ECDB: Global E-commerce Market in 2024

The global e-commerce market will reach $5.14 trillion in 2024, growing 15% annually since 2019

Global e-commerce revenue will exceed Japan’s GDP in 2024 and India’s GDP in 2028.

By 2024, the global e-commerce market will grow at a rate of more than 10%, outpacing the global economy and global retail industry.

Global e-commerce revenue is expected to grow by $490 billion in 2024, breaking the $5 trillion growth threshold for the first time in history. Although the 10.4% growth rate is lower than the average growth rate in recent years, the e-commerce market is still growing three times faster than the global economy and twice as fast as the overall retail market.

The revenue growth was driven by three factors: the growth of the retail market, inflation, and the shift from offline to online business. Global retail sales grew by 4%, global inflation is estimated to be slightly above 5%, and the shift to online business contributed an average of 1%-2% to e-commerce growth.

The low double-digit growth rate indicates that the e-commerce market is heading towards normalization in line with pre-COVID-19 growth rates. In 2020 and 2021, COVID-19 drove high growth in online business behind offline retail. After a brief period of low growth in 2022 and 2023 after COVID-19, the industry returns to its previous growth path.

The U.S. e-commerce market is entering a growth normalization phase after four years of strong growth fluctuations.

After a brief downturn following the coronavirus pandemic, global e-commerce growth rates are once again outpacing global retail growth rates.

The importance of e-commerce to the overall retail market continues to grow, with online retail share approaching 20%

The Chinese and US e-commerce markets are expected to grow faster than Europe by 2028, but will still be outpaced by the rest of the world.

Asian countries account for eight of the 10 fastest-growing e-commerce markets, with Indonesia set to grow by more than 30% through 2024.

China and the United States are by far the largest e-commerce markets, accounting for more than 2/3 of the global e-commerce industry.

Fashion and electronics remain the largest e-commerce markets worldwide, accounting for almost half of all revenues.
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