With e-commerce projected to hit $8.1 trillion by 2026, it has become easier and more accessible for anyone to enter the market with an online store of their own. Accelerated by widespread lockdowns, e-commerce sales across the world grew 77 per cent year-on-year (YoY) in the first few months of the global pandemic.

The US boasts the second largest e-commerce market—second only to China, while Singapore has become the fastest-growing e-commerce market in the world, according to a report by web hosting service company Nexcess.

As for consumer trends, mobile e-commerce has grown 88 per cent since 2015. Consumers spend more time shopping on their mobile devices, and are more prone to purchase too, with average e-commerce conversion rates growing to 3.65 per cent. Top factors influencing a purchase decision include free shipping, followed by discounts and reviews from other shoppers.

Looking forward, social commerce is predicted to triple its share of sales by 2025. Almost a third of Millennial and Gen Z consumers are seeking more augmented reality (AR) and virtual reality (VR) technology in their online shopping experiences.

And over half of Gen Z consumers find influencers’ recommendations highly influential in their purchasing decisions—a stark departure from 0 per cent of Baby Boomers.

Fibre2Fashion News Desk (NB)

Global e-com sales predicted to reach $8.1 trn by 2026

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