The Covid-19 pandemic forced Americans to collectively swap the physical for the digital world in a matter of months. Businesses are now spending less on office space and travel and more on cloud computing, collaboration software and logistics. The shift from physical to virtual commerce went hand-in-hand with the rise of remote and contactless payments and the decline of cash. Online stores invest primarily in technology and logistics such as fulfillment centers and delivery vehicles, not stores, offices or machinery. This year, businesses spent more on almost everything related to logistics and technology and less on everything else.

Source: Mint December 26, 2020 16:27 UTC