Marketing 2 min read

Forecast: Retail E-commerce Sales to Reach $5 Trillion in 2022

200 Degrees / Pixabay.com

200 Degrees / Pixabay.com

According to a report from eMarketer, worldwide retail e-commerce sales could reach as much as $5 trillion by 2022.

There’s no denying that 2020 was a challenging year for retail.

Indeed, reports revealed that retail sales across the world dropped by 3.0 percent. So, it wasn’t surprising that a mid-pandemic assessment predicted that online sales would slow to 16.5 percent growth.

However, that wasn’t the case by the end of 2020. Instead, estimates show a surge in retail e-commerce sales in the previous year.

Worldwide E-Commerce Enjoyed a Boost in 2020

According to a recent eMarketer report, the worldwide retail eCommerce posted an impressive growth rate of 27.6 percent. The article also suggests that sales reached well over $4 trillion in 2020.

Despite the recessionary conditions, eCommerce sales managed to perform above pre-pandemic predictions in 2020. And that’s due to millions of consumers’ smooth transition to online shopping.

Furthermore, Experts expect this trend to continue.

In a report, eMarketer forecasting writer at Insider Intelligence, Ethan Cramer-Flood wrote:

“We anticipate that consumers will maintain many of their newfound digital behaviors in 2021.”

Unfortunately, that may not translate into higher e-commerce sales.

As the pandemic restriction reduces, more consumers are likely to return to their routine. As a result, eMarketer predicts that 2021’s eCommerce growth rate will be slower than in previous years.

There’s more.

Retail E-commerce Sales to Reach $5 Trillion in 2022

At the end of the report, eMarketer predicted that worldwide e-commerce growth would be 14.3 percent this year.

Admittedly, the figure is low compared with 2019’s 20.2 percent and 2020s 27.6 percent. However, as the report points out, it represents an additional $611 billion in online sales.

In 2018, the worldwide eCommerce sales were less than $3 trillion. Yet, the report suggests that sales would reach $5 trillion next year and $6 trillion by 2024.

It reads:

“We estimate that the $4 trillion mark was easily breached in 2020, $5 trillion will be achieved by 2022, and $6 trillion will be reached by 2024”

Read the full report here.

Read More: Benefits of Artificial Intelligence in the eCommerce Industry

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