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The Tech Sector is Not All the Same: What You Should Know Right Now
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O Shares | Benzinga
benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
In the recent webcast,
Kevin O’Leary: Investing in Companies Leading Digital Innovation, Kevin O’Leary, Chairman, O’Shares ETF Investments; and Connor O’Brien, CEO and President, O’Shares ETF Investments, argued that investors are ill-prepared for the economy of the next decade as not every industry and company will be impacted equally by the upcoming digital transformation.
The digital transformation of the economy is already underway. For example, U.S e-commerce sales have grown to $788 billion in 2020, compared to $518 billion back in 2018. The cloud computing market has already grown to $100 billion without any signs of slowing down. Software-as-a-service revenue is projected to expand to $253 billion by 2024, compared to just $56 billion back in 2015.
Key Highlights:
By necessity, the unique challenges presented by the COVID-19 pandemic forced consumers and businesses alike to adapt to an online shopping environment.
Before COVID-19, e-commerce was already growing in the top two markets, China and the US, as people became more comfortable buying goods and services online. In 2020, the pandemic significantly catalyzed changes in this space.
A June survey by e-commerce platform
Shopify (SHOP CN) found that 60% of North American shoppers had shifted more of their spending online from March to June 2020 relative to their habits before the crisis. In addition, 53% of those surveyed said that the pandemic had changed how they will shop in the future.
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