Global Digital Commerce Industry Value To Reach $3trn In 2020
With the preference for online transactions owing to the social distancing measures to contain the spread of the Covid-19 pandemic, digital commerce industry value is likely to reach $3 trillion this year, representing 4.8 percent year on year according to reports by ForexSchoolOnline.com
The coronavirus outbreak has massively accelerated the growth of the digital commerce market, with millions of people choosing webshops instead of brick-and-mortar stores amid COVID-19 lockdown.
According to data gathered and published by ForexSchoolOnline.com, the rising trend in the global digital commerce industry is expected to continue in the following years, pushing up the transaction value by a CARG of 8.9 percent and reaching $4.1 trillion in the next four years.
In Nigeria, digital commerce platforms like Jumia and Konga and others have been the preferred destinations for shoppers while adhering to the lockdown measures ordered by the government.
The Digital Commerce segment covers all consumer transactions made through the Internet, directly related to online shopping for products and services. The transactions can be made via various payment methods, including credit cards, direct debit, invoice, or online payment providers, like AliPay and PayPal.
In 2017, the global digital commerce industry reached a $2.12 trillion transaction value, revealed Statista Global Consumer Survey. In the next twelve months, this figure rose to $2.45 trillion. The increasing trend continued in the last two years, with the transaction value set to reach $2.92 trillion in 2020, which the survey puts at a 38 percent jump in three years.
The average transaction value per user in the digital commerce segment is expected to amount to $843 in 2020. This figure is forecast to rise to $887 in the next four years.
The growth of the global digital commerce market has been followed by the increasing number of people choosing B2B and B2C webshops for buying products and services. In 2017, the number of users in the digital commerce segment amounted to 2.48 billion. In the last three years, this figure jumped by 40 percent, reaching 3.47 billion in 2020. Statistics indicate the number of users is expected to continue rising in the following years and hit 4.63 billion by 2024.
Analyzed by geography, China represents the world’s largest digital commerce market set to reach $1.16trn value this year or 40% of all transactions. The United States ranked as the second-largest market globally, with $538.2bn worth sales in 2020. Japan, the United Kingdom, and Germany follow with $148bn, $118.6bn, and $98.1bn value, respectively.
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