The number of eCommerce users globally jumped by 9.5% year-over-year amid coronavirus outbreak reaching more than 3.4bn in 2020. This trend is set to continue this year, with the figure growing by 10% YoY to 3.8bn.
According to data from by Finaria.it, the growing number of eCommerce users amid the coronavirus outbreak caused a surge in the market’s revenues, with the figure jumping by 25% year-over-year to $2.43trn in 2020. Many retail platforms witnessed unprecedented traffic increase last year, surpassing even holiday season peaks. Statistics show global eCommerce revenues are set to reach over $2.7trn in 2021 and continue rising to $3.4trn by 2025.
Fashion represents the largest segment of the eCommerce market, expected to generate $759.5bn in revenue in 2021, a 15% increase in a year. In the next four years, online sales of clothes, apparel, and accessories are expected to hit a one-trillion-dollar benchmark.
With $590.7bn in sales revenue in 2021 or 12% more than a year ago, toys and hobby ranked as the second-largest segment of the eCommerce market. This figure is expected to hit $766.8bn by 2025. Statistics also show the two leading segments are set to generate one-third of global eCommerce revenues this year.
As the third-largest segment globally, electronics and media is forecast to hit a $542.3bn value this year, a 28% increase in a year. Furniture and appliances and food and personal care segments follow, with $362.9bn and $468.5bn in revenue, respectively.
The market of developed countries is in its maturity phase, and the competition among eCommerce players is extremely high. While marketplaces like Amazon and AliExpress are flourishing, many stand-alone retailers struggle to find their unique selling proposition, as the cart abandonment rate in the industry stands at 75%.
Statistics show that the Chinese eCommerce market, as the largest globally, is expected to grow by 12.8% year-over-year and reach a $1.26trn value in 2021.
With $469.3bn in eCommerce sales revenue or 2.5 times less than leading China, the US market ranked as the second-largest globally. Japan, the United Kingdom, and Germany follow with $112.5bn, $103.9bn, and $94.9bn, respectively.
Interestingly, 2020 wasn’t the fastest growth year ever for ecommerce: that honour goes to 2019, with the number of people shopping online rising by 15% to 3.16bn. The strong upward trend continued in 2020, with the number of eCommerce users growing by 350 million in a year. Finaria’s data shows the number of people purchasing in webshops is set to reach 4.9bn by 2025.