The global e-commerce market has increased significantly over the last few decades
The global e-commerce market is forecasted to exceed $39.51 trillion by the year 2026, according to ResearchAndMarkets.com.
COVID-19’s pandemic has brought unprecedented wealth destruction, the report states. That’s why governments around the world have imposed lockdowns and border restrictions.
All these measures severely restricted the economic activities and thousands of traditional-style businesses were severely affected, and a lot of them have gone bankrupt.
Although, e-commerce appeared to be promising support in the fight against COVID-19 as it supported reducing the rate of infection by offering online delivery.
The decrease of in-store visits has further given rise to online payments and obviated in-person cash transactions.
According to data, the global e-commerce market is growing due to high internet penetration and the decline in internet prices. Besides, the rising number of smartphones, product localization, advancement in technology also drive the enhancement.
The survey shows that Millennials and Gen Xers are the biggest online shoppers in terms of time and money on e-commerce sites. They spend over 50% time in online shopping, 6 hours versus 4 hours relative to their older counterparts.
We’ve reported that 68% of Millennials and Gen Xers think they will provide financial contributions to the parents if they outlive their retirement savings.