Ecommerce sales are due to grow by over $1 trillion by 2025 as the pandemic driven boom in online shopping is expected to continue permanently.
New research from Euromonitor International has predicted that digital channels will account for half of all growth in global retail sector between 2020 and 2025.
This would see the value of ecommerce growth top a whopping $1.4 trillion, roughly the size of the total value of products sold across all retail channels in 2015.
China, the world’s largest global ecommerce market, will account for 55 per cent of this growth, while Latin America is expected to contribute significantly.
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Latin America enjoyed the fastest ecommerce growth of any region in 2020, growing 60 per cent as companies made larger investments to grow the channel thanks to the pandemic.
By sector, apparel and footwear is expected to see the largest growth in ecommerce sales over the period, followed by food and drink.
Online grocery became the fastest growing ecommerce sector in 2020 as shoppers across the globe turned to the channel for the first-time during lockdown.
Looking beyond the basic channel shift, the study also suggested that marketplaces, direct-to-commerce brands, social commerce, live selling and voice commerce will all become increasingly important.
Nearly 70 per cent of respondents said they expect to be judged more on their digital prowess post pandemic, while 74 per cent believe the pandemic-driven online boom will continue long after the crisis subsides.