Friday 26 February 2021
 
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Fashion ecommerce to surge

Global eCommerce market to hit 3.8bn users

DUBAI, 29 days ago

The number of eCommerce users is set to jump by 10% YoY to 3.8 billion this year, according to data presented by Finaria.it. 
 
The number of eCommerce users grew by 9.5% year-over-year amid coronavirus outbreak and hit over 3.4 billion in 2020. The increasing trend is set to continue this year.
 
In 2017, around 2.4 billion people were shopping online, revealed the Statista survey. In the next twelve months, the percentage of internet users who made at least one purchase online in the previous 12 months grew to 93% in the United States, 97% in the United Kingdom and 92% in China. The total number of eCommerce users globally rose to 2.7 billion that year.
 
Statistics show that 2019 witnessed the most impressive year-over-year growth, with the number of people shopping online rising by 15% to 3.16 billion. The strong upward trend continued in 2020, with the number of eCommerce users growing by 350 million in a year. Statistics show the number of people purchasing in webshops is set to reach 4.9 billion by 2025.
 
The growing number of eCommerce users amid the coronavirus outbreak caused a surge in the market's revenues, with the figure jumping by 25% year-over-year to $2.43 trillion in 2020. Many retail platforms witnessed unprecedented traffic increase last year, surpassing even holiday season peaks. Statistics show global eCommerce revenues are set to reach over $2.7 trillion in 2021 and continue rising to $3.4 trillion by 2025.
 
FASHION AND TOYS TO DOMINATE
Fashion represents the largest segment of the eCommerce market, expected to generate $759.5 billion in revenue in 2021, a 15% increase in a year. In the next four years, online sales of clothes, apparel, and accessories are expected to hit a one-trillion-dollar benchmark.
 
With $590.7 billion in sales revenue in 2021 or 12% more than a year ago, toys and hobby ranked as the second-largest segment of the eCommerce market. This figure is expected to hit $766.8 billion by 2025. Statistics also show the two leading segments are set to generate one-third of global eCommerce revenues this year.
 
As the third-largest segment globally, electronics and media is forecast to hit a $542.3 billion value this year, a 28% increase in a year. Furniture and appliances and food and personal care segments follow, with $362.9 billion and $468.5 billion in revenue, respectively.
 
The market of developed countries is in its maturity phase, and the competition among eCommerce players is extremely high. While marketplaces like Amazon and AliExpress are flourishing, many stand-alone retailers struggle to find their unique selling proposition, as the cart abandonment rate in the industry stands at 75%.
 
Statistics show that the Chinese eCommerce market, as the largest globally, is expected to grow by 12.8% year-over-year and reach a $1.26 trillion value in 2021.
 
With $469.3 billion in eCommerce sales revenue or 2.5 times less than leading China, the US market ranked as the second-largest globally. Japan, the United Kingdom, and Germany follow with $112.5 billion, $103.9 billion, and $94.9 billion, respectively. -- Tradearabia News Service
 



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