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.
|Rank||Region||Sales Growth YoY (2020)|
|3||Central & Eastern Europe||29.1%|
|6||Middle East & Africa||19.8%|
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.
|Rank||Country||Sales Growth YoY (2020)|
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 Care||44.8%|
|Electronics & Physical Media||43.9%|
|Toys, DIY & Hobbies||37.4%|
|Fashion & Beauty||34.4%|
|Furniture & Appliances||30.9%|
|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.
5 Trends Shaping the Future of eCommerce
eCommerce is evolving almost as fast as it’s growing. Here’s a look at five major trends that are shaping the future of the eCommerce market.
5 Trends Shaping the Future of eCommerce
The global eCommerce market is growing at a rapid pace.
By 2025, it’s expected to reach $4.2 trillion in revenue. But the fast-growing eCommerce market is evolving just as quickly as it’s expanding. And because of rapid innovation in this space, tomorrow’s eCommerce landscape could look vastly different from today’s.
While we can’t predict the future, there are some telling signs of what’s to come. This graphic sponsored by Logiq explores five emerging trends that are transforming the future of eCommerce.
#1: Omnichannel Shopping
These days, a majority of consumers research a brand online before they set foot in a physical store. Because the customer journey now has a myriad of touchpoints across various devices, it’s important that businesses fully integrate their channels to provide a frictionless, holistic shopping experience.
That’s what omnichannel shopping aims to do—seamlessly integrate a company’s physical and online channels. When done correctly, omnichannel strategies can be valuable revenue drivers. In fact, according to research by Google, omnichannel strategies can help generate an estimated 80% of a business’s in-store visits.
#2: AI and AR
Artificial intelligence (AI) and Augmented Reality (AR) are transforming the online shopping experience, with things like:
- AI-enabled chatbots
- Virtual assistants
- AI-enabled personalized shopping
- AR-apps that help replicate the physical world online
Ideally, these applications provide an easier, more enjoyable shopping experience for consumers. AI and AR technologies are impressive on their own, but when combined, they leverage each other’s strengths to provide an elevated shopping experience.
For instance, an AI and AR-enabled app could use speech recognition to listen to what you’re saying, and then render an image right in front of your eyes.
#3: New Payment Options
In general, technological innovation is aimed at making the online shopping experience as seamless as possible. And payment is an important part of that process, which is why it’s crucial that businesses provide customers a variety of payment options at checkout, to reduce cart abandonment. Some payment options include:
- Digital wallets
- Mobile payments
Cryptocurrency is especially trendy, as companies become increasingly more open to blockchain tech and cryptocurrency as payment.
#4: Rise of Visual Commerce
We’re living in a world of information overload, meaning brands are constantly competing for consumers’ attention. That’s why visual communication is more important than ever.
Businesses are using visual tactics like high-quality photography, videos, and AR to keep customers engaged.
Just like omnichannel strategies, visual commerce can help significantly increase revenue. According to research by Shopify, customers that viewed a product in AR were 65% more likely to make a purchase.
#5: Data-Driven, Dynamic Pricing
Dynamic pricing is when businesses adjust pricing to reflect consumer demand. While it’s not a new phenomenon, AI and new technology have made it more accurate, and accessible.
Companies like Amazon have already implemented tech that helps the company optimize its pricing strategies, and other businesses that follow suit could see a boost in earnings.
How Companies Can Stay Competitive
The eCommerce market is rapidly growing, and changing just as quickly. Because of this, companies don’t always have the resources to stay ahead of the curve. But Logiq can help.
Logiq is an American-based global provider of eCommerce solutions, helping companies step up their eCommerce offerings. Click here to learn more about Logiq.
The Genomic Revolution: Why Investors Are Paying Attention
Faster cancer detection. Tracking disease. Gene editing. All three are driven by the genomic revolution. Here’s why it’s important now.
The Genomic Revolution: Why Investors Are Paying Attention
At the center of the genomic revolution is big data and DNA.
The implications are vast. With recent advancements, faster cancer detection is within reach, potentially saving thousands of lives each year. An initial research study shows this technology could save 66,000 live annually in the U.S. alone.
What’s more, genomic innovation goes beyond just cancer detection. Today it spans a variety of innovations, from gene editing to anti-cancer drugs.
In this graphic from MSCI, we look at four reasons why the genomics sector is positioned for growth thanks to powerful applications in medicine.
What is the Genomic Revolution?
To start, the genomic revolution focuses on the study of the human genome, a human (or organism’s) complete set of DNA.
A human consists of 23 pairs of chromosomes and 24,000 genes. Taken together, the human genetic code equals three billion DNA letters. Since most ailments have a link to our genetic condition, genomics involves the editing, mapping, and function of a genome.
With genomic innovation, large-scale applications of diagnostics and decision-making tools are made possible for a wide range of diseases.
4 Ways the Genomic Revolution is Changing Medicine
Over the last century, the field of genomics has advanced faster than any other life sciences discipline.
The hallmark achievement is the Human Genome Project completed in 2001. Since then, scientists have analyzed thousands of people’s genes to identify the cause of heart disease, cancer, and other fatal afflictions.
Here are four areas where genomic innovation is making a big difference in the medical field.
1. Gene Editing
Gene editing enables scientists to alter someone’s DNA, such as eye color. Broadly speaking, gene editing involves cutting DNA at a certain point and adding to, removing, or replacing this DNA.
For instance, gene editing enables living drugs. As the name suggests, living drugs are made from living organisms that harness a body’s immune system or other bodily process, and uses them to fight disease.
Based on analysis from ARK Invest, living drugs have a potential $200 billion addressable market.
2. Cancer Detection
Multi-cancer screening, supported by genomic sequencing and liquid biopsies, is projected to prevent more deaths from cancer than any other medical innovation.
Through a single blood test, multiple types of cancer can be detected early through synthetic biology advancements. Scientists use genomic sequencing (also referred to as DNA sequencing) to identify the genetic makeup of an organism, or a change in a gene which may lead to cancer.
Critically, screening costs are dropping rapidly, from $30,000 in 2015 to $1,500 in 2021. The combination of these factors is spurring a potential $150 billion market. This could be revolutionary for healthcare by shifting from a treatment-based model to a more preventative one in the future.
3. DNA Sequencing
One modern form of DNA sequencing is long-read DNA sequencing. With long-read DNA sequencing, scientists can identify genetic sequences faster and more affordably.
For these reasons, long-read DNA sequencing is projected to grow to a $5 billion market, growing at a 82% annual rate.
4. Agricultural Biology
Finally, the genomic revolution is making strides in agricultural biology. Here, research is looking at how to reduce the cost of producing crops, improving plant breeding, and enhancing quality.
One study shows that genomic advances in agriculture have led to six-fold increases in income for some farmers.
Investing in the Genomic Revolution
A number of genomic-focused companies have shown promising returns.
This can be illustrated by the MSCI ACWI Genomic Innovation Index, which has outperformed the benchmark by nearly 50% since 2013. The index, which was developed with ARK Invest, comprises roughly 250 companies who are working in the field of genomic innovation. In 2020 alone, the index returned over 43%.
From diagnostics to prevention, the genomic revolution is breaking ground in scalable solutions for global health. Investment opportunities are expected to follow.
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