Ecommerce Growth Surges 40% in 2021 Alone

Ecommerce has seen growth surge 40% in 2021 alone as online businesses have experienced a boom like never before as a result of the global pandemic, according to the CEO of CommerceIQ, which is at the forefront of the ecommerce boom.

“With a 40% growth in e-commerce this year alone, it is imperative that brands apply automation and machine learning to manage their business online,” said Guru Hariharan, CEO of CommerceIQ. “The tried and true methods that were perfected for brick and mortar simply do not work online. Our customers are using our platform to win in e-commerce, by harnessing real-time visibility to all aspects of the operation within a single source of truth to drive automations at scale.”

CommerceIQ has experienced triple digit growth over the last two years. With more than 2,200 brands that use the company’s technology to increase market share, the firm is on the leading edge of the ecommerce industry. CommerceIQ has raised $81 million to date for its future growth as the category leader in algorithmic ecommerce management.

The latest funding round was led by Insight Partners, the venture capital and private equity firm behind Shopify, Twitter, Hello Fresh, and Wix.

“It is not necessarily obvious that most of digital commerce is thriving through indirect channels, like Amazon, Walmart and the like with only 15% occurring through brands’ direct efforts,” said Nikitas Koutoupes, Managing Director at Insight Partners. Smaller online businesses make up a large part of ecommerce sales.

Retail sales showed a 105% spike in clothing and accessory sales from March 2020 when much of the sector was forced to shut down or significantly scale back in-store operations because of the global pandemic, according to U.S. Commerce Department data. Sporting goods, hobby and bookstore sales also jumped 78% from a year ago.

Asia is the fastest-growing region in global ecommerce accounting for the largest share, about 64% of the world’s business-to-consumer e-commerce market, according to ResearchAndMarkets.com. In 2019, China led the ecommerce market in the Asia Pacific with 61% of consumers shopping online before the pandemic. CommerceIQ is making major inroads into the Asia market.

However, Asia’s growth in e-commerce is not limited to China, with India, Japan, and South Korea among the nations with the largest shares of ecommerce sales in retail worldwide. The U.S. has the largest retail market in the world, followed by China, which is experiencing massive ecommerce growth.