In this 2022 Global Ecommerce Report, BigCommerce analyzes trends in the fashion industry. The fashion industry saw an increase of 14% in ecommerce revenue in 2021, compared to $145 billion in 2020. The industry is poised for growth in the next several years, with an expected $1 trillion market in 2022. The report also shows how social media has influenced ecommerce, with a 3% increase in growth.
The report includes an analysis of North America’s top 1,000 online retailers, with over 100 charts and graphs. It contains benchmarking data and growth analyses by merchant type and category, as well as an executive summary of current ecommerce trends. There are some key findings in this report that you will find helpful for your business.
According to this report, the world’s internet users are set to grow by over 10% in the next five years. In addition, the report shows that more people will make online purchases using their mobile devices. This trend is likely to continue. It is anticipated that the amount of global e-commerce will reach $1 trillion in 2022, and $1.5 trillion in 2025.
The growth in global retail spending is expected to stabilize in 2022, after a dip in the last two years. Although global retail spending is expected to slow down slightly, it will continue to increase, driven by ecommerce, mcommerce, and digital buyers. In fact, retail ecommerce is expected to double in size by 2022, while mcommerce is set to increase by more than half by that year.
Increasing mobile device usage is another positive trend in the fashion industry. A recent Profitwell survey conducted by BigCommerce revealed that eighty percent of online apparel shoppers make purchases on mobile devices. More importantly, the survey found that these ecommerce users also use mobile apps to buy apparel. While ecommerce in North America grew modestly in the first quarter, the fashion industry blew past its growth expectations in the first quarter.
According to the report, the market for third-party marketplaces will grow rapidly over the next few years. The report notes that Alibaba will be the leader in retail in the world by 2027, with total sales of $1.5 trillion. By that time, Amazon will be the second-largest online retail market with $1.2 trillion. In Asia, however, third-party marketplaces will account for more than half of all online retail sales.
The report also projects that world ecommerce will reach $5.5 trillion by 2022, up from just $1 trillion last year. By 2025, the report estimates that ecommerce will account for almost twenty percent of global retail sales, which is up from just sixteen percent in 2009. By 2025, the report says, online retail sales will increase to $7 trillion.
In addition to online purchases, artificial intelligence will help in streamlining the process for merchants and buyers. By using artificial intelligence, online merchants will be able to improve their processes, create seamless experiences, and curb returns. Additionally, this technology will prevent the bleeding of money from their bottom lines.