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

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

  • May 2020 •
  • 104 pages •
  • Report ID: 5893167 •
  • Format: PDF
COVID-19 outbreak accelerates the shift of global retail to E-Commerce

Online shopper penetration increases during the pandemic

Faced with lockdown regimes and store closures, consumers turn to online and mobile shopping to buy groceries, daily necessities, and other products.


A recent survey cited in the report revealed that a double-digit share of online shoppers were buying more digitally due to COVID-19, and some of them adopted the practice for the first time during the outbreak. The share of global retail sales generated via E-Commerce is rising as a result, projected to reach one-third by 2024. At the same time, some segments, including travel and airlines, experienced a severe downturn due to COVID-19 in both online and offline channels. Online travel agencies such as Booking Holdings, Expedia Group and Airbnb saw weekly accommodation bookings plummet by over -90% during April 2020.

Digital and contactless payment methods rise amid the COVID-19 outbreak

The coronavirus outbreak is not only transforming the way consumers shop, but also how they pay for their purchases. Contactless payments received an unprecedented boost during the pandemic, seen by consumers as a cleaner way to pay in-store. Consumers are also trying out new payment methods while purchasing from E-Commerce websites, and favour those methods that have the strongest protection against fraud losses. Overall, total payment volumes are expected to decrease in 2020 due to losses in travel and in-store segments, but resume growth in 2021 and benefit from the shift to cashless payments and online shopping.

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