Online shopping is here to stay
When physical stores closed, online shopping increased significantly. In fact, online retailers now represent 70% of the market capital for the global retail sector. And the global trend is of course also mirrored in the Nordics. In Denmark and Sweden, we’ve seen a 20% increase in non-food online retail, which is now at around 45%. 
Across the Nordics, people have shopped online more during the pandemic. In Sweden and Norway 22% of people said they shopped online more, while in Denmark this was 19% and in Finland it was 24%. 
These numbers show a shift in online shopping behaviours, which experts predict is here to stay. Maybe it’s time to make your online sales channels work for you and your customers?
Even in categories with low e-commerce turnover
The pandemic has been a catalyst for behavioural change. And one thing is clear: e-commerce has increased in many categories. Even those which previously had a low e-commerce turnover have seen significant growth.
Online food shopping has increased by ~50-100% and gone from 1.5% to 4% market share . In both Norway and Finland 14% of consumers bought groceries online, in Denmark the number was 26% and in Sweden 19% . And with restaurants closed, take away services have also boomed across the Nordics.
Many other services have also increased their online turnover as a result of the pandemic. Across the Nordic region, an increase in online purchases of services such as online streaming, online gaming and even insurance are among the most popular categories. Courses, fitness and lifestyle and charitable contributions also account for some of the services purchased online in the past year. 
The pandemic has been a catalyst for behavioural change. And one thing is clear: e-commerce has increased in many categories.
Growing number of web shops
With physical stores closed, more and more offline retailers felt the pressure to move online to be able to sustain their business.
A recent Nordea survey found that in the Nordics 70% of SMEs felt that they had to improve their online sales channels to be able to compete with well-established e-commerce companies . In addition, 15% of companies with online sales channels, didn’t have them prior to the outbreak of COVID-19.
The steep increase in online shops, means more competition – so the quality and security of your online sales platform is more important than ever.
Higher standards for deliveries (and returns)
More online shopping = more deliveries. And more deliveries mean more pressure on logistics and shipping. Tolerance for longer delivery times has increased during the pandemic, but how long will this last?
In the Nordics, between 61-68% of people usually expect to receive their online purchases within 3-5 business days of ordering . And while consumers have been willing to compromise on this for some time, it is likely that aspects like sustainability, speed, and cost of delivery will be increasingly prioritised.
What does this mean for your business?
COVID-19 has encouraged new digital behaviours and online shopping has increased significantly in the face of the pandemic. Consumers have found out just how easy and convenient it can be. In fact, our projection sees a 30% online penetration in the Nordics by 2024 – a projection previously set for 2028 .
Perhaps it’s time consider how to make deliveries and returns quick, efficient and sustainable.
With online sales channels growing and competition increasing – now is the perfect time for you to improve your online presence. At Nordea Connect we can advise you about effective e-commerce and provide you with a payments solution to suit your business. Get in touch!
 Post Nord (2020). E-commerce in Europe 2020
 Nordea Insights (2021). E-commerce and Corona
 Nets (2021). Dansk e-handel 2020 // Nets (2021). Svensk e-handel 2020 // Nets (2021). Norsk e-handel 2020 // Paytrail (2021). Verkkokauppa Suomessa 2020
 Nordea Connect (2021). Wondering how COVID-19 has impacted online sales?