China leads the world in ecommerce (Image: AdobeStock)
The ongoing COVID-19 lockdowns continue fuelling the explosive growth of the eCommerce market, as millions of consumers worldwide shifted from brick-and-mortar stores to webshops.
According to data presented by TradingPlatforms.com, the revenue of the global eCommerce industry is expected to jump by 12% YoY and hit $2.7trn in 2021, a 12% increase year-over-year. China and the United States, as the world`s largest eCommerce markets, will generate 60% of that value.
The growing number of people shopping online amid lockdowns caused a surge in global eCommerce sales. The Statista survey revealed that in 2020, the entire market generated $2.43trn in revenue, a 25% jump in a year. Many retail platforms witnessed unprecedented traffic increase last year, surpassing even holiday season peaks.
However, global eCommerce revenues are expected to jump by another $286bn in 2021. By 2025, the entire market is set to reach almost $3.5tn value.
As the world’s largest eCommerce market, China has witnessed an explosive growth of revenues in the last year. Before the pandemic, the Chinese eCommerce industry was worth $862.6bn. After the COVID-19 hit, this value jumped by 30% YoY to $1.17tn in 2020. Statistics show Chinese eCommerce revenues are set to reach $1.26tn in 2021, almost a $400bn increase in two years. By 2025, this figure is forecast to jump to $1.63tn.
The United States, the second-largest eCommerce market globally, has also witnessed an impressive growth of eCommerce sales amid the COVID-19 outbreak, with revenues rising from $360bn in 2019 to $469bn in 2021, a 30% increase in two years. Statistics show the US revenues are forecast to continue growing and hit over $563bn in the next four years.
One-third of all ecommerce users are from China and the US
Analysed by payment types, Chinese eCommerce users prefer e-wallets, with 61% of them choosing this online payment method in 2021. On the other hand, card payments still dominate the US market and are expected to account for 38% of all eCommerce payments this year.
In 2019, almost $3.2bn people were shopping online. Chinese shoppers made nearly one-third of that number, or 855 million. The United States hit 247 million eCommerce users that year.
Last year, 926 million Chinese people shopped in webshops, 70 million more than before the pandemic. Statistics show the number of eCommerce users in the country is set to reach almost 988 million this year and continue rising to 1.2 billion by 2025.
The US market witnessed much smaller growth than China, with the number of users rising from 247 million in 2019 to 263 million in 2021. By 2025, more than 291 million Americans are expected to shop online.
via https://AiUpNow.com April 7, 2021 at 06:27AM by Paul Skeldon, Khareem Sudlow,
