What has the digital economy given you?
High-speed internet access, the near ubiquity of smartphones and the normalization of online payments have transformed the ways services are delivered and goods are bought and sold.
The impact of the digital economy on consumers has been seismic, offering them greater choice and more time:
Greater choice
Not so long ago, what you could buy was limited to the physical stores you had access to, and what you could watch was limited to what was on TV or at the video store — and music was only available in physical formats. And to get a cab you had to call or wait for one to appear ...
Spotify has 200m+ active monthly users3
Netflix has 139m subscribers4
Uber is available in 600+ cities, making 15m trips a day5
Waymo has driven over 10m miles on public roads and launched
its driverless-car taxi service in Phoenix U.S.6
Facebook now connects more people than any platform in history, with
over 2.7bn users across its core products7
More time
Before the digital revolution, shopping involved standing in queues, comparing prices meant trips to multiple stores and most ads you saw were probably irrelevant to you ...
You can shop 24/7 — and enjoy same-day delivery. Global e-retail
sales are forecast to hit $3.453tn in 20198
You can try out clothes via apps that use augmented reality
Comparison sites trawl all retailers to find you the best deal
Digital advertising spend outnumbered TV for the first time ever in
2017 — a trend unlikely to reverse9
With more to come
This collision of technology and convenience has already seen the digital economy revolutionize the world. And we are only at the beginning …
Projection of Global E-retail Sales from 2015 to 202110
In 2017, e-retail sales accounted for 10.2% of all retail sales
worldwide. This figure is expected to soar to 17.5% by 202111
Smartphone penetration has reached 90% for millennials in
developed markets. As they approach their peak spending years, e-commerce is likely to pick up even further12
Emerging markets will contribute approximately 900m new
internet users between now and 2022, versus about 80m
new internet users from the world’s already heavily connected
developed markets13
REFERENCES:
1. InternetWorldStats, June 2018
2. Statistica, Jan. 2018 Forecast
3. Spotify Report, Jan. 2019
4. Netflix Report, Jan. 2019
5. Business of Apps Report, Feb. 2019
6. Waymo.co.uk, March 2019
7. Statista, Jan 2019
8. eMarketer, July 2018
9. Kleiner Perkins, Internet Trends 2017, Zenith Advertising Expenditure Forecast , March 2017
10. Statista, E-Commerce 2015 - 2021
11. Statista, E-Commerce 2015 - 2021
12. Deloitte, Global Mobile Consumer Trends: second edition
13. Boston Consulting Group, Sept. 2018
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legal or tax advice.
Opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. No guarantee, warranty, or representation
is given as to the accuracy or completeness of this material. Reliance upon information in this material is at the sole discretion of the reader. This material does not contain sufficient information to
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