E-commerce is transforming business and private life across the globe, shifting the purchasing behavior online, driven mainly by technological advancements (like improved internet connectivity) and rising digital maturity of market participants. Global e-commerce has grown at an average rate of around +20% a year pre-COVID-19, reaching around 14.1% of the total retail trade in 2019 and still shows significant potential to advance in the future. The global COVID-19 pandemic acted as a catalyst and accelerated online penetration rates across all product categories, thereby, speeding up the shift to e-commerce by approximately half a decade.
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