With the technological wave sweeping the entire world, an industry that is undergoing major digital transformation is retail and e-commerce. From brick-and-mortar stores, consumers have now moved to the virtual world to make purchases. They prefer shopping from the infinite smart digital stores available on the internet from the comfort of their homes. e-commerce and retail players also aren’t far behind in offering the best options to their customers.
Even in the B2B segment, the e-commerce market is estimated to reach 18.57 trillion US dollars by 2026 with a growth rate of 18.70 per cent CAGR from an initial value of 7.35 trillion dollars in 2020, as per a study by the market research company Facts and Factors. As per another report, retail and e-commerce sales were approximately worth a whopping 4.9 trillion US dollars worldwide in 2021. Over the next four years, this figure is only going to multiply rapidly and touch almost 7.4 trillion dollars in 2025.