The US ecommerce market size in 2021 is forecast at $843.15 billionless than a third of that of China's. This is quite a remarkable feat for China, considering that it only surpassed the US as the world's largest ecommerce market less than a decade ago. In a study from Flow.io, it was found that over two-thirds of English-speaking shoppers said they would not purchase from a website if it wasnt translated into English. Global ecommerce sales are expected to reach $4.89 billion in 2021. The UK is closely followed by Japan (3%) and South Korea (2.5%). Asia-Pacifics retail eCommerce sales are projected to surpass the rest of the world by 2023 due to a few reasons. After all, 61% of consumers are more likely to buy from brands that engage them. Which ecommerce categories will grow the fastest in 2022. Mobile ecommerce market was projected to amount to 41.6% of total ecommerce sales by the end of 2022, and 44% by 2025, slowly evening out the mobile commerce vs ecommerce ratio. The Competitive situation between e-commerce and traditional commerce. For online purchases, we recommend offering these transaction methods: Providing an alternative payment scheme, such as BNPL, can give your business a competitive edge. But the matter does not end here. Marketing has made remarkable progress in recent years, providing businesses with innovative ways to reach consumers. Therefore, CRM tools help businesses improve customer engagement and grow. What is the global outlook for retail sales and retail ecommerce sales in 2022 and beyond? What Are the Biggest Stories for Retail Ecommerce Coming Out of 2021, and What Will Happen in 2022? This may involve websites, web apps, online marketplaces, and brick-and-mortar stores. A single live chat agent can simultaneously help multiple customers, which in turn decreases response time and improves customer experience. But as consumers began shopping in person again, investors started to ask: Was the Covid-bump a one-and-done deal, or could e-commerce growth continue? KEY STAT: Around the world, ecommerce sales will increase by just 9.7% this year, by far the slowest pace of expansion since we began tracking the figure in 2011. How many new digital buyers will come online this year, and where can they be found. Proprietary data and over 3,000 third-party sources about the most important topics. However, the churn rate remains one of the main challenges for this digital business model. Even in a slower-growth environment, total new spending will be enormous. They can help answer simple questions and determine if a customer needs further support from an agent. Added in 2022. The number of online sales and their values are increasing. The data from the Distribution of websites using the eCommerce technologies chart below shows that Woocommerce has 24% of the top 1 million sites market share in 2022. As we mentioned, WooCommerce is the most popular eCommerce platform in the world right now but it cant be guaranteed in the near future. With the increasing popularity of online shopping, the market has become oversaturated. Social commerce is growing in popularity not just in China, but in the United States as well. If you cant offer fast deliveries or advanced warehousing, its worth offering discounted or free shipping as an incentive. Analyzing survey data from 1037 college students in China, a country with the world's largest number of Internet users and the world's largest e-commerce market, the current study demonstrates that consistent with previous research, some routine telecom/cyber activities of Chinese college students predict higher odds of being targeted for telecom/cyber fraud, but online routines do not . What is the outlook for total retail, ecommerce, and mcommerce sales worldwide in 2022? In fact, a recent survey revealed that 76% of online shoppers have made purchases on a site outside their own countries. Cross-border supply chains could be tricky to manage, too. That propels ecommerces share of total US retail sales to 15.0%up from 14.6%, where it sat for the last two years. Investing in a CRM tool is a great idea for any business. With less . According to Baymark Institute, in the last 3 months alone, 58.6% of online shoppers in the US have abandoned a cart due to aimless browsing with no intention of making a purchase, and most abandon before they even reach the checkout flow. Most businesses get help and assistance through social media channels. By establishing a presence on these online channels, you can improve your brand awareness and turn visits into social commerce sales. With more people buying online than ever before, it's no surprise that global ecommerce sales are expected to reach almost $5 billion this year. Women are more likely to buy fashion and clothing items (71% vs 49% for men), while men are more interested in new technology-related products (49% vs 31%). Additionally, optimize the queuing system to reduce wait times. These ads will be no different from regular linear/cable TV commercials in terms of perception by customers. Which Trends Will Stand Out Among Countries and Regions in 2022? Become a . They think this is due in part to other global crises which will inevitably affect how goods are manufactured on a large scale. While only 30% of US consumers report purchasing goods through social platforms, nearly half of Chinas consumers already shop on social, generating more than $351 billion in sales in 2021. Last year, they reported that 64% of all traffic was from mobile. Andrew Hutchinson Content and Social Media Manager. They make regular online purchases and have an average yearly expenditure of almost $70,000, higher than any other generation. According to online data shared by Statista, its estimated that in 2022 sales via social media platforms across the world will add up to $992 billion. The result is increased costs of advertising and reduced return on ad spend (ROAS). It is expected to reach $478 billion by 2025. And there will be a shift in market share for many in the top 15 retailers (ranked by ecommerce