Online sales are set to account for close to 40% of global chain retail sales by 2026, new data from Edge By Ascential has found.
Edge By Ascential's Future Retail Disruption Report for 2021-2022 found that shoppers will continue to buy online post-pandemic, and to a greater extent than pre-COVID, while physical store growth over the coming years is expected to be 'static or in decline'.
Acceleration Of Online Shopping
The data shows that the pace of growth of online shopping in 2020 was twice as fast in most major markets than had previously been forecast, rising 37.4% on a global level.
In 2019, e-commerce grew by 18% on a a global level.
According to Edge By Ascential, the past year has seen an acceleration in the range and complexity of last mile fulfilment options, the rise of retailer media platforms, and a declining store retail estate.
It noted that that the 'dramatic shift to online' will likely accelerate physical store closures.
Better Fulfilment Experience
“COVID-19 accelerated many changes that were already taking place," commented Xian Wang, VP, Edge Retail Insight.
“Retailers are innovating and investing to offer a better fulfilment experience to their customers and the last mile has become a key battleground to lock in shopper loyalty. [...] Globally, of the almost 2,500 retailers we cover at Edge Retail Insight, two-thirds (60%) now offer two-hour delivery (or faster) and almost 30% commit to deliver in 30 minutes, as ultra-rapid VC-funded startups push the envelope with regards to customer expectations."
Edge Retail Insight’s Future Retail Disruption Report for 2021-2022 shows the lasting impact of the COVID-19 crisis on retail, including the biggest drivers of consumer behaviour going into the new year, and how retailers and brands are planning for this operational paradigm shift.
Read More: Shift To Online Likely To Reshape Retail, Real Estate Sectors: Moody's
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