Edge by Ascential’s recent report predicts sales shifting to online for the health and beauty sector.
With department stores seeing -10.9% slide in growth, a shift to online sales for the health and beauty sector is expected. It is predicted to reach 16.5% by the end of 2020 worldwide and reach 23.3% by 2025, as per the report.
Alibaba with $43.2 billion in online beauty and health sales, will have the largest share in the market in 2020. However, Amazon follows closely, with its sales figure reaching to $28.8 billion.
Pinduoduo will be the third-largest player with a projected growth of $16.8 billion. With Amazon, investing in healthcare and Alibaba and JD.com adding third-party brands, ecommerce growth in the sector is expected to be the second-fastest.
[2 minute read]