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Digital Transformation

Global eCom Update & the Digital transformation in 2021  

Despite a challenging year for retail in 2020, it is estimated that worldwide retail eCom sales grew 27.6% for the year, for a total of $4.2 trillion. However, total worldwide retail sales declined by 3%, to $23.8 trillion. Most market saw double-digit eCom growth in 2020.

Latin America saw abnormally standout growth (36.7%), despite suffering worse-than-average declines in overall retail sales (3.4% drop). Argentina’s retail ecommerce grew by an astounding 79.0% last year, a figure approached only by Singapore’s 71.1%. Worldwide, eCom growth will decelerate this year, despite shopper's newfound enthusiasm for digital shopping solutions.

eMarketer has forecast that worldwide ecommerce growth will downshift to 14.3% in 2021, partially because of a brick-and-mortar rebound and partially because so much growth was pulled forward to 2020. eMarketer also forecast that overall worldwide retail will rebound to 5.1% growth in 2021. China will continue to lead the world in digital buyers in 2021 with 792.5 million (33.3% of the global total); it will produce $2.8 trillion in eCom sales (56.8% of the global total); and will become the first country in history to perform more than half of its retail sales digitally (52.1% of retail will be ecom).

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