The volume of online purchases expanded 18 percent during the emergency situation with transactions via bank link being the main driver of growth, data by SEB shows.
The bank's data shows that e-commerce volumes began growing already at the end of March. Consumers have been characterized by greater optimism from the second half of April, which by the last week of the month led to 30-percent growth in consumption.
Online purchases made via a bank link show that numerous Estonian consumers have taken online many purchases they were used to making at brick-and-mortar stores, Lennart Kitt, head of client analysis and data science for the Baltic states at SEB, said.
"Travel-related purchases, such as booking accommodation, flights and travel packages is one of the biggest areas for online card payments. As a logical result, a nearly 90-percent drop in tourism sector revenues also reduced online purchases in late March by close to one-tenth compared with last year," Kitt said.
Despite low activity in the travel sector, transaction volumes relating to this payment instrument have already exceeded those of last year.
"The recovery of e-commerce has been caused by sectors unrelated to tourism. For instance, revenues from online apparel and electronic purchases grew by one-third and grocery store orders by a half compared with the same period last year. Ready made meal and homeware purchases have doubled and tripled, respectively.
The number of transactions in total grew 12 percent and that of individual shoppers 10 percent, the bank said.
Unlike fluctuating online card payment volumes, transactions via bank link have been growing consistently. The latter volumes grew particularly rapidly after the Easter period, when recovery in consumer confidence resulted in 70-percent growth in volumes year over year.
Editor: Kristjan Kallaste