The pandemic-driven two-year ecommerce boom of 2020 is set to decelerate considerably this year. Brick-and-mortar retail, meanwhile, returned with a vengeance last year and is in better shape than expected going into 2022.
Beijing’s zero-COVID policy wreaks havoc on the global supply chain: Lockdowns in Shenzhen and Dongguan make it harder and more expensive for retailers like Amazon and Walmart to deliver goods to overseas shoppers.
The pandemic was disastrous for many retailers; we estimate that total retail sales worldwide plunged 2.8% in 2020. Though, while many physical stores were shuttered, digital retail sales soared by over 25% in a single year.