THE global e-commerce logistics market last year shrank by 5 per cent but is expected to moderate and grow by 7.9 per cent in 2023, according to market research consultancy Ti Insight.
In its latest report "Global E-commerce Logistics 2023" Ti's data reveals that the e-commerce logistics market shrank in 2022 due to slowing demand, as well as the effects of the war in Ukraine, inflation, disrupted global supply chains and depressed consumer spending.
However, this should not detract from the fact e-commerce remains firmly entrenched in buying behaviours, and the market remains larger than pre-pandemic.
The report shows that the market is expected to grow by 7.9 per cent in 2023 as e-commerce continues on its long-term growth trajectory.
Paul Chapman, Ti's senior editor, said: "The e-commerce logistics market experienced a significant spike in growth during Covid lockdown. These figures should therefore be viewed as a rebalancing of demand, as opposed to anything negative.
"Indeed, the e-commerce logistics market is ahead of where it was in 2019 by some measure. eCommerce sales, the main driver of demand, remains higher than pre-Covid levels, as pandemic buying behaviours continue to influence consumer spending choices and eCommerce volumes subsequently grow from a higher base than pre-pandemic, despite a slowing global market and conflict in Europe."
Other highlights in the reports shows: In the face of a softer macroeconomic outlook, the market is expected to recover its 2022 losses, reaching a value of EUR451.24 million (US$478.27 million); North America's e-commerce logistics market has surpassed Asia Pacific, and is now the largest, with a value of EUR162,46 million.