Online retailing will continue to expand its share of total retail sales — rising from about 10% in 2019 to nearly 20% by 2025, a new report from The Economist Intelligence Unit (EUI) says. By combining data and forecasts that cover 58 markets worldwide, The EIU estimates that global online retail sales expanded by 32% in 2020 to US$2.6trn, even while the overall retail market contracted by over 2%.
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The Chinese e-commerce market is set to grow sales revenue to 19.6 trillion yuan ($3.0 trillion) in 2024, according to newly-released GlobalData forecasts. This year alone, e-commerce sales in China are expected to register growth of 17.2% and, according to an eMarketer report released earlier this year, they will surpass offline sales for the first time. In 2021, 52% of China’s sales will take place online. According to China’s National Bureau of Statistics, while total retail sales of consumer goods in the country declined by 3.9 percent in 2020, online retail sales of physical goods increased by 14.8 percent over the same period.
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As globalization continues to rise, cross-border e-commerce has become a core growth driver for e-commerce partners across the space. According to a recent report from McKinsey, cross-border payment flows totaled $130 trillion in 2019, with revenue generated by that volume up 4% annually. Some industry pundits predict that the surge in e-commerce will continue beyond the pandemic, while others say businesses should be prepared for diminished growth. No matter which scenario plays out, a solid cross-border commerce strategy is key to maintaining sales growth past the pandemic.
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The 2021 Q1 Shopping Index report published by Salesforce uncovers digital shopping trends. The research is based on analysis of over 1 billion shoppers and 22 billion e-commerce visits across 51 countries with a focus on 11 key markets: US, Canada, UK, Germany, France, Italy, Spain, Japan, Netherlands, Australia, New Zealand and the Nordics. It says that global digital commerce year-over-year grew by 58% — U.S. grew by 45% YoY, Netherlands by 108%, Canada by 111%, UK by 91% and Germany by 61%.
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