Customer shopping habits have been completely reshaped in recent years, with the boom in global e-commerce market sales predicted to be here to stay. So what can retail businesses do to adapt?
The retail industry has undergone a radical transformation. Even before the Covid pandemic, the shift to e-commerce was completely reshaping how the industry operates and how customers shop.
But lockdowns made these shifts more rapid and seismic, forcing businesses and consumers to shop online at record levels. The pandemic also expedited the adoption of in-store contactless payments. Research from UK Finance, which represents the banking and finance industry, found that 27% of all payments in 2020 were contactless, up from 7% five years ago.
