Long before Covid-19 made ordering everyday items a necessity rather than a convenience, online shopping had been an increasingly appealing option for consumers. Globally, e-commerce increased to $3.5 trillion in 2019 up from $1.5 trillion in 2015. With the myriad issues the pandemic has caused for brick and mortar retail, online commerce is expected to expand by another $700 billion this year representing a 19% year-over-year increase in spending. This growth has no signs of slowing down; 2021 projections are already reflecting more than 17% growth, taking the expected outlay to nearly $5 trillion next year.
Rather than anticipating a plateau on the back of such huge growth, economists only see this trend expanding in the coming years as consumption practices put in place across shopping, dining and entertainment during 2020 become the new normal. In just 3 short years, global e-commerce is expected to add another 56% expanding to over $6.5 trillion by 2023. (eMarketer)
Keep reading the full article HERE.