The global e-commerce market is expected to grow from US$1.8 billion in 2019 to about $2.4 billion this year, according to Research and Markets.
Due to COVID-19, a significant growth is seen in the demand for essential supplies such as food, medicine, hand sanitizers, tissue, and disinfectants, adds the research group. With people avoiding visiting market places and preferring to stay indoors, the online or e-commerce market is seeing a significant growth. The market is expected to stabilize and reach $3.1 billion at a compound annual growth rate of 14% through 2023. Asia-Pacific was the largest region in the e-commerce market in 2019.
Rising internet penetration and the growing use of smartphones are predicted to contribute to the growth of the e-commerce market, says Research and Markets. Increasing government and companies’ initiatives to promote e-commerce sales is a leading trend in the e-commerce market. Stringent regulations and vertical restraints imposed on the e-commerce sector is expected to limit the growth of the e-commerce industry in the near future, adds the research group.