Ecommerce can be defined as a transaction conducted commercially via the internet for purchasing of goods and services. This includes online goods & services (software, media streaming, e-books), market place services (e-wallet, comparison shopping), retail services (ordering food, travel, mail deliveries, footwear, apparel), and customer support (help desks, live support). Global eCommerce market has grown significantly over the last few decades. According to Renub Research analysis, Global eCommerce Market is forecasted to be USD 39.51 Trillion by the year 2026.
Impact of COVID-19 on Global eCommerce Market
Due to COVID-19, the world has witnessed unprecedented wealth destruction. The governments around the globe have taken unprecedented measures to contain the infection rate, such as lockdowns and border restrictions. All these measures severely restricted the economic activities and thousands of traditional-style businesses and companies were severely affected, and a lot of them has even gone bankrupt.
However, in these times of distress, e-commerce appeared to be promising support in the fight against coronavirus as it supported to lessen the rate of infection by offering online delivery of commodities and services. By looking at the growth opportunity of eCommerce is offering, even supermarkets started online shipment of groceries by providing door-to-door services to their consumers, preventing risks from in-store visits. This has further given rise to online payments and obviated in-person cash transactions. This research report has covered Coronavirus impact on global ecommerce market.
Market Drivers for Global ecommerce Market
Global eCommerce market is growing due to high internet penetration, the decline in internet prices, increasing number of smartphones, product localization, advancement in technology such as big data, artificial intelligence, product localization and personalization, market stability, product innovation, and surging disposable income. Millennials and Gen Xers are the biggest online shoppers in terms of time and money on eCommerce sites. Millennials and Gen Xers spend more than 50 percent time in online shopping, 6 hours versus 4 hours relative to their older counterparts.
eCommerce websites have certain advantages over the traditional book and mortar stores such as 24/7 shopping, ability to compare prices, time-savings from physical visiting of stores, more variety of products. Few other factors such as avoiding crowd, checkout lanes, products can be purchased without physical barrier; and helpful for old and disabled customers these facilities push consumers to buy the products online.
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