Pic: Shutterstock
By 2025, e-commerce will expand by an additional $1.4 trillion, and account for half the growth in the global retail sector, according to global market research company Euromonitor International. However, the rapid digital transformation has brought challenges for traditional business models and physical stores into greater focus, and it is vital to re-evaluate strategy for businesses to stay competitive, said a senior company official.
In a recent webinar, titled ‘Retail in Transition: Capitalising on Future E-Commerce Opportunities’, Euromonitor delved into how the e-commerce market has transformed due to the pandemic, future tech investment areas and countries with unmet e-commerce potential.
Sixteen per cent of goods were bought online last year—double the ratio of 2015—with the growth expected to continue to accelerate in the next five years. The United States, China and Mexico are projected to achieve the highest absolute value growth between 2020 and 2025 at $386 billion, $361 billion and $77 billion respectively.
“One of the most pronounced impacts from the global pandemic is the expanding influence of tech. Retailers and brands are prioritising tech investments, which range from optimising supply chain operations to improving user experience. Companies in Latin America, for example, have been making bigger digital investments, and the region is forecast to reach the highest growth of retail value of all regions by 2025”, said Michelle Evans, senior head of the digital consumer research at Euromonitor International.
Fibre2Fashion News Desk (DS)
E-commerce will expand by an additional $1.4 trillion by 2025, and account for half the growth in the global retail sector, according to Euromonitor International. But digital transformation has brought challenges for traditional businesses and stores into greater focus, and it is vital to re-evaluate strategy to be competitive, said a top company official.