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GroupM predicts e-commerce sales will hit $3.9 trillion by 2024

Campaign 17 Dec 2020 09:06

E-commerce spending will skyrocket to $3.9 trillion in 2020, making up 17% of global retail sales, according to GroupM’s first-ever e-commerce forecast. By 2024, e-commerce sales will hit $7 trillion annually and contribute to 25% of retail sales, GroupM predicts.

Across global markets, consumers are opting out of shopping at brick-and-mortar stores and spending online from the comfort of home, in large part thanks to the pandemic. That’s made e-commerce “the number one issue” for marketers because it’s where “all the growth is,” said Brian Wieser, global head of business intelligence at GroupM.

Retail media networks are especially primed to take advantage of the e-commerce boom. Amazon, the third largest digital media seller behind Google and Facebook, is thriving under these shifting conditions, while major retailers including Walmart and Target double down on their own retail media networks to capitalize on growth in the space.

“There's so much more inventory from an advertising perspective,” Wieser said. 

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