Global e-Commerce jumps to $26.7 trillion
The dramatic rise in e-commerce amid movement restrictions induced by COVID-19 increased online retail sales’ share of total retail sales from 16% to 19% in 2020, according to estimates in an UNCTAD report, published on 3 May.
Additionally, the report estimates that global e-commerce sales jumped to $26.7 trillion in 2019, up 4% from 2018, according to the latest available estimates. This includes business-to-business (B2B) and business-to-consumer (B2C) sales and is equivalent to 30% of global gross domestic product (GDP) that year.
The report shows that the value of global B2B e-commerce in 2019 at $21.8 trillion, representing 82% of all e-commerce. The United States continued to dominate the overall e-commerce market, ahead of Japan and China. Meanwhile, B2C e-commerce sales were estimated at $4.9 trillion in 2019, up 11% over 2018. The top three countries by B2C e-commerce sales remained China, the United States and the United Kingdom. Cross-border B2C e-commerce amounted to some $440 billion in 2019, an increase of 9% over 2018. The UNCTAD report also notes that the share of online shoppers making cross-border purchases rose from 20% in 2017 to 25% in 2019.