As eCommerce becomes increasingly global, it’s important to stay up-to-date on the latest stats and trends. Here, we take a look at some of the most notable findings from recent reports on global eCommerce.
We also explore some of the key factors that are expected to shape the industry in 2022. So if you’re interested in knowing more about where global eCommerce is headed, read on!
What Is Global Ecommerce?
Global eCommerce is the buying and selling of goods and services online by businesses and consumers across the globe. It allows companies to reach a wider audience than ever before and makes it easier for consumers to purchase products and services from around the world.
There are many benefits of global eCommerce. It allows businesses to sell their products and services to consumers in other countries, which can help them expand their reach and grow their business. It also makes it easier for consumers to find products and services that are available in other countries, which can save them time and money.
Global eCommerce is also becoming increasingly popular due to the rise of smartphones and other mobile devices. This has made it easier for consumers to access the internet and shop online no matter where they are. As a result, global eCommerce is projected to continue growing at a rapid pace in the years ahead.
How big is the Global eCommerce market?
This is a difficult question to answer definitively, as there are many factors that contribute to the overall size of the market. However, according to a report by Forrester Research, global eCommerce sales reached $1.915 trillion in 2016, and are expected to grow to $4.479 trillion by 2021. That’s a compound annual growth rate of 11.2%.
The largest contributors to this growth are the Asia-Pacific region and North America. The Asia-Pacific region is expected to see the highest growth rate over the next few years, with sales reaching $2.292 trillion by 2021. North America is currently the largest ecommerce market, with sales of $1.133 trillion in 2016. However, its compound annual growth rate of 9.8% is lower than that of the global average.
What factors are driving this growth?
There are many factors contributing to the growth of the global eCommerce market. Some of the most important include:
Increased Internet penetration and smartphone usage: As more people come online and as more people use smartphones to access the Internet, they are increasingly turning to eCommerce as a way to purchase goods and services.
As more people come online and as more people use smartphones to access the Internet, they are increasingly turning to eCommerce as a way to purchase goods and services.
Increased trust in online transactions: As online security improves and consumers become more comfortable making purchases online, they are increasingly turning to eCommerce for their shopping needs.
As online security improves and consumers become more comfortable making purchases online, they are increasingly turning to eCommerce for their shopping needs.
Rising consumer demand for convenience: Consumers today want convenience above all else, and eCommerce offers a level of convenience that traditional retail cannot match. This is especially true for products that are not readily available in local stores or that can be purchased at a better price online.
Consumers today want convenience above all else, and eCommerce offers a level of convenience that traditional retail cannot match. This is especially true for products that are not readily available in local stores or that can be purchased at a better price online.
Innovation in shipping and delivery: Retailers have responded to increasing consumer demand for convenience by innovating in shipping and delivery methods. This includes offering same-day or even hour-by-hour delivery options, as well as developing new delivery methods such as drones or autonomous vehicles.
Retailers have responded to increasing consumer demand for convenience by innovating in shipping and delivery methods. This includes offering same-day or even hour-by-hour delivery options, as well as developing new delivery methods such as drones or autonomous vehicles.
Rising awareness of global brands: Thanks to globalization and advances in communication technology, consumers today are more aware than ever of global brands and have access to products from all over the world.
This has led to increased demand for international brands and products, which retailers are responding to by expanding their offerings beyond their home markets.
7 top Global eCommerce trends to watch
Ecommerce is growing at a rapid pace, with no signs of slowing down. Here are seven top global eCommerce trends to watch in 2018:
1. The continued rise of mobile commerce
Mobile commerce is continuing to grow at a rapid pace, with shoppers increasingly using their smartphones and tablets to make purchases online. In fact, a recent study found that global mobile commerce sales are expected to reach $1 trillion by 2021.
This means that businesses of all sizes need to ensure that their websites are optimized for mobile devices, or they risk losing out on a significant amount of sales.
2. The growth of voice-activated shopping
Voice-activated shopping is another trend worth watching in 2018. This is a technology that allows shoppers to make purchases by simply speaking to their phones or other devices.
While voice-activated shopping is still in its early days, it is growing rapidly and is likely to become even more popular in the years to come. Businesses that want to stay ahead of the curve should start investing in this technology now.
3. The rise of social media commerce
Social media commerce is another rapidly growing trend in eCommerce. This involves shoppers making purchases directly on social media platforms such as Facebook, Twitter, and Instagram.
Social media commerce offers a number of advantages for businesses, including the ability to reach a large audience and build relationships with customers. Businesses that want to take advantage of this trend should start integrating social media into their marketing campaigns.
4. The growth of cross-border eCommerce
Cross-border eCommerce is another trend worth watching in 2018. This involves shoppers buying products from sellers located in other countries.
Thanks to the internet, it has never been easier for shoppers to buy products from overseas sellers, and this trend is only expected to continue growing in the years to come. Businesses that want to take advantage of this trend should consider expanding their operations into new markets.
5. The growth of subscription-based eCommerce
Subscription-based eCommerce is another trend worth watching in 2018. This involves shoppers signing up for monthly subscriptions to receive products or services from a particular seller.
Subscription-based eCommerce has grown rapidly in recent years, thanks largely to the popularity of streaming services such as Netflix and Spotify. Businesses that want to take advantage of this trend should consider launching subscription-based services of their own.
6. The rise of omnichannel retailing
Omni-channel retailing is another trend worth watching in 2018. This involves businesses selling their products through multiple channels, including online and offline stores.
Omni-channel retailing has become increasingly popular in recent years, as it allows businesses to reach more consumers and provide a better overall shopping experience. Those looking to get ahead in eCommerce should consider implementing an omnichannel strategy for their business.
Quick Links
- What Is Ecommerce? Best Guide With Details- A Must Read
- Shopify vs Amazon FBA – Best Platform To Use
- What Is Ecommerce Automation? Focus on What Matters
Conclusion- Global Ecommerce Explained: Stats and Trends to Watch in 2024
Global eCommerce is growing rapidly, and shows no signs of slowing down. By 2022, it’s expected to reach $4 trillion in sales. If you want to stay ahead of the curve in this industry, it’s important to keep track of the latest trends and stats.
Keep reading for a roundup of some of the most interesting findings from our report on global eCommerce growth. Are there any particular countries or regions that interest you? We’d love to hear your thoughts in the comments!
