The COVID-19 pandemic has accelerated the shift away from brick-and-mortar stores to digital shopping, as millions of consumers worldwide turned to webshops amid the lockdown. This Coronavirus-led boom in online sales caused a surge in the number of users and revenues of the entire e-commerce market.
According to data presented by Finaria.it, the number of e-commerce users jumped by 9.5% year-over-year amid coronavirus outbreak and hit over 3.4bn in 2020. The increasing trend is set to continue this year, with the figure growing by 10% YoY to 3.8 billion.
E-commerce Revenues to Hit $2.7 trillion in 2021, a 12% Jump in a Year
In 2017, around 2.4 billion people were shopping online, revealed the Statista survey. In the next 12 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 e-commerce users globally rose to 2.7 billion that year.
The growing number of e-commerce users amid the Coronavirus outbreak caused a surge in the market’s revenues, with the figure jumping by 25% year-over-year to $2.43trn in 2020. Many retail platforms witnessed unprecedented traffic increase last year, surpassing even holiday season peaks. Statistics show global e-commerce revenues are set to reach over $2.7 trillion in 2021 and continue rising to $3.4 trillion by 2025.
Fashion & Toys to Generate 1/3rd of E-Commerce Revenues in 2021
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 e-commerce 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 e-commerce 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 e-commerce 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 e-commerce 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.