With COVID-19 lockdowns still in place in many parts of the world, consumers are spending more and more time online shopping. In a report done by Statista, it was found that retail e-commerce sales worldwide amounted to 4.28 trillion US dollars in the year 2020. As seen above, Latin America made the largest jump in overall retail ecommerce sales growth worldwide overcoming North America by just 4.9%.
Insider Intelligence forecasts that worldwide ecommerce will grow by 14.3% in 2021. This will be a slight drop from 2020’s 16.5% growth. Potential reasons for the shift could be attributed to consumers being more eager to shop in brick-and-mortars retailers once the COVID-19 restrictions are lifted in their regions.