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E-commerce Market Prediction For 2022: Key Facts & Figures
July 27, 2022
Paul Revellat
Did you know around 5.07 billion people in the world use mobile phones and 59% of the people around have internet access! Mind-blowing, isn’t it? So, what does this mean for the e-commerce business in the year 2022 and beyond?The global e-commerce market size is expected to reach $5.55 trillion in 2022. Of course, the pandemic has trapped us all at our homes and changed the way we live, work and shop. With physical distancing and lockdowns in place, more and more people started online shopping. Knowing where the industry is going will help us all stay focused and shape better sales strategies. Here is a look at how the industry has performed in the year 2021 and the forecast for 2022 and beyond.
Table Of Content
E-Commerce And M-Commerce Industry Stats So Far – A Quick Recap
Global E-Commerce Industry Forecast For 2022- 2040 – Highlights
Predictions For B2B And B2C E-commerce
Global E-Commerce Industry Forecast For 2022 - Country-Wise Growth
Retail E-commerce Sales Share Prediction For 2022
Top 5 Emerging E-commerce Markets That Are Set To Outpace Others
Top 7 E-Commerce Trends To Watch Out For In 2022
Key Takeaways For e-commerce 2022 Market Predictions
E-Commerce And M-Commerce Industry Stats So Far – A Quick Recap
Before discussing the predictions for 2022 and beyond, let’s see how the industry has fared so far. Were the number of mobile and internet users and their enthusiasm good enough to propel an unparalleled e-commerce growth? Let’s find out where the industry stands.
M-Commerce And E-commerce Industry Statistics – Summary
The global m-commerce market was valued at $628 billion in 2020.
The market growth rate was 32.0% in 2020 and industry was predicted to grow at the rate of only 18.3% in 2021.
The e-commerce industry was predicted to witness around 14.3% downshift caused by the rebound of brick-and-mortar this year.
According to Oberlo, around 48% of online shoppers preferred large e-commerce marketplaces.
Around 84% of consumers don't prefer shopping from sites that are not secure
China was set to stand out and claim 792.5 million digital buyers (33.3% of the global buyers) in 2021.
China was to attain $2.779 trillion in e-commerce sales which is 56.8% of the global total sales in this year.
More and more online shoppers prefer stores that are eco-friendly.
According to a report for 2020 by IBM , 8 out of 10 said sustainability was an important factor when it came to making purchasing decisions.
It was estimated that 73% of millennials were involved in the B2B buying process
The global e-commerce market size is expected to reach $5.55 trillion in 2022.
Global E-Commerce Industry Forecast For 2022- 2040 – Highlights
Now that we know the industry’s growth through the years, here are some interesting global e-com forecasts for the upcoming years:
According to Grand View Research, the global B2B e-com market is expected to post a CAGR (Compound Annual Growth) rate of 18.7% between 2021 to 2028.
Over the next 5 years, around 75% of the B2B procurement is estimated to take place on online marketplaces.
Statista research indicates that in 2023, global online sales can claim 22% of all retail sales.
Statista also predicts that worldwide retail e-com industry growth will hit $6.54 trillion in 2023. This becomes interesting as the industry has reached only $3.53 trillion in 2019.
Nasdaq suggests that traditional retail may get overpowered by online shopping as 95% of purchases are more likely to be made on online platforms.
By 2022, 1/4 of all e-commerce orders are forecasted to be cross-border commerce. Already, 70% of the customers buy from foreign sites.
Europe will claim 28% of cross-border e-commerce sales in 2022.
In 2022, B2B and B2C spend on physical goods as well as digital services is set to hit $6 trillion.
Global Retail E-commerce Sales Growth From 2016 to 2023
The chart below shows how much retail e-commerce sales grew between 2016 and what it is expected to reach in 2023. As you can see, the e-commerce industry is healthy and consistently increasing each year (The figures are in trillion dollars).
Both B2C and B2B e-commerce are growing at a faster pace. Read on to discover the pace at which they are growing.
B2C E-commerce Statistics
Retail B2C or consumer goods shopping had 18% of total global sales in 2020 and is set to achieve around 22% growth by 2024. The growth details are listed below.
