Nowadays, there are plenty of ways to promote and sell products and services. Companies worldwide are setting up online shopping platforms for their customers. With this, the availability of products and services online contributed to the tremendous success of the global ecommerce market.
Consumers worldwide are always looking for convenient yet affordable means to shop. This is why the global e-commerce market continues to thrive. Whether you’re a frequent online shopper or an ecommerce store owner, being updated with overall ecommerce statistics is crucial.
In this article, we will give you 40 of the most important e-commerce statistics that could shape the global ecommerce market. These stats, projections, and trends are derived from global data. Other projections could also show experts’ insights between 2024 and 2028. Read more to learn more.
What is ecommerce?
Ecommerce is basically defined as buying and selling goods and services online, usually through the internet. Business owners have the option to promote and sell products exclusively online or set up an online platform to expand their businesses.
Ecommerce stores can be accessed through different devices such as computers, tablets, and smartphones.
What makes ecommerce popular?
Before we dive into the important ecommerce growth statistics of 2024, let’s look at the reasons why ecommerce has maintained its immense popularity throughout the years.
It offers personalized, tailored shopping experiences.
The modern internet’s ability to track consumer behavior and online activities help ecommerce stores create ads to fit the interests of each market. Thanks to algorithms, websites and social media platforms can launch sponsored ads that help businesses to reach customers worldwide.
Because, let’s be real, nothing’s better than a business that knows our wants and needs. And ecommerce has effectively mastered it.
About 90% of the global population have smartphones.
Statistics show that there are approximately 7.21 billion smartphones in the world. With the availability of Wi-Fi, LTE, and 5G connections, people tend to spend more time on their phones.
This habit has influenced businesses to provide shopping experiences that are accessible online via smartphones. Keep reading to discover how global mobile ecommerce has a bright future ahead.
It has more extensive retail options.
Another important reason why ecommerce is popular is the extensive range of options. Instead of going to different malls to shop at physical stores and boutiques, ecommerce sites can showcase hundreds and thousands of brands.
For example, an ecommerce site that specializes in clothing features 50 different fashion brands that customers can choose from.
It is convenient.
Skip the hassle of driving or commuting to your favorite malls because ecommerce can help consumers purchase their needs and wants in just a few clicks. Ecommerce stores have accessible apps which customers can install on their phones, tablets, and other compatible devices.
These devices are usually handy, so customers can shop on the go.
According to Statista, there are 5.17 billion social media users in the world. With millions online in every nanosecond, there’s an equally huge possibility that they are using social media. The emergence of channels like Facebook Marketplace, Instagram Store, and Tik-Tok Shop encourages business owners to integrate ecommerce into social media sites.
When people make an online purchase, it is so much easier to do it while browsing their social media pages and accounts. This practice reinforces convenience and innovation.
Discover the factors that drive growth in the online shopping market with these 40 ecommerce statistics in 2024.
General ecommerce statistics: The global ecommerce market continues to grow with online shoppers contributing to sales and promotions.
1. In 2021, global ecommerce sales reached $5.2 trillion.
The ecommerce revenue soared high in 2021, with huge amounts of online orders successfully processed and paid. 2021 was also the year when new stores emerged with a better online presence, and promotions emerged.
Known for its powerful workforce and advanced technology and infrastructure, China has always been on top of the e-commerce game. China is home to the biggest manufacturing companies and factories that produce millions of goods under different categories.
3. Over 2.54 billion people worldwide purchased goods online in 2023.
Online marketplaces recorded the highest ecommerce sales in 2023. This was an impressive response to the experts’ predicted average annual rate of 17.9% from 2014 to 2023.
4. Grocery ecommerce is expected to increase by 2027.
Purchasing groceries online is both convenient and practical, and industry experts predict its continuous growth. The grocery ecommerce market in the United States is expected to be worth $341.5 billion by 2027 after a 14.6% year-on-year increase.
5. There are 26.5 million active ecommerce websites in the world right now.
The competition to sell products and services online in 2024 heats up with more and more businesses opening online shops that can be easily accessible by their target consumers.
2022 was a huge year for Amazon, as the Bezos-led company was able to rank first in the top online retailers in the U.S. In the third quarter of the same year, the company also generated nearly $514 billion in revenue.
7. 78% of consumers shop online for convenience.
