September 2024

Mohammad Anas Wahaj | 17 sep 2024

Ecommerce is a necessity for global businesses. Studies show that there will be 2.71 billion online shoppers in 2024. Global ecommerce has its own challenges and strategic requirements that need to be addressed by businesses to succeed in diverse markets. According to estimates B2B ecommerce will reach US$ 36 trillion by 2026 and B2C ecommerce will reach US$ 5.5 trillion by 2027. Global ecommerce reached US$ 4.8 trillion in 2023 and by 2027, about 23% of total retail sales will happen online. SOME TOP GLOBAL ECOMMERCE STATISTICS - Latin American countries (LATAM) will continue to adopt ecommerce in coming years and will see a 22% growth between 2023 and 2026 - accumulating more than $700 billion in total combined online retail sales; Philippines' ecommerce market is the fastest-growing in the world, with a 24.1% growth in sales in 2023; Almost half of US shoppers plan to spend more online in 2024; As of January 2024, the average conversion rate across ecommerce sites was 1.88%, a 0.14% increase from the previous year; The global B2C ecommerce is expected to reach US$ 9 trillion by 2032; Social commerce is poised to grow at a CAGR of 30% from 2023 to 2030; 89% of retailers foresee an increase in revenue between 1% and 9% for 2024; 47% of leaders indicated ecommerce profitability is a primary driver of operating margin increases in 2024; 97% of companies globally reconfigured their supply chains in 2023; Shipping rates saw a 193% rate increase since October 2023; 46% of retail respondents expect AI to enhance end-to-end supply chain visibility; Foreign direct investment in North America has grown by 134% since 2020. GLOBAL ECOMMERCE TRENDS TO WATCH - Global inflation pressures (57% of consumers are worried about inflation); More consumers will shop on their smartphones (Some forecasts mobile commerce to reach US$ 558 billion in 2024, accounting for 7.6% of total retail sales and global mobile commerce market was worth US$ 2.2 trillion in 2023); A new mix of marketing channels (Social commerce, live shopping/livestreaming commerce, connected TV advertising); A slowly stabilizing supply chain; Faster deliveries for everyone, no matter where the customer is; Online returns are growing with ecommerce; Improving workforce management with AI (41% of retailers aim to improve workforce management using AI in 2024); Growing sales in China (market s estimated to be worth US$ 1.43 trillion in 2024), APAC (estimated market size of US $4.2 trillion in 2024) and India (market size will reach US$ 111 billion by 2024). Read on...

Shopify: Global Ecommerce Statistics: Trends to Guide Your Store in 2025
Author: Michael Keenan

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