E-commerce is on track to surpass 20% of total U.S. retail sales by 2024. That’s according to eMarketer, which has improved its forecast for U.S. retail e-commerce sales in 2021, following a strong first quarter. Online sales are now expected to grow 17.9% this year (higher than the 13.7% predicted in January) to reach $933.30 billion. Total retail sales in 2021 will increase by 7.9% to $6.083 trillion, surpassing $6 trillion for the first time, according to eMarketer. The two fastest-growing categories will be apparel and accessories (up 28.7%) and home furnishings (up 11.4%).
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E-commerce has been the only retail channel to experience rapid growth in China’s fast-moving consumer goods industry since the start of the Covid-19 pandemic. The shift to online continued across all categories into 2021 and is still gaining market share and penetration, according to a new research report released today in Bain & Company in collaboration with Kantar Worldpanel.
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A recently published study by the Dubai based CommerCity found that the Middle East, Africa and South Asia (Measa) e-commerce industry is growing by leaps and bounds, and is being propelled by several Gulf nations. E-commerce experienced a significant leap during the Covid pandemic with the Gulf region witnessing a 214 per cent year-on-year increase in cross-border online sales by mid-year 2020. According to local experts, this spike in the sector’s growth goes beyond similar global trends witnessed over the past year. Rather it is the result of a fundamental maturation of the systems, firms, and infrastructure necessary to maintain a robust digital economy.
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According to the latest report from research firm Momentum Works, e-commerce in Indonesia accounted for 20% of total retail sales in 2020, a significant rise from only 2% in 2016. It’s also higher than in countries such as the US, France, Denmark, Norway, Sweden, and Spain, another report said. The ecommerce sales data is aligned with findings from other recent reports such as the E-conomy SEA 2020 from Google, Temasek, and Bain & Company. It stated that the total ecommerce gross merchandise value (GMV) in Indonesia had reached US$32 billion last year.
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How can you prepare your e-commerce business for the summer sales? Do some market research, improve your customer service and don’t forget about marketing! Learn some more tips on how you can take advantage of this sales period.
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