The Internet retail service has gone global.
E-commerce is experiencing crazy growth worldwide as we move into 2024. This is why people from everywhere are enjoying the ease and variety it offers. That boom is transforming economies—and our shopping habits—for good.
Here, I will share the essential stats, facts, and trends that demonstrate where online retail is right now and where it will go from here.
Worldwide E-commerce Sales Will Reach More than $6 Trillion.
We first need to get the bird's eye view before getting a little closer.
According to experts, global e-commerce sales worldwide are expected to reach $6.09 trillion at the end of 2024.
That big number is an 8.4% increase from 2023. To contextualize this large-scale expansion, if global e-commerce were a country, it would have the third-largest GDP in the world, behind only the US and China.
If $6 trillion sounds big to you, wrap your jaw around this projection: global online shopping expenditure may reach $8 trillion annually by 2028. I had to read that stat several times before I accepted it.
E-commerce is a bona fide mammoth changing economy around the world. It would be silly not to go online in your business.
Annual Growth Remains Strong
Okay, not only is the global e-commerce market size downright bonkers huge, but its year-on-year growth never fails to bang out huge as well.
This motherfucker just continues to go up and it feels like there is not even a top in fucking sight.
Between 2022 and 2024, global e-commerce revenue amounted to US$5.53 trillion (growth of 6.0%), US$6.07 trillion (increase of 9.7%) and US$6.57 trillion (rise of 8.4%) respectively.
That's some steady increase with good old-fashioned snail's pace style there. Not one of those fake hype growth spikes. Traditional, sustained growth with very little flash.
But with an eye toward the future, analysts believe that the annual growth between 2022 and 2028 will be approximately 7-8%.
The takeaway is that the growth is still long for any e-commerce entrepreneur or brand with wits and drive. The gold rush of online shopping goes on.
Asia-Pacific Leads the Pack by Far
When you break this down by region though, Asia-Pacific is dominating the e-commerce scene. It is projected to generate $3.2 trillion in e-commerce revenue in 2024.
The real MVP here is China.
China is home to the largest e-commerce market in the world and accounts for more than 60% of Asia-Pacific's online retail dollars. Now, Chinese shoppers spent a whopping $1.95 trillion online in 2023, alone! Mind-blowing.
Second to only Asia, North America is expected to reap an impressive $1.1 trillion in e-commerce sales by 2024. The lion's share of these gains are coming from the US.
Europe takes third place with $948 billion in projected 2024 online retail revenues. However, it is failing to catch up with the growth of North America and Asia-Pacific.
Thus, if companies are going to go global with their business efforts the idea of primarily focusing on China and the US makes sense right off the bat. Also consider hot markets like Latin America, though.
Mobile Commerce Is a Game Changer
Online shopping was never the same after mobile.
In fact, global mobile e-commerce sales will be more than $2 trillion by 2024. That being said, most of this is coming out of Asia but mobile has made its rounds globally.
In China, a whopping 79.1% of ecommerce happens on mobile. Chinese consumers started mobbing years before the West did.
That’s why, mobile retailers need to optimize it stick or the ghetto. Don't underestimate the tiny screens, challenging typing and very short attention spans.
But no worries, companies like edvido.com got retailers covered for killer mobile experiences. With their global talent network, any merchant can build dope mobile shops.
Billions of Shoppers Hitting Up E-commerce Worldwide
According to the stats, purchasing stuff online will be made by 2.71 billion people worldwide in 2024 only.
Let that sink in for a moment. One out of every three people on the planet will shop for goods and services using the internet this year. That number only continues to rise every passing year as more people gain access to the internet.
Today, more e-commerce users and purchasing power exist in Asia-Pacific and Europe than in other regions. However, in the Middle East, Latin America and Africa growth is shooting up at an astonishing pace as well. With a wifi signal available, any place on earth is now fertile ground.
And for merchants, this cavernous growing pool of online customers allows hyper-targeted digital marketing campaigns. Invent some modern merchandising voodoo (personalized ads, keyword precision targeting) and infiltrate those on the freaking worldwide level.
Retail E-commerce Share Soars
Forecasts indicate e-commerce will represent 24% of all global retail sales by the year 2027. Context, for 2019 ecommerce was crawling around at a mere18% market share. That is a hell of a come-up.
In other words, e-commerce matures its way into online spaces that used to be dominated only by offline-based grocery and consumables businesses. Now it feels like e-commerce is going to conquer it all. Online retailers will take anything these days.
Firstly, to demonstrate how this takeover looks; the global e-commerce market size is anticipated to usurp the GDPs of complete nations. It is expected to surpass Japan's GDP in 2024 and India in 2028. Just bonkers reach and scale -
Ecommerce will be ubiquitous when buying stuff whatever demographic you fall into moving forward. Businesses that do not take to the Internet seem destined for a retail graveyard sooner rather than later.
Unlike the post-Covid era, global online shopping is taking off through 2024 and beyond. Tech-savvy customers seemed to have spread like wildfire, and you don’t want to miss it!’[
For bold brands, the options are limitless across all regions and product categories. Now is the time to jump on that e-commerce wave before that ship has sailed.
This is where companies gain an advantage by working with experienced digital agencies. They are opening contacts to e-commerce specialists in dev, marketing, operations and other areas via their platform - Edvido. Check us out at edvido.com to discover partnerships designed for your business.