sales). Digital and mobile wallets are continuing to grow in popularity, accounting for 49% of global eCommerce transactions in 2021. This strongly correlates to the predicted growth in global e-commerce sales that eMarketer forecasts will grow to 23.6% of total retail sales by 2025, with global e-commerce sales worth more than $5.63 trillion by the end of 2022. Developing a mobile app for your customers provides them with a better shopping experience and will result in more eCommerce sales. Additionally, because QR code solutions are low-cost, it is projected that global growth will reach over $2.7 trillion in 2025. Omnichannel selling integrates multiple platforms and channels to provide a seamless experience between them. From opportunism to long-termism. The precise number was removed in April 2017 and the highest figure listed is for active installs. Morgan Stanley is differentiated by the caliber of our diverse team. The Way Forward: Planning Ahead To Prepare For Growth. Global Ecommerce Market Size, Share (2022 - 27) | Industry Growth Global E-Commerce Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028) The E-Commerce Market is segmented by B2C E-commerce (Beauty and Personal Care, Consumer Electronics, Fashion and Apparel, Food and Beverage, Furniture and Home), B2B E-commerce, and Geography. The path of international business expansion will not be frictionless. Global ecommerce sales will likely reach $5.4 (3.95) trillion in 2022. The Banking & Payments Show: The key banking and payment trends of 2023. The subscription model is one of the most practical solutions for fulfilling recurring expenses. With 59% of online shoppers using the site to find reviews, not being listed means potential customers could simply move on to your competitor. Latest Ecommerce Sales data and analysis from Insider Intelligence including reports, charts, and articles. The primary reason driving such a quick rise in smartphone penetration among Chinese consumers are 1 billion active smart devices and mobile phones currently being used on a daily basis. In recent years, shoppers have become more and more accustomed to the convenience of online shopping. These days, many people love to shop online, and its no surprise given the pandemic has limited so many peoples movement. China is continuing to lead the pack when it comes to social commerce. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. How do Amazons ecommerce sales stack up against the competition. Out of all channels, social marketing is most effective for this demographic group. If youre thinking about venturing into cross-border eCommerce, you must first mull over how much inflation affects different countries. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. Our latest forecast for Chinas retail sales, retail sales by product category, retail ecommerce, livestreaming ecommerce, grocery ecommerce, digital buyers, and ecommerce by company. The subscription market is growing rapidly, with an estimated CAGR of 68%. How many new digital buyers will come online this year, and what are the trends for existing buyers. In the end, it falls on the company to provide quality support when issues arise. Female shoppers, on average, buy online 7 times per year compared to men who only make online purchases 5 times a year. Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends, and economic changes. But all we know is that the total is most likely greater than that number. eWallets (including mobile payments, like Apple Pay). The average daily time spent on social media is now 2 hours and 27 minutes, according to the Digital 2022 Global Overview Report. 80% of consumers consider the landscape a blend of both, so businesses that adopt an omnichannel selling approach will have a competitive advantage. The growth of digital commerce represents a permanent change in how people shop. Even in a slower-growth environment, total new spending will be enormous. and was formed in 2020 from the combination of eMarketer and Business Insider Intelligence (BII). There are both pros and cons to this approach. Submit your request here. In 2020, smartphone users spent 24 additional minutes daily on their mobile phones, compared to 2019. This makes a significant contribution to global retail eCommerce sales. Internet use and increased connectivity are also significant drivers, particularly in emerging markets, where populations skew younger and spend more time online than their counterparts in developed markets. eMarketer pinpoints sustainability as a primary brand concern for U.S. Millennials (ages: late 20s to 40) and Generation Zs (teens to early 20s . The revenue in the eCommerce market in China is projected to reach US$1,412.00bn in 2022 and surpass 3.6 trillion U.S. dollars by 2025. eCommerce in Publishing 2022: Report Download. In fact, Morgan Stanleys industry model, along with other data, suggests that e-commerce will continue to gain traction, even in countries where online shopping is already popular. If eMarketers predictions are accurate, in 2021 Chinese social commerce sales will surpass $350 billion, which is 10 times the amount of US sales. 41% of consumers choose live chat over other channels, such as phone and email, because it offers immediate help with minimal effort. About 51% of consumers are more likely to buy again from companies that offer live chat support, and 63% of people who spend $250-500 a month online are most loyal to companies with this feature. Forecasts say cross-border ecommerce will account for A 22% share of the ecommerce market by 2022 (Altman et al., n.d.) Source: eMarketer Ecommerce Benchmarks Statistics The data below highlightS recent benchmarks set in the ecommerce market, from the fastest-growing countries TO the most popular online stores and marketplaces. By 2022, eCommerce sales in Latin America are projected to surpass $104 billion, a 22.4% increase from just $85 billion in 2021. WHATS IN THIS REPORT? Also factoring into Amazons updated market share forecast is the upward revision made by the Department of