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Global ecommerce revenue has doubled in five years despite challenges such as supply chain disruptions, inflation, and rising digital advertising costs, and changing consumer behavior.
Data from AltIndex.com reveals that, the global ecommerce industry is expected to gross a whopping $3.64 trillion in 2024, or 15.6% more than last year. global ecommerce revenue spiked by 108% in five years, growing from $1.52 trillion in 2018 to $3.15 trillion in 2023.
Technologies such as artificial intelligence (AI), voice search, augmented reality (AR), and virtual reality (VR) have wiped off the differences between online and offline retail, turning ecommerce into the number one choice for hundreds of millions of people worldwide. As the popularity of shopping apps and online shops continues to rise, so do the market revenues.
According to a Statista survey, global ecommerce revenues are expected to jump by 15.6% year-over-year, almost 5% more than last year and hit $3.64 trillion in 2024. One-quarter of that value, or $922.5 billion, will come from electronics sales, the market`s largest and highest-grossing segment. Fashion sales will bring in around $760 billion, making 20% of total market revenue this year.
In global comparison, Asia, home to e-commerce giants Alibaba, AliExpress, JD.com, and Rakuten, remains the absolute leader in total sales revenue. Statista expects the Asian market to gross $1.93 trillion in 2024, 16% more than last year, accounting for more than half of global e-commerce revenue.
Although the United States is home to the world`s largest ecommerce company, Amazon, the US ecommerce industry is still far behind Asian countries in ecommerce sales. According to Statista, the US market will gross $930 billion this year, 15% more than in 2023, and make 25% of the world`s total. The European ecommerce industry follows with $600 billion in revenue in 2024.
Besides an impressive 15% revenue growth, the ecommerce market will also see a considerable user increase. Statista expects around 300 million people to flock to web shops and shopping apps this year, pushing the total user count to more than 3.4 billion, or 42% of the world`s population.
With roughly 300 million shoppers flocking to ecommerce each year, the total number of users is expected to hit over 4.6 billion by 2028.
The full story and statistics can be found here: https://altindex.com/news/global-ecommerce-rise
