The COVID-19 pandemic proved to be a blessing in disguise for internet retail companies as people shopped heavily online amid lockdowns and social distancing mandates. Online retailers have become consumers’ preferred method of shopping due to its convenience, heavy discounts, and easy credit availability.
Furthermore, the COVID-19 omicron variant has rekindled strong e-commerce sales versus in-store sales, as brick and mortar shops suffer lower foot traffic. The largest global retailer, Walmart Inc. (WMT), reported that its online sales increased 69% during fiscal 2021. And according to an Insider Intelligence forecast, U.S. retail e-commerce sales are expected to grow 16.1% to $1.06 trillion in 2022.
