E-commerce will make up nearly one-quarter of the global retail sales in 2025, according to a recent report, that has presented data suggesting that retail e-commerce sales will reach $7.4 trillion. To do so, the sector will have to grow its 2021 figures of $4.9 trillion by over 50 per cent in the next four years. The rise in the year-to-year increase in online buyers can be attributed to the growing adoption and penetration of the internet.
Mobile devices are becoming the go-to tools for e-commerce. In 2021 smartphones facilitated about 70 per cent of the worldwide visits to retail sites. As their adoption progresses, analysts project that mobile phones will shape future shopping experiences. M-commerce has already taken off across Asia. For instance, mobile traffic generates up to 65 per cent of South Korea’s internet transaction volume, as per Stockapps’ projection.
Market data has revealed that India, Spain, and China have the fastest growing online markets. These are riding on their expanding digital developments buttressed by improving internet access in mobile-first online communities.
Talking about market leader, the Stockapp report said that Amazon has remained the leader in terms of the traffic it attracts. In mid-2020, it attracted over 5.2 billion unique visitors, but its gross merchandise value (GMV) trails Taobao and Tmall of the Alibaba stable.
The COVID-19 pandemic has been a boon for the digital sales sectors in a twisted way. Containment measures, including lockdowns and restricted movements, increased the popularity of digital channels. Many took to them as alternatives to in-person shopping.
