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Worldwide e-commerce to continue double-digit growth: Study
25 Aug 21 2 min read
Following a major shift to online retail in 2020, retail e-commerce sales will continue to grow through 2023 with rise in share of total retail sales worldwide, according to study by market research firm Insider Intelligence. The company further projects worldwide retail e-commerce sales to reach $6.169 trillion by 2023, contributing 22.3 per cent total retail sales.
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Further, the US research firm stated that e-commerce growth is expected to remain strong throughout 2021 as the pandemic persists in many parts of the world and more consumers have gotten used to shopping online.
China has by far the largest retail e-commerce market, accounting for a 52.1 per cent share of total worldwide sales, the report mentioned. The US has the second-largest market but makes up a far smaller share than China, at 19.0 per cent. The rest of the world's e-commerce markets each make up less than a 5 per cent sales share.
In its forecast for future trends, the study noted that worldwide e-commerce sales will continue the upward trajectory, reaching $7.385 trillion by 2025 and making up a 24.5 per cent share of all retail sales. In 2022, China's retail ecommerce sales are expected to surpass 50 per cent of total retail sales in the country and climb 56.8 per cent by 2025.
Fibre2Fashion News Desk (JL)
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