According to a new report by eMarketer, global retail e-commerce sales are expected to reach $6.542 trillion by 2023. The report also predicts that e-commerce will account for 22% of all retail sales worldwide by 2023, up from 14.1% in 2019.
The growth in e-commerce sales is expected to be driven by factors such as the increasing use of smartphones and the rising popularity of social media platforms, which are becoming key channels for retailers to engage with their customers. In addition, the report suggests that the increasing availability of digital payment options and the growth of online marketplaces will also contribute to the rise in e-commerce sales.
According to eMarketer, retail e-commerce sales in the UK are projected to reach £222.93 billion (approximately $306.45 billion USD) by 2025. In addition, the UK is expected to have the third-largest e-commerce market in the world by 2025, behind only China and the United States.
Despite the growth of e-commerce in the UK, there are still many retail businesses that do not have an online store. A study by the British Retail Consortium found that 39% of UK retailers did not have an e-commerce website as of 2020. This suggests that there is still significant room for growth in the UK e-commerce market.
Although e-commerce is growing rapidly, traditional retail will still account for the majority of retail sales in 2023. However, retailers who fail to adapt to the changing consumer landscape and embrace e-commerce risk losing out on potential sales.
We want to highlight the continued growth of e-commerce and the importance for retailers to have a strong online presence in order to remain competitive in the rapidly changing retail landscape.
