The e-commerce space has witnessed rapid growth in the last 18 months. The total e-commerce sales for the year 2021 are estimated to clock anywhere in the range of $67-$84 billion, a significant increase from the total e-commerce sales of last calendar year (2020),
The total e-commerce sales touched a mark of $52.57 billion in 2020, a significant 30 percent jump from the sales in 2019 that registered a total value of $40.44 billion, as per the findings of the EasyEcom report.
According to the report, e-commerce sales during the festive season have been following a consistent upward trend for the last few years and this year will be no different. Despite a multi-month lockdown, the growth has been persistent and it is expected that the e-commerce retail sales will clock between $11-14 billion during this festive season. Compared to last year, online sales during this festive season are likely to grow anywhere between 32-68 percent.
“We believe that e-commerce retail will continue to rise for the festive season of 2021, owing to the swiftly changing customer preferences and digital adoption by masses in the aftermath of a global pandemic. The numbers predict that revenue for digital commerce will continue to register a colossal YoY growth till 2026 and beyond. The festive season this year will contribute significantly towards this revenue growth enabling D2C brands to make up for any losses they might have incurred during the pandemic,” Swati Jindal, Co-founder, EasyEcom, said.
With a global pandemic looming at large, e-commerce saw a whopping 66 percent retail hike during the festive season last year. In 2019, the total e-commerce festive sales accounted for $5 billion, which escalated to $8.3 billion in 2020, owing to limited offline services during the first series of nationwide lockdowns.
Furthermore, in recent years, electronics has emerged as the leading e-commerce category with maximum GMV share in total e-commerce sales for years 2019 and 2020. This is followed by fashion and apparel, food and groceries, furniture and appliances with an ever-increasing user base from tier II and tier III cities. In 2021, electronics will remain the category champion followed by other major lifestyle segments.