China has the world’s largest e-commerce market, with expected sales of $ 1 trillion 066.2 billion, according to Statista data.
The gross value of electronic commercee sales in China is expected to grow 11.2% from 2019 to 2024, faster than the expected growth of 6.6% in the United States over the same time period.
With this, she forecasts that e-commerce retail sales in the US market will grow to 599,000 million in 2024, this is 64% more than the 365,000 million dollars in 2019.
Another of its projections is for the United States’ share of global electronic retail sales to decrease from 10% to 9% over the same period.
In 2018, some 1.8 billion people worldwide bought products online.
The Global McKinsey Institute estimates that e-commerce accounts for 12% of global physical goods trade, both business-to-business (B2B) and business-to-consumer (B2C or retail) sales.
However, it also refers to an analysis of the US Congress, certain foreign trade policies, inconsistencies in infrastructure and the lack of applicable rules at the global level can further hinder the growth of electronic commerce.
E-commerce enables customers to research and purchase goods without leaving their home or office, increasing access and convenience.
Through online sales, companies can efficiently scale and reach customers in new markets both domestically and abroad, especially small and medium-sized enterprises (SMEs).
Some online purchases replace what may have been traditional purchases (for example, in-store), while other purchases are new sales.
Study shows that the U.S. B2B ecommerce market is one of the largest and most mature, accounting for 12% of global B2B sales in 2018.
McKinsey estimates that global electronic commerce could add $ 1.3-2.1 trillion in international trade by 2030, boosting trade in manufactured goods by 6 to 10 percent.