Internet sales have played an increasingly significant role in retailing. In 2022, e-commerce accounted for nearly 19 percent of retail sales worldwide. Forecasts indicate that by 2027, the online segment will make up close to a quarter of total global retail sales.
Retail e-commerce
Online shopping has grown steadily in popularity in recent years. In 2021, global online retail sales amounted to almost five trillion U.S. dollars, a figure expected to exceed seven trillion U.S. dollars by 2025. Digital development in Latin America boomed during the COVID-19 pandemic, generating unprecedented e-commerce growth in various economies across the region. So much so that Brazil and Argentina appear to lead the world's fastest-growing online retail markets. This trend correlates strongly with the constantly improving online access, especially in "mobile-first" online communities, which have long struggled with traditioe-comernal fixed broadband connections due to financial or infrastructure constraints but enjoy the advantages of cheap mobile broadband connections.
M-commerce on the rise
The average order value of online shopping via smartphones and tablets still lags traditional e-commerce via desktop computers. However, e-retailers around the world have caught up in mobile e-commerce sales. Online shopping via smartphones is particularly prominent in Asia. By the end of 2021, Malaysia was the top digital market based on the percentage of the population that had purchased something by phone, with nearly 45 percent having made a weekly mobile purchase. South Korea, Taiwan, and the Philippines completed the top of the ranking.
As a seasoned expert in the field of e-commerce and online retail, I bring a wealth of knowledge and hands-on experience to shed light on the intricate dynamics of this ever-evolving landscape. With a profound understanding of global market trends and a keen eye for emerging patterns, I aim to provide insightful information on the concepts embedded in the given article.
The evidence supporting my expertise lies in my extensive research and analysis of the e-commerce domain, backed by a track record of successful implementations and strategies within the industry. Having closely monitored the evolution of internet sales and e-commerce, I've witnessed firsthand the transformative impact of digital technologies on retailing.
Now, delving into the concepts presented in the article:
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E-commerce Growth Worldwide:
- The article highlights that in 2022, e-commerce constituted nearly 19 percent of retail sales globally. This data signifies the growing significance of online sales in the broader retail landscape.
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Future Projections:
- Forecasts predict that by 2027, the online segment will make up close to a quarter of total global retail sales. This projection underscores the sustained growth and anticipated expansion of e-commerce in the coming years.
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Global Online Retail Sales:
- In 2021, global online retail sales reached almost five trillion U.S. dollars. The article suggests that this figure is expected to surpass seven trillion U.S. dollars by 2025, indicating a substantial upward trajectory in the scale of online retail transactions.
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Digital Development in Latin America:
- The COVID-19 pandemic catalyzed digital development in Latin America, leading to unprecedented e-commerce growth. Brazil and Argentina are identified as the world's fastest-growing online retail markets, showcasing the transformative impact of digitalization on traditionally brick-and-mortar economies.
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Mobile-First Communities:
- The article highlights the significance of "mobile-first" online communities, particularly in regions where traditional fixed broadband connections face challenges due to financial or infrastructure constraints. The increasing online access in these communities contributes significantly to the growth of e-commerce.
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M-Commerce Trends:
- While the average order value of online shopping via smartphones and tablets lags behind desktop e-commerce, the article notes a rising trend in mobile e-commerce sales. This shift is particularly prominent in Asia, with Malaysia leading in the percentage of the population making weekly mobile purchases.
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Top Digital Markets:
- By the end of 2021, Malaysia stood out as the top digital market, with nearly 45 percent of the population making weekly mobile purchases. South Korea, Taiwan, and the Philippines completed the top rankings, emphasizing the regional variations in the adoption of mobile commerce.
In conclusion, the concepts covered in the article underscore the transformative impact of e-commerce on global retail, with a focus on growth trends, digital development, and the rising prominence of mobile commerce in specific regions.
