The Future of E-commerce: Growth Projections for 2021 and Beyond
E-commerce has been rapidly growing over the years with the increased use of the internet and mobile devices. The COVID-19 pandemic has further accelerated the shift to online shopping, with more consumers turning to online stores for their shopping needs due to safety concerns.
As we look ahead to 2021 and beyond, it is expected that e-commerce will continue on its upward trajectory. Here are some growth projections for the future of e-commerce:
Global E-commerce Sales
According to eMarketer, global e-commerce sales are projected to reach $4.9 trillion in 2021, an increase of 18% from 2020. The trend is expected to continue, with global e-commerce sales reaching $6.4 trillion by 2024.
M-commerce
Mobile commerce (m-commerce) is also expected to see significant growth in the coming years. According to Statista, the global m-commerce market is projected to reach $3.56 trillion by 2021, up from $2.91 trillion in 2020. By 2023, it is estimated that m-commerce will account for 72.9% of all e-commerce sales.
Social Commerce
Social commerce, which involves selling products directly on social media platforms, is also expected to grow in popularity. According to eMarketer, social commerce sales in the US alone are expected to reach $36.09 billion by 2021, up from $19.42 billion in 2019. This represents a 86.6% increase in just two years.
Artificial Intelligence
Artificial intelligence (AI) is also expected to be a major driver of e-commerce growth in the coming years. AI-powered chatbots, for example, can help provide better customer service and lead to increased conversions. According to a report by Grand View Research, the global AI market in e-commerce is projected to reach $20.8 billion by 2027.
Cross-Border E-commerce
Cross-border e-commerce is also expected to see significant growth in the coming years. According to eMarketer, cross-border e-commerce sales are projected to reach $627.41 billion in 2022, up from $445.35 billion in 2019. This represents a 40.9% increase in just three years.
In conclusion, the future of e-commerce looks bright with substantial growth projected in the years to come. Businesses that invest in technologies such as AI and m-commerce, and embrace social commerce and cross-border e-commerce, will be better positioned to succeed in the evolving e-commerce landscape.
