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'Ecommerce will account for 5.9% of global retail market'
24
Dec '14
In spite of ecommerce making significant progress in the last few years, it will account for only 5.9 per cent of the total retail market worldwide in 2014, forecasts eMarketer.
 
In its first-ever forecast of the global retail market and retail ecommerce sales worldwide, eMarketer predicts retail sales worldwide—including both in-store and internet purchases—will reach US$ 22.492 trillion this year.
 
The global retail market will see steady growth over the next few years, and in 2018, worldwide retail sales will increase 5.5 per cent to reach $28.300 trillion, says the study.
 
“When it comes to retail products and services purchased on the Internet, ecommerce will account for 5.9 per cent of the total retail market worldwide in 2014, or $1.316 trillion. By 2018, that share will increase significantly to 8.8 per cent, yet retail ecommerce will still account for just a fraction of in-store purchases even as it nears $2.5 trillion by the end of our forecast,” eMarketer said in a statement.
 
The world’s leading ecommerce markets are China and the US, which together account for more than 55 per cent of global Internet retail sales in 2014. The report predicts that the gap between these two countries will widen over the next five years, and China will exceed $1 trillion in retail ecommerce sales by 2018, accounting for more than 40 per cent of the total worldwide. The US will maintain its position as the second-largest retail ecommerce market in 2018, totalling nearly $500 billion that year, while the UK will account for about one-quarter of that figure, landing in a distant third place.
 
Ecommerce share of total retail sales can mean different things in different markets. In the case of the US, approximately 63 per cent of population will make a digital purchase this year, yet only 6.5 per cent of US retail sales are expected to come from Internet transactions, increasing to 8.9 per cent by 2018. On the other hand, China and the UK—the other two largest ecommerce markets—have much higher proportions of online-to-total retail sales than the US. (RKS)
 

Fibre2fashion News Desk - India


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