The World’s Fastest Growing eCommerce Markets
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Mapped: The World’s Fastest Growing eCommerce Markets

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The following content is sponsored by Logiq

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The World’s Fastest Growing eCommerce Markets

While the overall retail industry struggled amidst the global pandemic, eCommerce sales managed to reach unprecedented heights. In 2020, retail eCommerce sales grew by 27.6%, reaching a total of $4.28 trillion worldwide.

But which regions saw the biggest increases throughout 2020, and how does each market compare to one another? This graphic, presented by Logiq, explores the fastest growing eCommerce markets across the globe.

Which Markets Saw the Most Growth?

In 2020, Latin America’s eCommerce market saw the most growth of any region, surpassing Asia-Pacific’s growth for the first time since 2010.

RankRegionSales Growth YoY (2020)
1Latin America36.7%
2North America31.8%
3Central & Eastern Europe29.1%
4Asia-Pacific26.4%
5Western Europe26.3%
6Middle East & Africa19.8%
Worldwide Average27.6%

The pandemic played a big role in Latin America’s growth. The region’s two major economic hubs Buenos Aires, Argentina and São Paulo, Brazil had to endure strict pandemic-induced lockdowns, which ultimately led to significant growth of the eCommerce market.

Restrictions in Buenos Aires were on and off from late March until early November 2020, and after restrictions were lifted, citizens were encouraged to practice “intelligent” social distancing and be more cautious when socializing.

At the country level, Argentina was the fastest growing eCommerce market in 2020, with a 79% increase in online sales compared to 2019—almost double the worldwide country average.

RankCountrySales Growth YoY (2020)
1🇦🇷 Argentina79.0%
2🇸🇬 Singapore71.1%
3🇪🇸 Spain36.0%
4🇧🇷 Brazil35.0%
5🇬🇧 UK34.7%
6🇫🇮 Finland33.5%
7🇵🇭 Philippines33.0%
8🇺🇸 US32.4%
9🇳🇴 Norway32.2%
10🇮🇳 India27.6%
Worldwide Average41.5%

Singapore was the second-fastest, with a 71.1% increase in eCommerce sales.

Keen to capitalize on this rising trend, Singapore has rolled out a number of policies and initiatives in an effort to support its digital industry.

For example, under the Skills Ignition SG initiative, several Singaporean government agencies have partnered with Google to provide training for aspiring tech workers.

Third on the ranking is Spain with a 36% increase in eCommerce sales. Spain was severely impacted by COVID-19—in the early days of the pandemic, cases in Spain rose quickly, causing strain on the country’s healthcare system and ultimately driving the country into strict lockdown, which forced consumers to turn to online shopping.

eCommerce Growth, by Category

Though eCommerce sales in 2020 saw an overall increase, some industries saw more success than others. For instance, global spending on Food and Personal Care grew significantly (44.8%) in 2020, while Travel spending dipped more than 50%.

Category% Global change in spending (2019-2020)
Food & Personal Care44.8%
Electronics & Physical Media43.9%
Toys, DIY & Hobbies37.4%
Digital Music35.2%
Fashion & Beauty34.4%
Video Games32.8%
Furniture & Appliances30.9%
Travel, Mobility & Accommodation-52.6%

Of course, since travel is expected to bounce back by 2023, according to a recent report by the International Air Transport Association, these figures are likely to change in the near future.

Different Markets, Different Marketing

While eCommerce has grown worldwide, each individual market looks slightly different, which means generic marketing tactics won’t work across the board.

That’s why companies need eCommerce support that caters to their unique needs if they’re hoping to level up their eCommerce game. Logiq is a holistic eCommerce platform that provides versatile services, which can help companies worldwide.

In this rapidly growing space, Logiq helps businesses better understand their audience, gather insight into the techniques that best serve them and ultimately gain their rightful piece of the pie.

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Value in the Ground: Cartier Resources’ Chimo Mine Project

Cartier Resources (TSX-V: ECR) is advancing the Chimo Mine Gold Project in the Abitibi region of Quebec, showing its potential with past producing mines.

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Value in the Ground: Cartier Resources’ Chimo Mine Project

The sponsor of this graphic, Cartier Resources (TSX-V: ECR), has instigated an exploration strategy to increase ounces in the ground at the historic Chimo Mine in the heart of the Abitibi that continues to deliver increasing resources.

Cartier is deploying the strategy in the right region, with the right backers to find gold faster at a lower cost. This graphic provides an overview of the project’s massive potential.

Proven Endowment: The Abitibi Greenstone Belt

There are many prolific past-producing gold districts in Canada, but the Abitibi is one of the largest and well understood gold-bearing regions with readily available exploration infrastructure.

