According to a report by Technavio released in December 2021, the global e-commerce market is expected to grow by USD 2.52 trillion during the period 2021-2025, at a CAGR of over 14%. Additionally, the COVID-19 pandemic has accelerated the shift towards e-commerce, as consumers have turned to online shopping due to lockdowns and social distancing measures.
The forcasted e-commerce market is estimated to grow at a CAGR of 27.15% between 2022 and 2027. The size of the market is forecast to increase by USD 12,951.56 billion. The growth of the market depends on several factors, including the advantages of e-commerce platforms, advanced targeting options, and the rise in online spending and smartphone penetration. However there is some level of unexpected marketfactors coming in 2023 given the economice dynamics and how Banks will operate. This may drive different consumer behavior in buying online.
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