E-Commerce forecast to dominate retailing, account for 47% retail growth by 2027
By Felicia Nwosu
World’s leading provider for global business intelligence, market analysis and consumer insights, Euromonitor International, in its forecast, has reported that consumers spent USD 3.3 trillion shopping online in 2022, 65% more than before COVID-19. It, therefore, projected that e-commerce will remain a dominant force in retailing, accounting for 47% of retail growth by 2027.
Euromonitor maintained that the global e-commerce witnessed an unprecedented and unforeseen growth amid the COVID-19 crisis. It noted that despite the slowing economic activity, that the pandemic acted as a propeller and catalyst that led to a surge in e-commerce.
It added that, following the impact of the lockdowns across the globe caused by the pandemic, it accelerated growth of e-commerce sales, as companies increased their focus on digital sales channels due to lockdown measures. The Market Research Company envisaged that the global e-commerce market grew by a moderate 3% in 2022, accounting for USD 3.3 trillion in 2022. It posited that the growth rate in 2022 was 10 times slower than in 2020 when due to the pandemic the global e-commerce market growth reached the peak of 30%.
While outlining each development according to segments, the report highlighted that Appliances and Electronics made (USD 652 billion), Fashion (USD 593 billion) and Foods (USD 349 billion) accounted for the highest online sales globally in 2022, however with a projected 58% market growth Drinks & Tobacco will demonstrate the highest e-commerce increase by 2027.
According to Euromonitor, in 2022 one person globally spent USD 445 on purchases online. This is 4 times more than in 2012 when the sum was USD 113.The biggest regions for e-commerce in 2022 were Asia Pacific (USD 1.5 trillion), North America (USD 1.1 trillion) and Western Europe (USD 373 billion).
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