Global retail sales are expected to witness a steady growth over the coming years, reaching $22.5 trillion this year and $28.3 trillion in 2018. Worldwide retail sales, including in-store and internet purchases, are forecast to grow by 5.5% over the next few years, says US-based market research firm eMarketer.
Online retail sales will account for nearly 5.9% or $1.3 trillion of the total retail market globally this year, growing to 8.8% or $2.5 trillion by 2018. China and the US will dominate the online retail market, making up more than 55% of sales this year.
eMarketer forecasts that China’s retail e-commerce sales will rise from $315.75 billion in 2013 to cross $1 trillion by 2018, accounting for 40% of the global sales. China will be followed by the US as the second largest e-commerce market with a total value of $500 billion in 2018.