WHERE ARE WE STANDING ON PROMISING E-COMMERCE CHART?

Byline: NAZIR AHMED SHAIKH

The entire scenario of trade and commerce has been transformed in the last twenty years or so. The e-commerce industry is without a doubt the most lucrative business of the 21st century. It had long ago shifted from the reluctant offline experience to the easier and comfortable immersion. Here everything could be bought or sold just by clicking a button. The global e-retail is in constant growth since 2014. In 2017, e-retail commercesales worldwide amounted to $2.3 trillion and e-retail revenues are projected to grow to $4.88 trillion in 2021 in 2018 e-commerce grew by 18 percent globally.

Consumers worldwide spend nearly $3.46 trillion online in 2019, up from $2.93 trillion in 2018, according to the forecast from Internet Retailer, a Digital Commerce 360 brand. The expected 17.9% year-over-year growth in global web sales would be a slowdown from the 20.7% jump last year. However, global web sales are still growing faster than the more saturated US ecommerce market. The Internet Retailer projected an increase of 14.0% during the year.

Online shopping is growing so fast that the global online shopping market size is predicted to hit 4 trillion in 2020. And in the US alone, we're expecting to have 300 million online shoppers in 2023.

That's 91% of the entire country's population. So far, 69% of Americans have shopped online, and 25% of Americans shop online at least once per month. But Americans aren't the only ones who shop online. People all over the world understand the benefits. According to Invesp, the countries with the leading average eCommerce revenue per shoppers are: USA ($1,804), UK ($1,629), Sweden ($1,446), France ($1,228), Germany ($1,064), Japan ($968), Spain ($849), China ($626), Russia ($396), and Brazil ($350).

Global retail sales through all channels are likely to hit $21.00 trillion by the end of the year, a 3.4% uptick from $20.31 trillion in 2018, according to Internet Retailer estimates. This would increase online's share of total retail sales to 16.4%, and ecommerce would account for more than three-quarters of overall retail gains. The top 10 global e-commerce retailers are Amazon.com, JD.com, Suning Commerce Group, Apple, Walmart, Dell Technologies, Vipshop Holdings, Otto Group, Gome Electrical Appliances and Macy's. Half of the top 10 are from the US, four are based in China and one in Germany.

The top 5 online stores global net sales amounted to more than $200 billion in 2018. Out of the top five world...

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