Ecommerce is Growing Fast

2022-09-19 16:12
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Insider Intelligence predicts U.S. retail eCommerce sales to increase 13.7% to $908.73 billion in 2021. The company's revenue from online shopping, which includes online and mobile sales, is expected to reach $19.3 trillion by 2020. We project global e-commerce growth will reverse course in 2021, falling to 14.3 percent. For example, global e-commerce sales growth is projected to be 10.9% in 2022, down by 3.4 percentage points compared with 2021.


Insider Intelligence predicts that clothing and accessories will be the fastest-growing e-commerce sales categories for retailers in 2021, rising 18.9 percent. The fastest-growing categories of e-commerce sales in the last two years are furniture, home furnishings, and electronics, which have grown by over 200 percent combined since 2019. E-commerce sales totaled $870 billion in the U.S. in 2021, up 14.2% from 2020 and 50.5% from 2019.


The proportion of worldwide sales that were conducted on the Internet reached 27.6 % in 2020, compared to 25.5 % in 2015. In 2021, Brazil's e-commerce retail sales are expected to experience their highest growth, around 35 percent. Despite a lower growth rate, e-commerce share in retail sales is expected to grow.


Last year, the overall number of e-commerce sales in the retail sector increased by 27.6%, reaching a worldwide total of $4.28 trillion. The eCommerce industry is expected to break through net worth, posting double-digit growth across locations worldwide. Recent calculations from the industry indicate Turkey to be having the highest proportion of e-commerce sales at the retail level by 2025. It is also interesting to note that looking forward, e-commerce expert Gary Hoover's data predicts e-commerce sales will eventually equal that of physical stores.


This means even if the online sales trend continues to rise, there is a lot of activity going on. Consumers also started trusting online retailers due to the surveys that are conducted on customer satisfaction, as well as the high ratings of trusted businesses. Improving access and consumer convenience is expected to help e-commerce revenues further, since saving time is a major reason consumers shop online, according to Nielsen. The digital share of total retail sales grows incrementally every year, as customers become more comfortable buying online and retailers optimize their e-commerce operations to ship products faster and more efficiently.

While apparel will be the fastest-growing category, consumers will continue to buy items that are for entertainment. The top two categories that will continue to experience growth are books, music, and videos (where e-commerce sales will represent 69.1% of total retail sales) and computers and consumer electronics (53.2%). The fastest-growing category over the past year was food & personal care, with an increase in e-commerce sales globally of 44.8%. Compare this with the worst-performing category, travel, mobility, and accommodations, which saw a 52.6% drop in e-commerce sales. Including Means, Amazon-owned sales alone represented 30.7% of total US e-commerce volume for Q1-2021 and were responsible for almost one-third of online industry growth in January-March.


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