Key Takeaways
- Global e-commerce sales reached $5.8 trillion in 2023, accounting for 19% of total retail sales worldwide.
- The e-commerce market is projected to grow to $8.1 trillion by 2026, with a CAGR of 10.2% from 2022-2026.
- B2C e-commerce sales worldwide are expected to hit $4.8 trillion in 2023, up 8.9% from 2022.
- 57% of consumers prefer buying online over in-store in 2023 surveys.
- Average online shopper makes 44 purchases per year globally.
- 78% of online shoppers use mobile devices for purchases.
- Amazon holds 37.6% of US e-commerce market share in 2023.
- Walmart e-commerce sales grew 24% to $100 billion in 2023.
- Shopify powered 10% of US e-commerce sales in 2023.
- Mobile commerce sales $2.2 trillion globally 2023.
- 72% of consumers prefer m-commerce over desktop.
- AI chatbots handle 70% of customer queries.
- Global e-commerce to reach $8.1T by 2026.
- E-commerce share of retail to hit 24.5% by 2027.
- M-commerce to account for 62% of e-commerce by 2027.
Global e-commerce is a multi-trillion dollar industry growing rapidly worldwide.
Consumer Behavior
- 57% of consumers prefer buying online over in-store in 2023 surveys.
- Average online shopper makes 44 purchases per year globally.
- 78% of online shoppers use mobile devices for purchases.
- Millennials represent 45% of global e-commerce spend.
- 62% of consumers abandon carts due to high shipping costs.
- 55% of shoppers research products on social media before buying.
- Female consumers account for 55% of e-commerce purchases.
- Gen Z spends 25% more on e-commerce than average.
- 70% of consumers expect free shipping on orders over $50.
- Impulse buying accounts for 40% of e-commerce sales.
- 81% of shoppers do online research before in-store purchase.
- Returning customers spend 67% more than new ones.
- 75% of US consumers returned to trusted online stores post-pandemic.
- Average cart abandonment rate is 69.99% globally.
- 48% of shoppers use buy now pay later (BNPL) services.
- Personalized recommendations influence 80% of purchases.
- 67% of consumers are loyal to brands with sustainable practices.
- Voice commerce purchases expected to reach $40 billion by 2025.
- Desktop still accounts for 55% of e-commerce traffic.
Consumer Behavior Interpretation
Future Projections
- Global e-commerce to reach $8.1T by 2026.
- E-commerce share of retail to hit 24.5% by 2027.
- M-commerce to account for 62% of e-commerce by 2027.
- Social commerce projected at $2.9T by 2026.
- BNPL market to grow to $3.3T by 2027.
- Metaverse commerce sales $800B by 2028.
- Sustainable e-commerce to dominate 70% by 2030.
- Cross-border e-commerce to $2T by 2030.
- AI-driven e-commerce revenue +$300B annually by 2025.
- Drone deliveries to handle 10% of urban e-commerce by 2030.
- Live commerce global sales $3T by 2026.
- Web3 e-commerce to $1.1T by 2030.
- Voice commerce $160B by 2027.
- Grocery e-commerce 20% of total by 2027.
- Fashion e-commerce $1.2T by 2027.
Future Projections Interpretation
Market Size & Growth
- Global e-commerce sales reached $5.8 trillion in 2023, accounting for 19% of total retail sales worldwide.
- The e-commerce market is projected to grow to $8.1 trillion by 2026, with a CAGR of 10.2% from 2022-2026.
- B2C e-commerce sales worldwide are expected to hit $4.8 trillion in 2023, up 8.9% from 2022.
- Online retail sales in the US alone totaled $1.03 trillion in 2023.
- E-commerce penetration rate globally stood at 19.1% of total retail in 2023.
- The fashion e-commerce segment generated $759 billion in revenue in 2023.
- Electronics e-commerce sales reached $1.2 trillion globally in 2023.
- Grocery e-commerce sales grew to $250 billion worldwide in 2023, up 15% YoY.
- Asia-Pacific region dominated with 50% of global e-commerce sales in 2023.
- E-commerce market in China hit $2.1 trillion in 2023.
- Europe's e-commerce sales reached $800 billion in 2023.
- Latin America's e-commerce market grew 25% to $150 billion in 2023.
- Middle East & Africa e-commerce sales at $50 billion in 2023, CAGR 20%.
- US e-commerce CAGR projected at 9.5% through 2027.
- India's e-commerce market valued at $100 billion in 2023, expected to reach $350B by 2026.
- 65% of global population now shops online as of 2023.
- E-commerce contributed $4.9 trillion to global GDP in 2022.
- Cross-border e-commerce sales hit $785 billion in 2023.
- Subscription e-commerce revenue at $120 billion globally in 2023.
- Social commerce sales reached $992 billion worldwide in 2023.
- Global e-commerce sales reached $5.8 trillion in 2023, accounting for 19% of total retail sales worldwide.
- The e-commerce market is projected to grow to $8.1 trillion by 2026, with a CAGR of 10.2% from 2022-2026.
- B2C e-commerce sales worldwide are expected to hit $4.8 trillion in 2023, up 8.9% from 2022.
- Online retail sales in the US alone totaled $1.03 trillion in 2023.
- E-commerce penetration rate globally stood at 19.1% of total retail in 2023.
- The fashion e-commerce segment generated $759 billion in revenue in 2023.
Market Size & Growth Interpretation
Sales Channels
- Amazon holds 37.6% of US e-commerce market share in 2023.
- Walmart e-commerce sales grew 24% to $100 billion in 2023.
- Shopify powered 10% of US e-commerce sales in 2023.
- Marketplace sales represent 60% of global e-commerce.
- Direct-to-consumer (DTC) brands sales hit $200 billion in 2023.
- Alibaba Group generated $1.2 trillion GMV in 2023.
- eBay's gross merchandise volume was $73 billion in 2023.
- Social commerce on Instagram and Facebook drove $50B sales.
- TikTok Shop sales reached $20 billion globally in first year.
- Amazon Prime members spend $1,400 annually on average.
- 45% of e-commerce sales via mobile apps in 2023.
- Email marketing drives 20% of e-commerce sales.
- Search engines account for 36% of e-commerce traffic.
- Affiliate marketing contributes 16% to e-commerce revenue.
- Livestream shopping sales hit $500 billion in China 2023.
- 30% of e-commerce from independent websites.
- Etsy sales volume $13.2 billion in 2023.
Sales Channels Interpretation
Technology Adoption
- Mobile commerce sales $2.2 trillion globally 2023.
- 72% of consumers prefer m-commerce over desktop.
- AI chatbots handle 70% of customer queries.
- AR/VR used in 25% of fashion e-commerce trials.
- Blockchain for supply chain in 15% of top retailers.
- Progressive web apps (PWAs) boost conversions by 20%.
- 5G adoption to increase m-commerce speed by 10x.
- Voice assistants used by 35% of smart speaker owners for shopping.
- Headless commerce adopted by 29% of enterprises.
- Composable commerce grows at 45% CAGR.
- 80% of retailers use cloud for e-commerce platforms.
- Machine learning personalization lifts sales 15%.
- IoT integration in logistics reduces delivery time 30%.
- NFC payments used in 40% of contactless transactions.
- RPA automates 50% of e-commerce back-office tasks.
- Edge computing cuts latency for e-commerce by 50ms.
Technology Adoption Interpretation
Sources & References
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