The reign of the E-commerce industry

The reign of the E-commerce industry

The E-commerce industry had quite an impact on the shopping experience of individuals, as the global pandemic forced closure of retail stores worldwide, compelling consumers to shift their shopping preferences online. However, regions across the globe have responded differently to this change thus showcasing contrasting results in ecommerce spending. A report by Statista.com stated that in 2020 alone, retail e-commerce sales globally were expected to hit $3.9 trillion; Asia Pacific expected to be making $2.45 trillion in online sales. North America was projected to be second in line, likely to generate online retail sales of $749 billion. Mauro Romano, CEO and Co-Founder of ArabClicks, said, “The global pandemic probably worked in favour of online businesses. With several consumers not willing to compromise on their shopping preferences, this came across as an opportunity for businesses to upscale their ventures and revamp their products and services to closely match the needs of their consumers. We are presently seeing so many businesses thriving online and I believe this trend is here to stay.” In a report highlighting leading e-commerce retailers during the year, Statista.com listed WooCommerce as the leading e-commerce platform accumulating market shares of 28.24 percent. This was followed by