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Updated Trends – What’s in Store: Moving through Coronavirus

By Abrielle Backhaus posted 10-02-2020 09:00

  

COVID-19 has had a historic and instant impact on the global grocery retailing landscape. IDDBA’s What’s in Store is being updated for the third time this year with insights on COVID-19’s impact on the grocery industry including a view of altered consumer behavior, e-commerce insights, and the latest sales data for the latest 52 weeks ending September 6, 2020 and latest 13 weeks ending September 6, 2020 all this and MORE.

The COVID-19 pandemic is spurring an unprecedented acceleration in technological development in the grocery industry. Many grocery brands are establishing direct-to-consumer (DTC) purchasing by selling products directly to their customers over the internet.

As the pandemic progressed, supply chains started functioning more normally after stockpiling ceased and processing facilities reopened, but consumers and retailers alike are now much more aware of the relative insecurity of the grocery supply chains than ever before.

According to Brick Meets Click, online grocery dollar sales growth totaled $1.3B in May, the same as in April, when sales jumped 37% from $4B in March. Underscoring the impact of the coronavirus outbreak.

While some of the effects of COVID-19 will be temporary, it is already evident that the pandemic will have a lasting and metamorphic impact on the grocery retailing market. Grocery retailers are benefitting at the expense of consumer foodservice operators as retailers are the natural heirs of any substantial increase in at-home dining occasions.

In 2019, e-commerce sales constituted 13% of all retail sales on a global basis, but in 2020, due to the COVID-19 pandemic, Euromonitor International is now projecting that e-commerce sales will account for 17% of total global retailing sales. By 2024, that share is forecast to rise to 21%. The world is witnessing a rapid shift towards e-commerce over a relatively short period of time, and grocery is a huge part of this story.

To see the update, login to your already purchased What's in Store subscription on Oct. 7. Don’t have access? Purchase here.

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