What could we expect until 2021
Our markets have been transformed digitally in every sense. Life has become much easier, compared to a decade back. People prefer to buy a product online as it helps them save their time, avoid traffic and your product is there at your doorstep. So this is a very serious market, and everyone, be it a Major company or a startup has the access to reach across their targets with ease. Its more of an equal opportunity that makes the digital world a step ahead compared to offline sales or marketing.
The eccomerce market is in a state of expansion and consolidation. There are even more consumers who are going digitally, which means worldwide retail ecommerce is sales are rising. This also means that the big fishes, that are Amazon and Alibaba are expanding their kingdom to smaller and secondary markets by buying local companies.
It is said that the retail ecommerce markets are shooting up in 2017, rising by 23.2 %, i.e $2.290 trillion. It is estimated that by the end of 2021, equating to 16.1% of their total sales.
On a global level, Amazon and Alibaba are leading the market, around the world. Accoridng to Deloitte, report in January 2017, the sales for Amazon reached $79.27 billion, which is nearly triple of the second largest digital retailer, China based JD.com ($ 26.99 billion). This ranking is followed by Apple on the third with $24.37 billion and Wallmart ($ 13.70 billion).
Alibaba is not featured on Deloitte’s list, likely because the data excludes consumer-to-consumer (C2C) sales and sales from third-party sellers, both of which make up a large part of Alibaba’s business. When those are included, however, Alibaba is likely on par, if not ahead, of Amazon.
- Retail ecommerce sales worldwide will increase at four times the rate of retail sales this year, jumping 23.2% to $2.290 trillion. Ecommerce sales growth will stay in the double digits throughout the forecast period.
- China and the US will combine for $1.584 trillion in ecommerce sales this year, representing 69.1% of global ecommerce.
- In 2017, mobile commerce will account for more than 70% of ecommerce sales in both China and India, and 59.0% in South Korea. In Germany, the UK and US, mcommerce will comprise at least one-third of total retail ecommerce sales.
Our markets are growing at a high scale everyday, and in time, we realize that the development is so high that we can’t even imagine how better the digital market can come up with a better idea, that helps lead in the competition ladder. Our future is bright, its getting smarter and faster by day.