The Global Economy is something that seems to never stop moving. Each week seems to add and subtract factors and technology and ways of doing business that has never been done before. As we progress in society this growth only seems to get faster and faster. 2020 brought about one of the greatest rates of change we have ever seen. According to the U.S Census Bureau one of the biggest changes has been to online retail. E-commerce in 2020 was a 792 Billion dollar industry, or 14% of the total retail market. That’s up from 0.9% just 20 short years ago, and more recently 10% in 2019. A 4% jump is huge in the industry and I think we all felt it. Not good, not bad change is change and it’s inevitable. We saw the trends and we knew it was coming, what we didn’t expect, was the rate of growth. As we continue to see the pandemic number decline and restrictions lift, it will be interesting to see where this trend is headed. Will more and more people come back to the store? Will e-commerce continue to rise? One thing is for certain, things will change, that is constant, and the pandemic had nothing to do with that.
The Following infographic is from Statista.com