Customers are increasingly used to buying products and services that are highly personalized and delivered in short order, via their laptops, smartphones, or other channels. From customizing a pair of trainers to ordering groceries that can be delivered in a matter of hours, digital commerce is radically changing people’s behavior.
Global retail e-commerce sales hit US$3.53 trillion in 2019, up from US$2.98 trillion the previous year, according to data from Statista, which forecast growth to US$4.20 trillion in 2020 and to US$6.54 trillion by 2023. This was before the arrival of COVID-19, which has forced people to stay away from physical stores and further ingrained e-commerce behavior in everyday life. While the pandemic’s long-term effects remain uncertain, the direction of travel for digital business is clear.