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The Covid-19 crisis has fast-forwarded Europe’s e-commerce transition by four to five years, especially in food retail: In the top five markets, e- commerce penetration now ranges from between 3% to 11% of grocery sales. But we estimate that every percentage of grocery sales moving online threatens EUR13.6bn in sales and up to EUR1.9bn in profits (4% of total). More meals eaten at home and the flourishing sales of home and personal care products propelled annual grocery sales growth to +5.3% in 2020, about twice the average growth rates seen in the 2010s (Figure 1). The positive trend carried on in H1 2021, with sales up +2.4% despite a slowdown since March and the progressive reopening of bars and restaurants (Figure 2). In the same period, the use of e-commerce for groceries has skyrocketed and this is expected to continue even as the pandemic is being kept in check on the continent as consumer habits have definitely changed.