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9zbWFsbGJpenRyZW5kcy5jb20vMjAyMS8wNC9pbi1zdG9yZS1zaG9wcGluZy1vbi10aGUtcmlzZS5odG1s/5d233c18f730436f2414784fBa215d489" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9zbWFsbGJpenRyZW5kcy5jb20vMjAyMS8wNC9pbi1zdG9yZS1zaG9wcGluZy1vbi10aGUtcmlzZS5odG1s/5d233c18f730436f2414784fBa215d489&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNHgicKIC1kczaIg9gAxDs9ffaVfvA"><u>climbing</u></a>&nbsp;back up and will likely continue to recover<a href="https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3JldGFpbGVycy1tYXktd2FudC11cGdyYWRlLXRoZWlyLXN0b3Jlcy1jb25zdW1lcnMtcHJlcGFyZS1ib29zdC1icmljay1hbmQtbW9ydGFyLXNwZW5kaW5nLXRoaXMtc3ByaW5n/5d233c18f730436f2414784fB0158e8cb" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23461926.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL3JldGFpbGVycy1tYXktd2FudC11cGdyYWRlLXRoZWlyLXN0b3Jlcy1jb25zdW1lcnMtcHJlcGFyZS1ib29zdC1icmljay1hbmQtbW9ydGFyLXNwZW5kaW5nLXRoaXMtc3ByaW5n/5d233c18f730436f2414784fB0158e8cb&amp;source=gmail&amp;ust=1617969681129000&amp;usg=AFQjCNFpLrqF5eDaar0w2Oi9qFviLuia9g"><u>62%</u></a>&nbsp;of consumers say they plan to shop in-store at least once per week this spring. This means that retailers might want to focus on both in-store and online retail in order to maximize overall sales as the pandemic phases out.</p><p><strong><em>Want to read more stories like this one' Here's how you can gain access:</em></strong></p><ol><li>Join other Insider Intelligence clients who receive Payments &amp; Commerce forecasts, briefings, charts, and research reports to their inboxes each day. <a href="https://www.insiderintelligence.com/become-a-client/'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_postr&amp;itm_content=bottom_bullets&amp;itm_term=enterprise_text_link-mastercard-report-highlights-major-ecommerce-shift-2021-4">&gt;&gt;&nbsp;<strong>Become a Client</strong></a></li><li>Explore related topics more in depth. <a href="https://store.businessinsider.com/collections/payments-commerce'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=store_text_link-mastercard-report-highlights-major-ecommerce-shift-2021-4">&gt;&gt;&nbsp;<strong>Browse Our Coverage</strong></a></li></ol><p><em>Current subscribers can access the entire Insider Intelligence content archive <a href="https://subscriptions.emarketer.com/">here</a>.</em></p><p><a href="https://www.businessinsider.com/mastercard-report-highlights-major-ecommerce-shift-2021-4#comments">Join the conversation about this story &#187;</a></p>
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