By Taylor Soper
March 15, 2021 at 8:19 am Source: Geek Wire
Photo Source: Unsplash,
New data from Adobe puts a number on the huge pandemic-driven acceleration of e-commerce over the past year. Some key takeaways:
COVID-19 gave e-commerce a $183 billion boost from March 2020 to February 2021, about the same amount spent online during the 2020 holiday season.
The “Buy Now, Pay Later” payment method and “Buy Online, Pick Up In Store (BOPIS)” have both grown in popularity. Buy Now, Pay Later was up 215% year-over-year from January to February of this year; BOPIS was up 67% year-over-year in February.
Online grocery shopping was up 230%, when comparing Feb.1 to Feb. 21 of this year to Jan. 6 to Jan. 26 of 2020, before the pandemic.
These trends are huge tailwinds for e-commerce companies including Seattle-based Amazon, which set a record with $125.6 billion in sales during the holiday quarter, as well as startups building tech to power online shopping services such as Stripe, Shopify, and a flurry of others (including many based in Seattle).
“The pandemic produced a rare step change in online spending, equivalent to a 20 percent boost, and future growth is expected to build off of this gain,” the report noted.
Adobe projects online spend between $850-$930 billion this year, and says 2022 will be the first trillion-dollar year for e-commerce. Online spending is already up 34% year-over-year through the first two months of 2021.
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