COVID-19 has ravaged economies and upended countless lives.
For some, it may feel as if we have been forced into an economic time machine that is fast-forwarding trends and behaviours that would have taken many years to play out.
One such behaviour is shopping.
For many Singaporeans, retail therapy is now taking the form of online marketplaces and platforms to satisfy their browsing and buying needs.
Living in Amazon’s world
According to market research firm Nielsen, COVID-19 has converted many offline shoppers in Singapore to online ones, in addition to making existing online shoppers spend more.
Of the people who bought household goods online for the first time, more than three out of five said they will do so again in the next 12 months.
The shift to online shopping has also been accelerated globally, which naturally benefits the world’s largest e-commerce retailer, Amazon (NASDAQ: AMZN).
For the second quarter, Amazon posted a 40% year on...