It’s no surprise that convenience is the top priority of consumers when shopping. This is based on a study conducted by Linnworks, where respondents shared that they prioritize convenience even more now than before the Covid-19 restrictions took place.
8. In the U.S., 51% of consumers shop online more than once a month.
Americans’ frequent online shopping habits are among the top contributors to ecommerce sales in the United States. Ecommerce statistics for 2024 found that more than half of the U.S. population shop online more than once a month.
9. India’s ecommerce market value is expected to reach $350 billion by 2030.
Economic survey for 2023 – 2024 estimates the market value of the Indian e-commerce industry to cross a whopping $350 billion (or higher) by 2030.
In addition to this, India’s ecommerce is also expected to surpass other ecommerce market giants like the UK and South Korea in terms of post-pandemic revenue growth.
10. Global ecommerce sales are projected to reach $8.1 trillion in 2026.
The global ecommerce sees no sign of stopping, with experts predicting a staggering 56% growth over subsequent years.
China delivers an impressive contribution to global ecommerce growth.
11. In 2022, Chinese ecommerce giant Alibaba was the largest ecommerce retailer in the world.
Alibaba dominated the global retail market in 2022 with a market cap of $233.22 billion.
12. China’s ecommerce market is expected to reach $2.1 trillion in 2027.
The availability of mobile apps for online shopping is expected to cause an increase in the market share of online retail ecommerce and other shopping options in China.
Mobile ecommerce is among the fastest-growing sectors that influence various platforms to create better customer experiences.
13. In the last 6 months, over 79% of consumers purchased online using a mobile device.
According to the latest mobile ecommerce statistics, a vast majority of consumers use a mobile device to access ecommerce sites and purchase goods.
14. 85% of online shoppers in the U.S. prefer to shop using an ecommerce mobile app rather than its mobile website.
Americans have at least one ecommerce app installed on their smartphones. So, it’s not surprising to know that they prefer the more convenient apps when they want to make an online purchase.
Ecommerce apps are known for convenience and ease of access that consumers love.
15. 58% of consumers will choose an online store that remembers them and their purchase history.
Record keeping matters in the ecommerce world. Consumers tend to prefer online stores that keep the history of their purchases, remember important personal and shopping information about them, and welcome them every visit like a VIP.
16. M-commerce sales in the U.S. amounted to $491 billion in 2023.
Experts project this figure to grow almost twofold, amounting to approximately $856 billion by 2027.
17. Even with the continuing rise of mobile shopping, the average cart abandonment rate is still as high as 72.23%.
A study also found that instances of cart abandonment are slightly higher when using mobile devices (80.79%) than with a computer (73.93%).
18. 17.8% of retail e-commerce sales in 2022 came from mobile commerce platforms.
While ecommerce companies in different countries all over the world are recovering from the impacts of the pandemic, consumers have become more interested and comfortable in shopping using mobile ecommerce platforms.
Ecommerce sites can still improve this, as 39% of consumers still expect a response or resolution to their complaints within 60 minutes.
Live chat plays an integral role in social commerce statistics. Customers prefer its simple and straightforward interface when seeking support.
Live chats are designed to be 100% convenient and accessible to consumers 24/7 with auto-replies and knowledge bases paving the way to self-service customer support.
This figure is still projected to grow by almost 10.6% by 2027, which is equivalent to over 118 million Americans shopping through social networks.
These three countries recorded the highest number of consumers that purchase from social networks. Thailand tops with 88%, followed by India and UAE (86%), and China (84%).
Undoubtedly one of the most game-changing tech discoveries ever, more than a quarter of global consumers picked Facebook as their go-to social network for online shopping.
Reviews, product recommendations, and interactive media influence the amount of online sales.
24. According to 81% of consumers, they trust online reviews as much as personal recommendations.
Reviews are crucial parts of every business, and the same goes for ecommerce sites. In fact, customer feedback bears so much value that consumers trust them as much as the recommendations that come from actual people.
25. 49% of online purchases come from consumers who did not intend to buy until they received personalized product recommendations.
Whether it’s from special promotions or influencers, personalized recommendations can encourage consumers to purchase products without prior intention or plan.
This data gives an opportunity for ecommerce stores to come up with creative and innovative ways to promote and sell their products to a bigger market.
