Which Countries is Ecommerce Raising the Most Revenue?
There are a few key metrics that help you determine where to invest your eCommerce dollar. eMarketer’s report and its global eCommerce forecast are key indicators of the market’s potential. You can also check out the social commerce report and discover which eCommerce markets are booming. This infographic provides some important insights into the future of eCommerce. This report provides insights into the hottest eCommerce markets around the world.
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eMarketer’s e-commerce report
According to eMarketer’s report, e-commerce will grow by more than 50% in the next five years. It is estimated that ninety percent of e-commerce transactions will be B2B. In the next ten years, e-commerce sales in these countries will account for more than 34 percent of the total GDP.
The top 13 firms are mainly Chinese or US-based. E-commerce is growing at a faster pace in Asia and emerging economies, while consumers in high-income countries are more willing to shop online. Chinese and Korean consumers have leapfrogged most of Europe and North America in e-commerce usage. Business-to-business e-commerce is also on the rise.
eMarketer’s global e-commerce forecast
The Asia-Pacific region will lead the world in retail e-commerce sales in the coming years, with China alone expected to contribute more than a third of this growth. North America and Western Europe will follow, with Latin America, Central and Eastern Europe, and Southeast Asia all competing for third place over the next few decades. In terms of growth, emerging markets will reclaim the top 10 list in 2022, and will exceed their mature national markets in e-commerce sales. By that time, the United States will fall to a mediocre tenth place, which will continue to remain a constant in the years to come.
eMarketer’s global eCommerce forecast reveals that all 32 national markets will experience double-digit growth in 2020, except Latin America, which will suffer a decline from a coronavirus outbreak. However, even though Latin America suffered a worse-than-average retail sales decline in 2016, eCommerce in the region grew at a staggering 79.0% last year. By 2020, e-commerce in the Asia-Pacific region will make up 62.6 percent of global sales, compared to 19.1 percent in the United States and Europe. Meanwhile, the Middle East and Africa will account for a mere 1.1 percent.
eMarketer’s list of e-commerce markets with the highest growth rates
In eMarketer’s latest report, emerging Asian markets such as Brazil and India are expected to grow at the fastest rates through 2022, outpacing other developed regions. While China is set to maintain its lead as the world’s largest e-commerce market, the United States and South Korea will continue to be among the top three regions. India, which jumped into the top 10 last year, is now in eighth place and is expected to surpass France next year. Indonesia’s growth rate is projected to exceed the growth rate of developed economies like Japan and Germany in the next five years.
Despite being among the fastest-growing eCommerce markets, Western Europe will see the lowest growth rate in history. In 2020, e-commerce sales in Western Europe will grow by 6.1%, marking the first year with a single-digit growth rate. However, after reaching its high in 2020, Western Europe’s growth momentum will slow down and will likely remain subdued until 2022.
eMarketer’s social commerce report
The increasing popularity of social media has spurred an increase in online shopping. In the US, Facebook and Instagram account for 56% of social commerce. Meanwhile, Instagram and Pinterest are expected to bring in 32.4 million and 13.9 million buyers, respectively, by 2021. The emergence of social commerce has influenced the sales model for eCommerce sites in many countries. Using digital ads and social media content, companies can direct customers to their online stores and make sales. However, a customer must follow several steps in the purchase process, and they may lose interest. It is also important to note that 92% of active internet users access the web using mobile devices. A study found that 86% of mobile users abandon their carts when shopping online. The emergence of social commerce apps can help eCommerce sites to become mobile-friendly.
One benefit of social commerce is its ability to drive word-of-mouth marketing. Social media platforms offer a forum for friends to share product recommendations and influence purchasing decisions. Moreover, recommendations are the most powerful motivators when it comes to buying decisions. Global X’s survey revealed that recommendations from friends were the most important factor in making purchasing decisions. It is not surprising that eCommerce has become more popular in low-income countries.
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