This region extends from Wawa in Northwestern Ontario to the East near Val-d’Or, Québec—a landscape that hosts some of the most productive gold mines in Canada.

Cartier’s Chimo Mine project located in the historic Abitibi Greenstone belt of Québec builds on a legacy of gold production with a project ready for investors.

Tried and Tested Exploration Strategy

The best place to find gold is where companies discovered and mined it before. Between 1964 and 1997, three companies produced 379,012 ounces of gold at the Chimo Mine.

This type of strategy is known as brownfield exploration. Brownfield exploration looks for gold in areas known to host gold mineralization. It offers investors less risk, reducing the amount of uncertainties a company faces.

Ounces in the Ground: Growing a Gold Resource

Cartier delivered its first-ever resource estimate within three years and proved the value at Chimo. In November 2019, the company published its first mineral resource estimate of the central gold corridor on the Chimo Mine property.

It reported Indicated resources of 481,280 ounces of gold and Inferred resources of 417,250 ounces of gold. This resource estimate came from only one-third of the property.

This was just the beginning for Cartier Resources and the Chimo Mine.

In 2021, Cartier upgraded its resource estimate with drilling from its North and South corridor. The company increased the indicated resources to 684,000 oz Au (6,616,000 tonnes at 3.21 g/t Au) and the inferred resources to 1,358,000 oz Au (15,240,000 tonnes at 2.77 g/t). This gives the property over 2 million ounces of gold in the heart of the Abitibi.

Why Invest in Chimo?

Cartier Resources has consistently applied an exploration strategy to develop and increase the known gold resources at the Chimo gold mine.

It built on the foundations of a proven past producer and continued exploration success to discover more gold. In the heart of a safe and established mining jurisdiction, Cartier has put the Chimo Mine back on the Abitibi gold map.

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Visualizing the Rise of Cryptocurrency Transactions

As cryptocurrency transactions rise, merchants are looking to position themselves to take advantage of this new wave of crypto spenders.

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daily crypto transactions

Visualizing the Rise of Cryptocurrency Transactions

After Bitcoin and cryptocurrency’s wild bull run in late 2020 and early 2021, many holders are now using cryptocurrencies for their intended purpose: payments.

Every day, approximately $12 billion are transferred across the Bitcoin, Ethereum, and Litecoin blockchains, with millions of people using cryptocurrency for payments daily.

This graphic sponsored by CoinPayments looks at the rising transactions of the Bitcoin, Ethereum, and Litecoin networks.

Cryptocurrency Transactions are Rising in Value and Number

While prices are often the focus when crypto is in the spotlight, transaction counts show how much a network is being used as a medium of exchange. In just over five years, daily transactions across the Bitcoin, Ethereum, and Litecoin networks increased sixfold, from just 250,000 to more than 1.5 million transactions a day.

In mid-2017, Ethereum overtook Bitcoin in daily transactions as ETH was necessary to participate in ICOs (initial coin offerings), which fueled much of the speculation in the 2017 price run. With Ethereum still hosting thousands of ERC-20 and ERC-721 tokens on its blockchain today, its transaction counts have grown to be much higher compared to Bitcoin and Litecoin’s.

Along with crypto’s rising transaction numbers, the average USD value per transaction has increased by a minimum of 4x over the past five years.

YearAverage Value per Bitcoin TransactionAverage Value per Ethereum TransactionAverage Value per Litecoin Transaction
2016$2,426$588$1,357
2021$32,943$19,139$5,458

Source: Coin Metric
2021 figures as of July 13th, 2021

Crypto Spenders are Searching for Merchants

As transaction counts and values rise, merchants play a vital part in pushing forward the adoption of digital currencies for payments.

Many cryptocurrency users consider merchant adoption as a key barometer of success for crypto adoption. While companies like AT&T, Namecheap, and Overstock already accept crypto payments, there are still many businesses around the world which don’t offer cryptocurrency as a method of payment.

In a survey of over 8,000 U.S. consumers, 66.7% of crypto owners and 54.2% of non-owners said that not enough merchants accept cryptocurrency. Along with this, 47% of crypto owners said they seek out merchants that accept crypto for purchases, indicating clear demand for more crypto-accepting businesses.

How Can Merchants Make the Most of the Crypto Boom?

As the world embraces crypto, merchants need the in-store and online tools to be part of this next wave of commerce. Accepting crypto opens merchants up to an untapped audience of new consumers, eager to spend their crypto.

CoinPayments makes it easy to start accepting crypto payments at online checkout and with POS systems, with features like auto-coin conversion and over 2,000 coins supported.

Find out more about how the crypto market is growing, adapting to consumer needs, and the opportunity it presents to merchants around the world.

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