A new study by French credit insurance firm Euler Hermes has claimed that online commerce could reach 15% of global retail sales by 2020.
As reported by Le Monde, the study found that not only the consumer is increasingly connected, as 44% of the global population now has access to the Internet, compared to 7% in 2000, but some countries have experienced a technological leap, going straight to mobile commerce.
These fast developments have had impact on the financial health of retailers. Ruthless price wars to capture consumers ‘have exhausted the financial resources of many traditional players, who have not been able to adapt to the digitisation of the supply chain’, Euler Hermes said.
Changes In Consumer Demand
According to Euler Hermes, the retail trade must be transformed to face ‘accelerated numerical pressure and changes in consumer demands’.
In order to catch up, retailers spent around $200 billion acquiring technology companies in 2016, compared to $148 billion in 2014.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Solene Main. Click subscribe to sign up to ESM: The European Supermarket Magazine
