There are six key factors driving the growth of ecommerce. These are:
Population density (referring to the urban population)
The population’s digital skills
Internet usage and the sales share from mobile internet use
Preferred payment modes (the use of debit and/or credit cards)
Access to the internet or broadband services, infrastructure
Dominant ecommerce entities
But what catalyzed online shopping’s popularity?
Aside from the abovementioned factors, ecommerce is largely impacted by customer expectations and evolving media consumption habits. Customers, who now have increased reliance on digital channels, want easy-to-use websites. They also want seamless transactions, and checkout or payment processes, along with competitive pricing and product availability. Ecommerce companies leverage technology to deliver heightened convenience and better online shopping experiences for their customers. They also
The rapid growth of ecommerce can also be attributed not just to internet accessibility but also to lower barriers to entry. The COVID-19 pandemic prompted businesses and consumers to go digital, increasingly accessing goods and services available on online platforms. The United Nations Conference on Trade and Development notes that in 2020, the share of ecommerce in global retail trade increased from 14% in 2019 to 17% in 2020.
The World’s Largest Ecommerce Markets
In 2020, China emerged as the world’s biggest ecommerce market, which was valued at USD 2,779.31 billion. It’s expected that the Chinese market will retain the lead through 2025, with its CAGR predicted to increase to 8.2% in 2025.
The US ecommerce market follows China, with a 2020 revenue of USD 843.15 billion. Europe is the world’s third largest ecommerce market, with a collective revenue of USD 387.65 billion in 2020 generated from the UK, Spain, France and Germany.
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