October 14, 2020
eMarketer had to change the forecast made in February (before pandemic) and decreased numbers. Global retail e-commerce sales will decelerate to a 16.5% growth rate in 2020 (down from 20.2% last year). eMarketer anticipates a collective $3.914 trillion in e-commerce sales this year. Before COVID-19, company had forecast that global retail would expand by 4.4%, to $26.460 trillion in 2020 For e...-commerce, those figures had been 18.4% growth and $4.105 trillion in sales. So possible impact for retail e-commerce sales is about $190.79 billion. Asia-Pacific will account for 42.3% of retail sales worldwide, North America will capture 22.9%, and Western Europe will make up 16.2%. For e-commerce, China’s dominance means that 62.6% ($2,090 billion) of all digital sales will take place in Asia-Pacific ($2,448 billion). North America ($749 billion) and Western Europe ($498 billion) are distant trailers, at 19.1% and 12.7% respectively. US consumers will spend $709.78 billion on e-commerce in 2020, representing an increase of 18.0%. US will account for 94.8% of digital sales in North America. Digital sales in the US will represent 14.5% of total retail sales in 2020 compared to 11.0% in 2019 eMarketer forecasts that total US retail spending will decline 10.5% to $4.894 trillion this year. China will surpass the US to become the largest retail market in the world for the first time—with $5.072 trillion in sales.