E-commerce growth can stay stronger for longer due to several factors, including technological advancements, changing consumer behavior, and the impact of the COVID-19 pandemic. Here is a detailed explanation of these factors:
Example: The rise of mobile commerce (m-commerce) has been a game-changer for e-commerce. According to eMarketer, m-commerce sales are projected to reach $3.56 trillion by 2021, accounting for 72.9% of total e-commerce sales.
Reference: eMarketer - "Worldwide Retail and Ecommerce Sales: eMarketer's Updated Forecast and New Mcommerce Estimates for 2016-2021"
Example: Amazon, the world's largest online retailer, has capitalized on changing consumer behavior. Its Prime service offers fast and reliable delivery, along with additional benefits like streaming services, which have attracted millions of subscribers. Amazon's success demonstrates the shift in consumer behavior towards e-commerce.
Reference: Statista - "Number of Amazon Prime members in the United States as of January 2021"
Example: Shopify, an e-commerce platform, reported a 94% increase in new stores created on its platform between Q1 and Q2 of 2020, indicating the rapid adoption of e-commerce during the pandemic.
Reference: Shopify - "Shopify Announces Second-Quarter 2020 Financial Results"
In conclusion, e-commerce growth can stay stronger for longer due to technological advancements, changing consumer behavior, and the impact of the COVID-19 pandemic. These factors have created a favorable environment for the expansion of online shopping, and their continued influence is expected to sustain e-commerce growth in the future.
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