E-commerce has experienced impressive growth since the advent of the internet, and today, this is even more evident. According to a new study by Boston Consulting Group, e-commerce’s share of global retail sales is expected to surprisingly grow to 41% by 2027, an impressive 23 percentage points more than in 2017. This increase suggests that e-commerce continues to show steady and dynamic growth.
Research shows strong growth in e-commerce
E-commerce experienced a rapid acceleration during the pandemic, but retail and consumer goods companies are facing some slowdown in online sales growth in 2022. However, a new study published by Boston Consulting Group (BCG) predicts that e-commerce will still continue to be an important driver, impressively increasing its share of global retail sales to 41% by 2027, up from 18% in 2017.
The data from the study, called Success Formulas for E-Commerce Growth, highlights the results of a global survey conducted in 2023. The survey included respondents from 410 retailers and 415 consumer goods companies with revenues ranging from $50 million to more than $10 billion.
According to the study, e-commerce sales grew 3% in Europe and 7% in both the U.S. and Asia in 2022. The compound annual growth rate (CAGR) of global growth is expected to be 9% through 2027, exceeding the projected retail growth rate of twice that of just 4%. Importantly, although the pandemic has slowed e-commerce growth slightly, it still remains a dominant player, reflecting consumers’ increased interest in online shopping and digital platforms.
Mobile apps boost e-commerce growth.
With the help of mobile devices, people are used to accomplish a variety of tasks ranging from information retrieval to entertainment. Through phones, we socialize on social media, browse content, and place sports bets through Melbet, 1Win, and other apps.
A key factor in the success of these gadgets is the ability to accomplish many tasks regardless of location. Today, all you need to do is pass Parimatch Registration to start betting and playing games at home, at work, on the road or in other situations. Register on social networks, share information, consume content – everything that used to be done through a computer is now possible through a regular smartphone in your pocket.
Not surprisingly, people are also increasingly shopping via their phones, so almost any service, marketplace, or store has convenient mobile sites and applications.
Who is leading in growth rates?
The survey of consumer goods and retail companies focused on identifying leading indicators of each participating organization’s e-commerce maturity. Six different criteria, including digital investment as a percentage of total sales, number of initiatives supporting e-commerce, number of ambitious initiatives, technology stack maturity, organizational structure and team agility, were used to assess each company’s position. The respondents’ answers allowed us to distinguish two groups:
“winners” – companies that reported post-pandemic growth of more than 30% per year and are confident of the same or even higher growth through 2027;
“laggards” – organizations that are uncertain about their future growth and reported post-pandemic growth of 10% or less per year.
The survey results showed that among retailers, 27% were categorized as “winners,” while 21% were “laggards.” In terms of consumer goods, the figures were 20% and 25% respectively. This suggests that some companies have managed to adapt to the digital world and deliver impressive growth, while others are struggling and uncertain about their future growth in e-commerce. These results can be used to identify areas where the companies included in the lagging group need to improve in order to succeed in the future.
