Despite accounting for roughly one-third of all e-commerce revenue in 2022, China’s largest market is concluding the year with a whopping $212 billion revenue decline. Other key markets, like Japan, the United Kingdom, and Germany, witnessed sales declines.
After years of remarkable growth, worldwide e-commerce revenue fell $250 billion year on year, from $3.84 trillion in 2021 to $3.59 trillion this year, a first for the sector, according to a study released on Monday.
According to data published by AugustaFreePress.com, supply chain concerns, inflation, increased digital advertising expenses, and shifting customer behavior all had a role in the first-ever e-commerce revenue loss.
According to the initial projection from the *Statista Digital Market Outlook*, sales would be $380 billion more in 2022 than it was a year ago.
However, the worldwide e-commerce revenue forecast has dropped from $4.22 trillion to $3.74 trillion as of July.
Despite accounting for roughly one-third of global e-commerce revenue in 2022, China*s largest market is concluding the year with a whopping $212 billion revenue decline. Other key markets, like Japan, the United Kingdom, and Germany, witnessed sales declines.
The United States, on the other hand, is the only one of the top five markets where e-commerce revenue climbed this year.
According to Statista, the US e-commerce business earned almost $905 billion this year, a 5% increase over 2021.
The overall market is predicted to earn $4.48 trillion in sales in 2023, rising to $5 trillion in 2024.
According to the research, one of the major drivers of recovery would be the growing e-commerce user base.
The worldwide e-commerce business had a staggering 50.4 percent penetration rate last year, with roughly 3.8 billion consumers shopping online.
According to statistics, internet shoppers would increase by 315 million years on year to 4.1 billion in 2022.
“Furthermore, the market penetration rate is expected to reach 54.1 percent this year. According to Statista, more than 4.8 billion people will purchase online by 2025 “According to the research.
Source : IANS
