In 2020, e-commerce will account for 19% of global retail sales, up from 16% in 2019. According to McKinsey, economic growth has grown by two to five times since the Covid-19 pandemic began. In 2021, global e-commerce sales are expected to reach $4.921 trillion. Asia-Pacific accounts for the majority of these transactions, accounting for 62% of all retail transactions. The remaining transactions are split between North America and Western Europe. Fashion will continue to be the largest segment of the e-commerce market in 2021. In the first quarter of 2020, China’s online food sales increased by 32.7 percent. Store loyalty is dwindling, and the percentage of cart abandonment has risen from 69% to 75%.
Insider Monkey highlights the most valuable e-commerce companies in the world. Pinterest is a social media network for discovering new ideas and products, with a new emphasis on e-commerce. It has 459 million monthly users worldwide and is expanding every year. Its product inventory has grown by 50%, thanks to increasing catalog uploads. In 2020, eBay generated total revenue of $10.271 billion. It connects 159 million shoppers and 19 million vendors across 190 countries. Global markets account for 55 percent of the company’s GMV, while the US market accounts for 45 percent. Coupang is a $20.2 billion e-commerce firm headquartered in Seoul. Its services include grocery delivery, Coupang Eats, which delivers cooked dishes, and Coupang Play, a movie streaming service. DoorDash is an e-commerce-focused logistics platform established in San Francisco. It links consumers, merchants, and dashers in over 4000 US cities. Palo Alto Delivery Inc. was the company’s previous name until it changed to DoorDash in 2015. Mercado Libre is Latin America’s largest e-commerce and payments service provider. It has a commerce division that generated 64 percent of the company’s net revenue in 2020. Mercado Pago, Mercado Fondo, and Mercado Clics are part of its fintech division. Target Corporation is a Minneapolis-based general merchandise retailer. It has 1914 locations in all 50 states and the District of Columbia. The company operates as a single segment, with digital channels accounting for 18% of sales. For more details, click 15 Most Valuable E-Commerce Companies In The World.