The $7 Trillion Surge: E-commerce has taken flight, and so has a change in the way we conceptualize shopping. Online sales are expected to top $7 trillion globally by the end of 2024. Growth is still on pace at an astonishing rate. Convenience isn't the only issue at play; rather, it's about changing dimensions of technology and businesses to move and change with people's behaviors. Here is why this matters:
• Annual E-Commerce Growth: In-store retail grows by about 4% per year while online sales increase nearly three times faster, growing at about 13%.
• Consumer Reach: About 70% of Americans shop online; average annual online spend per person was $3,400 in the U.S., which remains well above the global average of $2,300.
Social Commerce: Gen Z and millennials, in particular, have a great liking for social commerce. Almost a quarter of them reported having completed purchases directly on the social platforms in the last three months.
As a proven fundraising consultant, with over $20 million raised in funding for my clients, I say “These are numbers that act as an indicator for every business to be ahead online and ensure agility in their digital strategy. It is no more optional for them; rather, doing so opens a fast-growing market which was valued at $7 trillion. The future of retail has arrived, and it's online.”
#Ecommerce #BusinessGrowth #DigitalTransformation
