The COVID-19 Effect: Taking E-Commerce 10 Years into The Future in Four Months
As each month passes, it becomes increasingly clear that the COVID-19 pandemic will have a permanent impact on almost all aspects of our social and economic structures. The way we work, learn and consume has most certainly changed forever.
Of course, while some of these changes were in the making for the past few years, a rapidly expanding pool of data indicates we have taken a leap forward into the future. No more so than in the arena of e-commerce.
COVID-19’s impact on cross-border e-commerce has been unmistakable. What was previously a gentle slope of growth has now taken a sharp and steep incline. What’s more, as hundreds of millions around the world moved into full or partial lockdowns, the changes in online consumer type and shopping behavior began to be cemented into a new reality. It’s been one giant leap for the consumer, one massive growth spurt for e-commerce.
In our report, “One Giant Leap: The Growth of E-Commerce Amidst the COVID-19 Pandemic”, we look at how online sellers in various regions were impacted by the pandemic in Q2 and Q3 2020, and to what extent they were able to overcome these challenges. Spoiler alert: it’s never been as good a time to sell online. As seen in the chart below, e-commerce penetration in just the US market has seen a decade of growth within the first four months of 2020.
Leveraging Payoneer’s global customer base, the report’s data is based on a sample of 200,000 merchant revenues selling on international marketplaces during Q2 and Q3 2020, compared to the same period in 2019. Additional insight is provided through global seller and partner testimonials.
As seen from global revenues, it’s clear that not only has worldwide e-commerce advanced considerably in just a few months, but a new baseline and growth trajectory for the industry is now set – and shows no sign of retreat.
To learn more about the state of e-commerce and where it’s heading, download our free report!