Why E-commerce is Booming Globally According to UNCTAD

E-commerce has been a buzzword in the business world for quite some time now, but its significance has skyrocketed in recent years. According to the United Nations Conference on Trade and Development (UNCTAD), e-commerce transactions have increased by 38% globally, accounting for 18% of total retail sales. This unprecedented growth can be attributed to several factors in today’s fast-paced and technologically advanced world.

Firstly, the proliferation of smartphones and the internet has made it easier for people worldwide to access e-commerce platforms, allowing them to shop from anywhere and at any time. Furthermore, rapid advancements in logistics and supply-chain management have helped e-commerce businesses ensure timely and efficient delivery of goods. This has significantly reduced the delivery times, making online shopping extremely convenient for customers.

Secondly, the COVID-19 pandemic has further accelerated the growth of e-commerce, as people were forced to stay indoors and practice social distancing. E-commerce businesses that were already ahead of the curve in terms of technology were able to adapt to the pandemic better than traditional brick-and-mortar stores. This was a wake-up call for many retailers, who realized the importance of having an online presence.

Thirdly, e-commerce platforms have made it easier for small and medium-sized businesses to enter the global market and compete with established players. With the help of these platforms, these businesses can reach potential customers worldwide and take advantage of their specialized offerings. This democratization of the marketplace has benefitted both buyers and sellers alike.

Fourthly, the rise of innovative payment methods has made online shopping seamless and hassle-free. Customers can now make payments using numerous options such as mobile wallets, credit/debit cards, and UPIs, among others. This has not only improved the shopping experience but also increased overall trust in e-commerce platforms.

In conclusion, e-commerce is booming globally because of several factors, including technological advancements, the COVID-19 pandemic, the democratization of the marketplace, and innovative payment methods. As the world becomes more digital, it is safe to say that e-commerce will continue to grow rapidly. Businesses that want to succeed in the current market cannot ignore the potential of e-commerce. As consumers increasingly use digital platforms to shop, it is necessary for businesses to increase their online footprint and adopt e-commerce.

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