Bank of America says the global e-commerce sector is "a top secular growth story" for years to come as more people shop online amid COVID-19.
The overall e-commerce market worldwide will grow 24% this year, reaching a total sales of $3.7 trillion globally, according to Bank of America estimates.The coronavirus pandemic has accelerated the shift to online shopping, and Bank of America says that trend makes the global e-commerce sector "a top secular growth story" for years to come.
"We continue to view global eCommerce penetration as a strong long-term secular growth theme...While industry growth should slow in [the first half of 2021], we believe COVID-19 will result in long-term shopping habit changes for many consumers and better service levels from sellers, leading to an accelerated Online shift in historically underpenetrated categories like Grocery, Food Delivery, and Health & Personal Care," Bank of America analysts wrote in the note.
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