The rate of eCommerce growth in the last 10 years and from 2020 tell different stories. Global eCommerce sales are increasing year after year, ever since the 2020 pandemic. The deadly outbreak forced the countries to impose strict lockdowns all over the world, which led to the shutting down of brick-and-mortar stores, forcing consumers to stay home and switch to online shopping for their purchases. This boosted the online and within a few years, eCommerce has fast become the future for all retail businesses. Some eye-opening statistics to prove eCommerce growth 2022: By the end of 2022, global eCommerce sales are expected to reach $5.7trillion worldwide. 19.7% of the total sales in 2022 is expected to come from online purchasing. By 2026, the estimation of retail eCommerce sales will exceed $8.1 trillion, while the overall eCommerce share will reach 24%. eCommerce sales in the US are forecast to increase by a gigantic 50% from $907.9 billion in 2022 to $1.4 trillion in 2025, while the growth in the UK is expected to bloom with 47% increase. eCommerce growth projections 2025 states that China which is the country with the highest eCommerce sales is expected to grow by 15% by 2025. Data Reportal’s latest Global Overview Report stated that by 2022, the number of people shopping online worldwide will hit to 3.78 billion, and up to 60.1% of online purchases were made from mobile devices. Largest Contributors to global eCommerce Sales China is the world’s largest eCommerce market size by country, with total online sales reaching almost $2.8 trillion in 2021. China and the United States together contributed eCommerce sales of more than $3.6 trillion, which is almost 73% of the total eCommerce sales generated worldwide. 5 Global eCommerce trends to look for: 1.Supply chain resilience After the coronavirus broke supply chains around the globe, and with eCommerce growth worldwide, companies started focusing on building supply chain resilience, to keep supply chains from halting and restoring them quickly when required. 2. Mobile shopping and Social Commerce When the brick-and-mortar stores got shut overnight, shoppers jumped to the internet to buy their necessities. Today with technological advances like numerous branded shopping apps, 5G wireless connectivity, and social shopping, more than 50 % people shop from their phones. As per Shopify merchants, 71% of online sales in 2021 were via mobile. Another study shows, social commerce sales are set to triple by 2025. Nearly half of China’s shoppers shop on social media, generating over $351 billion in 2021, while only 30% of US purchasers buy goods through social platforms. 3. Cross-border selling and BNPL trend Well-established brands in Europe have adopted the buy now, pay later (BNPL) trend and moved into the US and other global eCommerce markets. Mobile, cross-border and BNPL are on the rise worldwide. 4. APAC and China eCommerce growth The eCommerce sales in Asia-Pacific are projected to be larger than the rest of the world combined by 2023, due to factors like rapid urbanization, technological advancements; more than 85% of the middle-class residing in APAC; and many private-led initiatives in China. 5. The wholesale industry is turning online The evolution of B2B eCommerce in 2021, attracted the attention of buyers, sellers, and investors around the world. Statista’s eCommerce growth statistics on B2B eCommerce report showed a major rise of vertical and specialized marketplaces for B2B buyers and sellers. Modern Retail showed that consumer centric retailers and brands have progressively been investing in third-party marketplaces. Wholesale eCommerce too is showing a huge rise. It’s time to go global for eCommerce retailers All the above data, reports, and trends reveal that global eCommerce isn’t just a choice today—but it’s a necessity. The future share of a retail online company’s growth, or maybe even its survival, depends on how well you are playing the eCommerce game. That’s why it’s important you create a step-by-step framework for going global the right way, with the right resources, and the right strategies. It’s. It’s not for multinational conglomerates. And it’s not. Global eCommerce is not a luxury or just another just one of the many growth strategies, it is a necessity for now, and something that your eCommerce retail brand must take advantage of. References Gaubys, J. (n.d.). Global ecommerce sales growth (2021–2026) [Oct 2022 update]. Oberlo. Retrieved November 16, 2022, from https://www.oberlo.co.uk/statistics/global-eCommerce-sales-growth Global Ecommerce Sales Growth Report for 2021-2026. Shopify. (2022, April 26). Retrieved November 16, 2022, from https://www.shopify.com/uk/blog/global-eCommerce-sales Global ecommerce: Stats and trends to watch (2022). Shopify Plus. (n.d.). Retrieved November 16, 2022, from https://www.shopify.com/uk/enterprise/global-ecommerce-statistics GET IN TOUCH: Name * Company * Phone Email * Subject Message *
