Adapt to Survive: COVID-19’s Impact on Retail

21st September 2020
Callum Godwin
Callum Godwin
Related Tags

Since the World Health Organization (WHO) declared the coronavirus outbreak a pandemic on March 11, 2020, we’ve observed several fundamental changes to retail spending – including huge revenue fluctuations, shifting Average Transaction Values (ATVs), and changes to preferred spending channels and payment methods.

Starting from week commencing (w/c) March 30th 2020, CMSPI published a regular Retail Payments Review tracking all these spending trends during the pandemic, using data from our Merchant Payments Index (MPI). We considered what recovery might look like in both an optimistic bull and a pessimistic bear scenario. Our estimates suggest a bull scenario would see $100 billion of lost revenue and a bear scenario would hit impact sales by nearly $500 billion by the end of 2020. We continue to monitor and analyze the key trends in the retail industry as recovery continues.

Retail the Full Article Below:

You Might Also Be Interested In These...

A Broken Payments Market: Why the Shift to Online is Costing Merchants Billions

One of the key trends to emerge as a result of the COVID-19 pandemic is the movement in spend away from in-store, towards online.

Read More >
The Retail Payments Review: June 2020 at a Glance

The Retail Payments Review’s ‘June at a Glance’ show you all the key trends and insights from June 2020 in a single page.

Read More >
The Contactless Catalyst: Five Questions with CJ Brown

Insights into the success of contactless pre-COVID; the opportunities the payment method presents; and the technical complexities.

Read More >
The Retail Payments Review: Week at a Glance (May 11 – 17, 2020)

The Retail Payments Review’s ‘Week at a Glance’ feature takes all the week’s biggest updates and trends and condenses them into one easy to view page.

Read More >
Read more blogs from the payments experts