The ongoing pandemic has increased the growth potential of B2B e-commerce. Here is the forecast:
Based on a study by Facts and Factors, in 2020, the global B2B e-commerce market stood at around $7.35 Trillion
The market is expected to grow more than 18% generating roughly $18.57 trillion by 2026
The major global B2B players are: Amazon, Alibaba, Rakuten, Mercateo, Global Sources, Walmart, IndiaMART
Global E-Commerce Industry Forecast For 2022 - Country-Wise Growth
China has been leading the e-commerce growth so far. Let’s see if this trend will continue and which countries will gain more market share in 2022.
Retail E-commerce Sales Share Prediction For 2022
Below-given are the e-commerce sales predictions for 10 countries including China, the UK and the USA. You can also find sales percentages of 2021 in the table below.
Top 5 Emerging E-commerce Markets That Are Set To Outpace Others
The emerging e-commerce markets such as Argentina, Brazil, India, Indonesia and Mexico are going to post significant growth in the years to come. Let’s take a closer look.
1. Argentina
One of the fastest growing e-commerce markets in Latin America, Argentina is all set to break records:
Considered the 33rd largest e-commerce market in the world, Argentina had posted a US$6 billion revenue in 2020.
Recording a whopping 44% increase in growth, the country contributed 29% of the global market growth in 2020.
The major player in the country iswalmart.com.arwith therevenue of US$144 million in 2020, followed by adidas.com.ar ( US$121 million ) and falabella.com.ar (US$119 million).
India may take over the USA and become the second largest e-commerce market in the near future:
A report by Recogn suggests that by the end of 2020, India is looking at 228 million social commerce consumers recording a 45% jump increase from the 2021 consumers.
Statista predicts that the revenue will reach around 56 billion U.S. dollars in 2025.
Top 7 E-Commerce Trends To Watch Out For In 2022
The online shopping arena is constantly changing. From omnichannel shopping and support to augmented reality, the industry is going to witness many changes. Here are 7 things brands will value in 2022 and beyond:
1. Connected Online Experience
According to some recent research, around 50% of consumers wanted to try a mix of in-store and online shopping experiences. To make customers happy, brands will have to find new ways and offer them a connected or omnichannel shopping experience. Customers are also looking for standardized and omnichannel support in order to make their shopping experience hassle-free.
2. Social Commerce
Social commerce will be a major stream of income and brands will look into new ways to keep customers engaged and make sales via social channels such as TikTok, Instagram etc.
3. Influencer Marketing
Content creators and social media influencers will rule the 2022 e-com marketing space. The industry has witnessed a global explosion, with over $1.3 billion spending in 2021 alone. It is interesting to note that around 83% of social media users trust influencer content. Finding the right influencer can make a difference to your sales.
4. Voice Commerce
It is estimated that a third of households in Europe and the US use voice enabled devices such as Alexa to make online purchases. Voice based shopping is expected to hit $40 billion in the year 2022. Your business should be able to offer personalized recommendations for users who prefer voice commerce to drive more sales.
5. Better Payment Options
Gone are the days when customers were expected to pay using just credit/debit cards. Online shoppers like faster and secure payment options such as Apple Pay, Stripe, Google Pay, Paypal etc,. integrated to your site.
6. The USe Of Augmented Reality (AR)
A seamless shopping experience is what customers are looking for. More than 71% of consumers say that they will shop more from brands that use AR. As more than 120,000 stores around the globe will be using AR by 2022, you can't miss out on the trend.
7. The Use Of Artificial intelligence (AI)
E-commerce companies are expected to spend around $7.3 billion on Artificial Intelligence by the year 2022. The increase is significant compared to the $2 billion spent in 2018 on the technology.
Key Takeaways For e-commerce 2022 Market Predictions
The global e-commerce market is set to grow in the years to come. You need to adapt and integrate emerging technologies in order to sustain growth. Here are the key takeaway from the market prediction for the year:
M-commerce will dominate the e-commerce sales
China will claim a major share of the online sales this year
Users will be looking for connected shopping experiences which will force businesses to offer omnichannel shopping as well as customer support
Social marketing can offer higher ROI
Be ready to harness the power of AI and AR to offer your consumers a better shopping experience.
Make sure to optimize your site for voice search
In fact, all the trends indicate that brands should work towards enhancing the shopping experience of customers. So, keep an eye out for emerging trends. This year, let us focus more on creating strategies that win.
