Today, e-commerce accounts for almost $1 trillion in annual retail sales in the US, or 13% of the total retail industry. On a global level, e-commerce is now worth $5 trillion.

Beyond well-known market hegemons like Amazon and Alibaba, tremendous growth in e-commerce throughout the 2010s propelled the rise of many big winners in the tech stock market.

Then, in 2020, Covid-19 caused seismic shifts in digital commerce, forcing near-total reliance on digital and online retail.

This exacerbated the existing shift to digital commerce, driving tech stock growth. It also drove a wave of mega capital raises, as venture capital and growth equity firms were flooded with large amounts of dry powder to spend on high-growth, highly successful Covid plays.