The Latest E-commerce Growth Statistics: An Overview of the Global Market
With the growing importance of e-commerce, it’s essential to stay on top of the latest trends and statistics. In this article, we’ll take a closer look at some of the most recent e-commerce growth statistics from around the world, and what they mean for your business.
Global E-commerce Market Growth
The global e-commerce market is expected to reach $6.5 trillion by 2023. This represents a significant increase from the $3.5 trillion recorded in 2019. The COVID-19 pandemic has played a huge role in this growth, with more people turning to online shopping as a safer way to make purchases.
Mobile E-commerce on the Rise
Mobile e-commerce is also experiencing rapid growth, with a significant increase in the number of people using their mobile devices to make purchases. In 2020, mobile commerce revenue accounted for 73% of total e-commerce sales. This trend is expected to continue over the next few years, with more businesses developing mobile-friendly websites and applications.
The Impact of Social Media on E-commerce
Social media is also playing a vital role in e-commerce growth, with more businesses using social platforms to engage with customers and drive sales. Over 70% of Instagram users use the app to discover new products, and 60% of users say they have discovered new products on Facebook.
The Growth of Cross-border E-commerce
Cross-border e-commerce is also on the rise, with more businesses expanding their operations to international markets. In 2020, cross-border e-commerce sales were estimated to be worth $4.28 trillion, and this figure is expected to increase by 25% in 2021.
The Importance of Customer Experience
With all these growth trends, it’s essential to focus on providing exceptional customer experiences. In 2020, 72% of buyers said they would share a positive experience with others, while 70% said they would share a negative experience. This highlights the importance of ensuring that every customer interaction is positive and memorable.
Conclusion
In conclusion, the e-commerce market is experiencing significant growth, driven by factors such as the COVID-19 pandemic, mobile technology, social media, cross-border e-commerce, and customer experience. Businesses that stay on top of these trends and adapt to changing consumer behavior will be best placed to succeed in the competitive world of e-commerce.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)