Commerce for its 2020 and 2021 forecasts, which we use as a benchmark. Therefore, CRM tools and strategies are essential in the eCommerce industry. Cleveland Insider Intelligence Inc.'s eMarketer research arm has released several trends retailers should keep in mind in the new year. Many people assume that all cart abandonments are bad for business, but this isnt always the case. With its intuitive interface and robust features, the system is perfect for businesses of all sizes who are looking to take their online presence to the next level. That will give it a 37.8% share of the US ecommerce market in 2022, a slight drop from the 38.0% it had last year. It is more important to focus on getting heavily used areas of the site perfect: headlines, product titles Once youve gotten some traction with your original language content, then it would make sense to do full-scale translation using a native copywriter and localized idioms. Shopify store numbers have increased by over 200% since 2020, with 201.53% growth between March 2020 and January 2022 according to genus.ai. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. They dont have eligible assets (e.g., cars or property) to pledge as collateral for loans. That number comprises the worlds top million websites. In-depth analysis, benchmarks and shorter spotlights on digital trends. A report found that the majority of Chinas cross-border online shoppers plan to spend more money online in 2022. In contrast, eCommerce sales have an annual growth rate of 13%. According to a study, 24% of consumers claim long wait times are the most frustrating thing about customer service, while 29% find scripted responses impersonal and aggravating. The increase in overall retail spending is driven mainly by inflation and higher fuel prices. Our latest worldwide, regional, and country-level forecasts for total retail sales, retail ecommerce, retail mcommerce, and digital buyers. Live chat has become the preferred customer support method because consumers demand instant interaction. Despite a promising market, voice shopping still experiences several drawbacks. 2023Morgan Stanley. This is due in large part to technological advances such as branded shopping apps, 5G wireless connections, and social shopping platforms that make it easier for people to shop on their phones. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. When asked about why they switched from loans to revenue-based financing at Choco Up, my company's clients shared the following views: Bank loans are time-consuming to apply for. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com, Southeast Asia Ecommerce Forecast Update 2022. Amazon US Ecommerce Sales, by Product Category, 2022 (millions, % change, and % total Amazon retail ecommerce sales) US Retail Ecommerce Sales, by Company, 2022 (% of total retail ecommerce sales) Amazon US Ecommerce Sales, 2019-2023 (billions, % change, and % of total US retail ecommerce sales) Amazon US Ecommerce Direct vs. By choosing eco-friendly ingredients, you can make your brand more appealing to sustainability-focused customers. Some popular premium loyalty rewards include free shipping, immediate discounts, and online deals. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. They are expected to be used for about 53% of all eCommerce transactions by 2025. Credit cards came second with a 21% market share, followed by debit cards (13%), bank transfers (7%), and the buy now, pay later (BNPL) solutions (3%). Download a complimentary copy of this new eMarketer analyst report, sponsored by ChannelAdvisor: "Global E-Commerce Forecast 2022: As 2-Year Boom Subsides, Plenty of . United Kingdom: +150 billion Euros (+160 billion USD). Its online business will soar by 13.5% to reach $40.79 billion, giving it a 3.9% share of US online sales. Premium or paid loyalty programs have become a popular alternative to the traditional type recently. These statistics show that live chat support is important to customers when deciding whether to make repeat purchases from an online company. So if youre thinking about starting a loyalty program, consider offering immediate rewards instead of points. TrustRadius reports that each of these companies, except for Squarespace, has a 12% share of the eCommerce platform market. Additionally, according to Statista, businesses in the food and beverage industry have an average conversion rate of 5.5%, making it the highest-converting eCommerce vertical. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. The projected number of users is expected to amount to 1,230.4m users by 2025. China and the United States hold the top two positions for retail eCommerce sales. According to eMarketer, if you translate this growth into sales, retail social commerce sales in China will exceed $470 billion by 2023. What Does This Forecast Mean for Brands and Retailers in China? What it means for economies, industries and investors. Retailers can leverage these pockets of growth if they get ahead of mounting regulations and shifting consumer behaviors. Total addressable market (TAM) is a common limiting factor of growth. Amazon marketplace has a roughly 25% market share of the total U.S. e-commerce spending. US retail and ecommerce sales growth will return to pre-pandemic levels in 2022. Apple's advocacy for privacy and Covid-19 aren't going anywhere soon. This is because it has 20.8 million daily active users (DAUs). Discover who we are and the right opportunity for you. If your primary marketing strategy is driving traffic through content for search engines, this platform is perfect for you. If youre a business owner, now is your chance to get in on the action and capitalize on this growing trend. In fact, 75% of customers prefer companies with such programs. Exportable files for easy reading, analysis and sharing. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Cowen and Company, Group M, Magna Global, Zenith/Publicis, eMarketer, MoffettNathanson, Nielsen, and Standard Media Index. 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