Cross-border e-commerce sales are forecast to gain 63 percent this holiday shopping season.
In a recent article by WWD, ESW forecasts a 63% increase in sales over the holiday season as the pandemic affects online shopping behavior globally.
From the article on WWD:
In its latest forecast, eShopWorld expects “same-store e-commerce sales” made through its cross-border platform to soar 63 percent year-over-year for the November-December period. The company said the jump follows a “significant sales increase in October as consumers shopped earlier for gifts.”
According to prior reports, retail analysts said more than 50 percent of consumers have made holiday-related purchases in the September and October period.
Tommy Kelly, chief executive officer of ESW, said the company saw “a 113 percent year-over-year increase in global online sales in October and we’re confident the end of the year will follow the same pattern.”
“Although consumers began their holiday shopping earlier this year, a predicted increase in sales throughout November and December suggests that the ‘typical’ holiday shopping season will be active, as always,” Kelly added. “We’ve already seen many countries enter a second phase of lockdown, so we can see that the massive shift to online shopping is here to stay.”
In a statement, ESW said with lockdown directives varying from market to market, “cross-border e-commerce sales have remained at record levels. Data from ESW indicates 56 percent and 70 percent year-over-year increases in November and December, respectively, as the upcoming peak trading period will be marked by unparalleled uncertainty.”