Global Ecommerce Logistics Market was valued at around ~$200 Bn in 2022, boosted by the Covid-19 impact as it helped enterprises to address extensive demand is eyeing to become a $1 Tillion industry by 2027. Let’s explore some of the reasons addressing the same.
1. Increasing digitization and access to smart phones are boosting the Ecommerce market.
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Around 60% of e-Commerce sales are conducted through mobile apps and this general trend is expected to increase in the future. Making brand interaction with the customer much efficient and easy to sell the product to the customer. With 5 Billion people having internet access, this becomes one of the biggest contributor of growth to the ecommerce logistics market.
2. “Accelerating E-commerce Growth”: The Dominance of Digital Payment in Online Shopping Industry.
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Over the past decade, the e-commerce industry has experienced significant growth, with the online shopping becoming increasingly popular among consumers. The global e-commerce sales reached ~$ 4 trillion by 2021, with an estimated 2.14 billion people worldwide make online purchases. With this surge in online shopping comes a corresponding increase in digital payments, which have become the dominant player method in the industry. In 2020, the value of digital payment worldwide was estimated at ~5.12 trillion, which is a major factor the growth in the ecommerce logistics market globally.
3. Buy Now, Pay Later FinTech is giving a major push to the Ecommerce Logistics Market.
According to a report by Forbes, the pace of BNPL growth among Gen Z has increased by 600% since 2019, while it has tripled for Millennials. Although Gen X and Baby Boomer adoption rates aren’t far behind, the rise of BNPL among younger generations suggests that it may eventually replace cash as the main form of payment. This is becoming a major factor for the growth in ecommerce logistics market.
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