Central regions | Retail, FMCG | Technology & innovation

Online retail sales nearly tripled in May

24 Jul '20
Online retail sales increased 280% year on year in Russia in May as many retail stores remained closed due to Covid-19 restrictions, the USRBC reported, citing analysts at Russias federal statistics agency, Rosstat.

In May, the share of online retail increased to 6.8% of total retail sales from 2.3% in May 2019. Although online sales contracted 15% month on month in June following the easing of Covid-19 restrictions, online sales remained significantly above March levels.

The Russian Association of Internet Retailers (AKIT) has predicted a 30% increase in full-year online retail sales to about $35.1bn or 10% of total retail sales in 2020.

The Ministry of Industry and Trade (MIT) predicts that, although many Russians will likely switch back to traditional retail for routine purchases after the pandemic, the Covid-19 shutdown may lead to significant long-term changes in consumer habits, with more customers shopping online for food and other daily items rather than for bulk purchases or large-size items only.

The MIT has noted a dramatic increase in demand for Internet domain names in Russia in recent months as traditional retailers were rapidly expanding their online operations to offset losses from falling sales. AKIT expects Russian retailers to further increase investment in mobile apps and other Internet technologies in the mid-term.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations:

Tags: online retail (3) / Covid 19 (27) / Russian Association of Internet Retailers (0) /

Latest News: Central regions
13 Aug '20 | Technology & innovation
12 Aug '20 | Technology & innovation
11 Aug '20 | Technology & innovation
11 Aug '20 | Technology & innovation
 

Feature stories

23 Jul '20
21 May '20
Russian and Italian researchers have developed a...
5 Apr '20
To extend the service life of medical fabric masksan...
Search (News archive - 22150)

World of the Future, World of AI

Luc Jones: A Guide to Doing Business in Russia and the CIS Countries
Why Russians Don't Smile
Advertising
Venture_Russia_2019_eng
Advertising
NATT
Advertising
Marchmont News

Latest News

12 Aug '20
Dmitry Voloshin, a Russian tech entrepreneur, has...
10 Aug '20
PandaDoc, a developer of integrated software for doc...
4 Aug '20
Apple has taken over a fintech company that was...

Most read stories from last week

13 Aug '20
YUR-LI, a resident of the Information Technology...
14 Aug '20
As a resident of the Technopark LLC TESTIM is...