[Part 1] 2020 VERSUS E-COMMERCE MARKET
There are just more than ten days to say goodbye to 2020 — the year of pandemics. This is also the twist that has been sharply changing global behavior — mostly go online, which foremost requires the online infrastructure. Whether to hire software development teams or create the system on your own, it is essential for every business to understand and catch up with the recent international market.
Let’s have a look at the 2020 (year) of our top beneficial industries — E-Commerce!
PART 1: GLOBAL E-COMMERCE MARKET DURING 2020
Has E-Commerce done a really good job?
As consumers across the world faced various quarantines and business closures due to the pandemic, internet users turned to E-Commerce in unprecedented numbers to acquire basic goods. Nonetheless, E-Commerce momentum will be uneven this year.
What does the global retail E-Commerce forecast look like for 2020?
Global retail E-Commerce sales will decelerate to a 16.5% growth rate in 2020 (down from 20.2% last year). We anticipate a collective $3.914 trillion in E-Commerce sales this year. Most countries will still see strong growth, but two large markets, India and China, will decelerate substantially compared with recent years.
How did the pandemic impact the estimates?
Before COVID-19, we had forecast that global retail would expand by 4.4%, to $26.460 trillion in 2020. For E-Commerce, those figures had been 18.4% growth and $4.105 trillion in sales. However, we have decreased our retail forecast by over 10 percentage points and our E-Commerce forecast by 2 percentage points. This reduced our overall outlook for retail E-Commerce sales by $190.79 billion.
Which countries will have the strongest E-Commerce growth?
Headlined by the Philippines, Malaysia, and Spain, nine countries are projected to see more than 20% growth in retail E-Commerce sales this year. Each of these countries was hit hard by the coronavirus, and several of these figures represent a substantial acceleration over 2019.
Which regions stand out?
Asia-Pacific and North America lead the regional totals for both retail and retail E-Commerce sales. Asia-Pacific will account for 42.3% of retail sales worldwide, North America will capture 22.9%, and Western Europe will make up 16.2%. For E-Commerce, China’s dominance means that 62.6% of all digital sales will take place in Asia-Pacific. North America and Western Europe are distant trailers, at 19.1% and 12.7%.
For both retail and retail E-Commerce, the story is the same: Sales in China and the US greatly impact overall global sales metrics. China’s $2.090 trillion in E-Commerce means that Asia-Pacific will produce 62.6% of all digital sales ($2.448 trillion for the region overall).
As a result, thanks to the impressive survival of E-Commerce, online commerce platforms take their opportunity to grow, especially, Shopify and Magento which are the top trending name for most online-oriented businesses. Because there have been numerous differences between these two, so as to figure out the most suitable platform for your talent business, let’s have a look at the 10 most outstanding things that make Shopify and Magento different.
(To be continued…)
