Global E-Commerce Growth Statistics- E-Commerce Sector Expected To Grow In 2020
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In today's world, everyone wants to grow their business. When it comes to the success of your business, online business plays a key role. When you market your business and promote your products & services, online business is the best option.
If you are planning to start a retail or wholesale business or want to improve the market for an existing product, creating an online store will be more beneficial as compared to the traditional way of doing business. Online business will help you in improving your business brand visibility, traffic, and sales.
The World Economic Forum says the global e-commerce sector is expected to grow at an overall rate of 20% this year. This was stated by the World Economic Forum in reference to the IBM report on US retail data. The COVID-19 outbreak is expected to reduce the overall retail and department store business worldwide by 60% this year.
According to the report, sales of department stores declined by 25% in the first quarter of 2020 and by 75% in the second quarter. Sales of department stores are expected to decline by 60% in year 2020 while e-commerce sales are expected to increase by 20%. According to the report, the epidemic has affected people's shopping preferences. The trend of online shopping for clothing and apparel has declined this year.
In contrast, sales of groceries, beverages and home improvement equipment and appliances increased by 12%, 16%, and 14%, respectively.
According to the report, US statistical data, the volume of e-commerce in the second quarter of the year was recorded at 211-5 billion, which is 31-8% higher than the first quarter. The volume of e-commerce recorded 16-1% of total retail sales in the second quarter.
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