The coronavirus outbreak has massively accelerated the growth of the digital commerce market, with millions of people choosing webshops instead of brick-and-mortar stores amid COVID-19 lockdown.
According to data gathered by ForexSchoolOnline, the global digital commerce industry is expected to touch $3trn value this year, growing by 4.8% year-on-year. The rising trend is set to continue in the following years, with the transaction value increasing by a CARG of 8.9% and reaching $4.1trn in the next four years.
Transaction Value Jumped 38% in Three Years
The Digital Commerce segment covers all consumer transactions made through the Internet, directly related to online shopping for products and services. The transactions can be made via various payment methods, including credit cards, direct debit, invoice, or online payment providers, like AliPay and PayPal.
In 2017, the global digital commerce industry reached a $2.12trn transaction value, revealed Statista Global Consumer Survey. In the next twelve months, this figure rose to $2.45trn. The increasing trend continued in the last two years, with the transaction value set to reach $2.92trn in 2020, a 38% jump in three years.
The average transaction value per user in the digital commerce segment is expected to amount to $843 in 2020. This figure is forecast to rise to $887 in the next four years.
China Generates 40% of the Global Digital Commerce Transactions
The growth of the global digital commerce market has been followed by the increasing number of people choosing B2B and B2C webshops for buying products and services. In 2017, the number of users in the digital commerce segment amounted to 2.48bn. In the last three years, this figure jumped by 40%, reaching 3.47bn in 2020. Statistics indicate the number of users is expected to continue rising in the following years and hit 4.63bn by 2024.
Analyzed by geography, China represents the world's largest digital commerce market set to reach $1.16trn value this year or 40% of all transactions. The United States ranked as the second-largest market globally, with $538.2bn worth sales in 2020. Japan, the United Kingdom, and Germany follow with $148bn, $118.6bn, and $98.1bn value, respectively.