eCommerce Now Makes Up for Almost a Quarter of Global Retail Sales
Is 2023 finally going to be the year that e-commerce starts claiming its rightful place in global retail sales? Projections say yes. Latest stats have shown that growth has not only continued to drive the industry forward over the last few years, but it is not looking to stop any time soon.
So, what can you expect from the e-commerce space over the next year, and what is the future looking like? We took a look at some of the key stats coming out of the industry to identify just what impact it is having on South Africa, in particular. We also unpacked how you, in the industry can solidify your position in the industry. Let’s take a look.
e-Commerce Growth Has Been Unprecedented
Since 2020, the digital industry has seen growth far beyond the expectations of most experts as well as brands in the industry. In fact, e-commerce has surpassed all expectations globally, especially after the unexpected push that COVID-19 gave it in 2020. Experts have predicted that by this year, e-commerce is expected to account for about 22% of the total global retail sales in 2023. This will mean that it will reach a total of $6.15 trillion in sales during the course of 2023, and simply keep growing from there.
Since the pandemic struck three years ago, e-commerce sales have ballooned past what any expert could have foretold. In fact, in the height of the pandemic, e-commerce sales catapulted by 44% within the year. China, the US and the UK became three of the biggest adopters of new technology and leading the e-commerce scoreboard globally.
But they were not the only ones seeing unprecedented growth, 32 other countries said that e-commerce growth had reached double digits in 2020.
2023 Has a Very Bright Future
Three years on, the numbers are simply rolling over. In South Africa alone, total e-commerce revenue is set to reach US$9.19bn this year, growing at an annual average of 13.21% year on year. This means that by 2027, the market has a projected market volume of around US$15.10bn. And, South Africans are ready to start embracing online retailing over brick and mortar, especially for selected products.
Retailers and e-tailers therefore need to ensure that they are continually growing and evolving their businesses to keep up with the demand. Customers’ needs are constantly changing, and this, together with adaptations in technology and the ever-changing landscape of the industry means that brands need to constantly keep up.
Education is Key to Staking Your Claim
So, the question is, how do you make sure that you are keeping up and that your company is staking your claim of the generated revenue? There is one simple answer; keeping up with the trends and educating yourself on what is new in the field. From technology to best practices to brand new solutions in the industry, the best way to make sure that you are growing with the industry is to keep learning and educating yourself.
Events like ECOM Africa provide you with this platform. It hosts a conference hall with a two-day agenda packed with presenters from the industry, practical workshops, and an expo space. It is a one-stop-shop for e-commerce insight and growth.
Historically, it has been the biggest e-commerce confex on the African continent, and this year will be no different. It brings together top e-commerce, retailing and banking professionals to share their experience and knowledge in supply chain best practices and how to ensure that your business is taking advantage of the unprecedented growth and appetite for e-commerce in Africa.
The Bottom Line
Keeping up with your competitors, knowing what other companies are doing and speaking to solution providers with the latest technology is a great way to stay on top, and be a part of the e-commerce growth for 2023 and beyond. Make sure you are a part of the movement and book your ticket today.