Ecommerce is the new norm of shopping. This mode of shopping has saved businesses and the franchises from going bankrupt during the coronavirus lockdown. It is one of the most valuable business options today.
Ecommerce is adopted by many countries and is thriving in most of them. China is the biggest eCommerce hub in the world as last year it stood at $826.6 billion which is predicted to double by 2024. By this prediction, in 4 years every 2 in 5 dollars spent on Ecommerce could be in China.
This is huge and means that China could retain its position as the central hub for all Ecommerce activities however, there is still a problem for China that lies ahead. China is expecting a huge population and workforce decline in the near future which could potentially damage the country’s economy and may cost its reputation in the eCommerce industry.
Other than China, many countries in Europe and the USA are rapidly climbing up the ladder of the E-commerce industry. Europe has a growth rate of 55 percent whereas America’s market growth rate is at 53 percent. The countries outside of the mentioned regions are adopting Ecommerce more rapidly and even growing their markets at a faster rate than China. The growth rate of those countries is about to 86 percent.
Infographic by: statista