In connection with the ecommerce stat above, unique multimedia experiences can also help consumers with their purchasing decisions.
Photos and videos that showcase a product’s actual appearance, as well as special features and specifications are the most common materials that businesses use to reach potential customers and increase sales.
Current statistics that shape the B2B ecommerce and B2C ecommerce industries.
27. B2B ecommerce sites in the U.S. are expected to hit $2.472 trillion by 2026.
Businesses have a constant need to introduce and reintroduce products to ensure that their brands will be known. B2B enables businesses to do these and convert enterprises and people into loyal customers.
Experts see this as a never-ending cycle, and its enormous development is predicted.
28. In 2022, B2C ecommerce sales reached $3.468 trillion in the Asia-Pacific.
Ecommerce stores in APAC hit it big in 2022, raising awareness for different brands and penetrating multiple markets with simple yet effective strategies.
29. B2C ecommerce sales in Africa and the Middle East are projected to hit $168.8 billion by 2027.
Better marketing opportunities, along with a wider range of convenient payment methods, will pave the way for these regions to garner higher B2C ecommerce sales by 2027.
Consumer behavior is still one of the most important factors that businesses should master to improve total retail sales.
30. Free shipping is an incredible game-changer for 68% of consumers.
Providing free shipping vouchers and promos is a winning strategy for ecommerce stores. More than half of online shoppers stated that they tend to abandon their carts because of additional fees like taxes and shipping.
31. Non-optimized online retail experience can result in an estimated 70.19% of abandoned online shopping carts.
In this age of information, consumers tend to pick stores that offer optimized shopping experiences. Hence, a huge percentage of consumers abandon their shopping carts if the store fails to deliver convenient access to all the tabs and features that consumers need.
Missing return policies, lack of easy payment options, and slow responses to common questions are just a few of the areas that ecommerce stores need to optimize to satisfy their consumers.
32. Requiring new customers to create an account? Around 25% of them would rather abandon their carts.
Shopping accounts can be beneficial for both the seller (promotions) and the buyer (order updates). However, requiring customers to sign in and create a shopping account isn’t the best idea for some.
33. Slow shipping and delivery times are deal-breakers for 24% of consumers.
It’s not uncommon for shipping and delivery to be delayed, especially during peak seasons or calamities. Make sure that you allot a bit of allowance when it comes to estimated delivery times because it frustrates some customers.
Others even consider slow shipping and delivery times as ultimate deal-breakers.
Fraud statistics could encourage ecommerce companies to invest in fraud detection efforts.
34. The average cost of a loss in an ecommerce scam is $101.
From credit card fraud to phishing, the ecommerce sector has always been exposed to financial risks that could cause millions and billions worth of losses. The current average cost of a loss in an ecommerce scam is a subtle (yet still significant) increase from last year’s $96.
35. Losses amounting to $41 billion hit the ecommerce market in 2022.
Ecommerce retailers suffered major losses in 2022, when scammers targeted ecommerce stores and other businesses that offer online purchasing and payment options.
Ecommerce trends and projections that could shape the future of every ecommerce business in 2024.
36. The ecommerce sector is expected to have an annual growth rate of 8.8% in 2024.
EMarketer predicts another successful and productive year for the ecommerce sector with an impressive growth rate that could be equal to $6.3 trillion globally.
37. 23% of retail purchases are expected to take place online by 2027.
A boom in retail ecommerce sales will also be possible with an expected rise in online purchases. Online shopping is predicted to change the ecommerce game, breaking the early notion that it is only a “trend” that will come and go.
38. Experts predict the global ecommerce market size to $14.66 billion in 2024.
The global ecommerce market size continues to exhibit remarkable growth and is expected to reach almost $15 billion in revenue this year.
39. The ecommerce fraud detection and prevention market is expected to reach over $100 billion by 2027.
Losses can be prevented with excellent fraud detection and prevention technologies. With the experts’ prediction of more possible losses this year due to fraud, business owners are expected to invest more in fraud detection and prevention strategies.
40. The global ecommerce market is predicted to reach a total of over $7.9 trillion by 2027.
This is a significant increase from the $5.8 trillion in 2023.
Make the processing of online orders easier for you and your customers.
We hope that these essential ecommerce stats can help you improve your business. With the industry continuously growing, it’s always best to adapt to the changing demands of your market to secure your competitive edge.
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