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eCommerce Market
Mobile Commerce
Social Commerce
Global Ecommerce
Retail Statistics
ARTICLE #11
E-commerce in 2024: Key retail statistics
eCommerce Market
Mobile Commerce
Social Commerce
Global Ecommerce
Retail Statistics
Written by:
3 Minute read
Updated on: March 7, 2024
Toni Hukkanen
Head of Design
Creative Direction, Brand Direction
Toni Hukkanen
Head of Design
Creative Direction, Brand Direction
Toni Hukkanen
Head of Design
Creative Direction, Brand Direction
E-commerce has been on an extraordinary rise, creating online shopping stores that have become irreplaceable for businesses wanting to achieve large flexibilities. Global e-commerce sales are estimated to rise by $6.33 trillion this year, and online retail is no different.
This growth is driven by higher mobile commerce, AI-generated personal shopping experiences, and social shopping on platforms like Instagram, TikTok, etc. In addition to being convenient, digital storefronts offer global consumers a 24x7 opportunity to shop.
They can also provide new technological solutions, such as augmented reality, voice search, and more, which help create engaging shopping experiences. However, with the increasing digital market trend, your business needs a stronger e-commerce presence than ever.
E-commerce has been on an extraordinary rise, creating online shopping stores that have become irreplaceable for businesses wanting to achieve large flexibilities. Global e-commerce sales are estimated to rise by $6.33 trillion this year, and online retail is no different.
This growth is driven by higher mobile commerce, AI-generated personal shopping experiences, and social shopping on platforms like Instagram, TikTok, etc. In addition to being convenient, digital storefronts offer global consumers a 24x7 opportunity to shop.
They can also provide new technological solutions, such as augmented reality, voice search, and more, which help create engaging shopping experiences. However, with the increasing digital market trend, your business needs a stronger e-commerce presence than ever.
E-commerce has been on an extraordinary rise, creating online shopping stores that have become irreplaceable for businesses wanting to achieve large flexibilities. Global e-commerce sales are estimated to rise by $6.33 trillion this year, and online retail is no different.
This growth is driven by higher mobile commerce, AI-generated personal shopping experiences, and social shopping on platforms like Instagram, TikTok, etc. In addition to being convenient, digital storefronts offer global consumers a 24x7 opportunity to shop.
They can also provide new technological solutions, such as augmented reality, voice search, and more, which help create engaging shopping experiences. However, with the increasing digital market trend, your business needs a stronger e-commerce presence than ever.
Global e-commerce trends in 2024
Global e-commerce trends in 2024
Global e-commerce trends in 2024
E-commerce is currently leading the way in becoming one of the fastest-growing industries worldwide, changing how companies do their business and how people purchase things. While businesses are building their digital presence, we will discuss some key e-commerce statistics that represent the changes and influence of the online retail market.
Growth of online retail
In 2024, e-commerce is increasing at an exponential rate. Online retail sales will make up a startling 20.1% of all retail transactions. This shows a considerable change in consumer behaviour and emphasizes how critical a strong online presence is for companies of all types.
With the global e-commerce market expected to cross the $6 trillion mark this year, companies are cashing in on the heightened demand for online shopping because of its convenience and 24/7 availability.
International market growth
The revenue generated by the global e-commerce market surpassed $5.3 trillion in 2023, with predictions indicating it will grow to above $8.1 trillion by 2026. The fast expansion is an example of eCommerce enabling brands to access a large group of hyper-urban consumers across the globe while being based in one city with 1.3 billion people – no geographic limits here.
With an increasing number of people having easy access to the Internet worldwide, online retail and cross-border selling businesses have noticed a huge increase in their sales growth.
American supremacy in the e-commerce market
In 2023, the US e-commerce market exceeded $1.1 trillion, and over 16.4% of retail transactions were made online. This demonstrates how critical the US market is to the digital commerce revolution around the world. But it also shows that businesses can seriously succeed if they target their marketing and sales at the most profitable American consumers.
Leading e-commerce giants
Amazon will remain the overall e-commerce leader, with its sales capturing 40% of all U.S. online retail in 2024. The company is also one of the leading companies internationally. Nevertheless, rivals like Walmart, eBay, and AliExpress are also trying to do their best. This demonstrates e-commerce marketing, which actually helps users select from various platforms for their online business.
E-commerce is currently leading the way in becoming one of the fastest-growing industries worldwide, changing how companies do their business and how people purchase things. While businesses are building their digital presence, we will discuss some key e-commerce statistics that represent the changes and influence of the online retail market.
Growth of online retail
In 2024, e-commerce is increasing at an exponential rate. Online retail sales will make up a startling 20.1% of all retail transactions. This shows a considerable change in consumer behaviour and emphasizes how critical a strong online presence is for companies of all types.
With the global e-commerce market expected to cross the $6 trillion mark this year, companies are cashing in on the heightened demand for online shopping because of its convenience and 24/7 availability.
International market growth
The revenue generated by the global e-commerce market surpassed $5.3 trillion in 2023, with predictions indicating it will grow to above $8.1 trillion by 2026. The fast expansion is an example of eCommerce enabling brands to access a large group of hyper-urban consumers across the globe while being based in one city with 1.3 billion people – no geographic limits here.
With an increasing number of people having easy access to the Internet worldwide, online retail and cross-border selling businesses have noticed a huge increase in their sales growth.
American supremacy in the e-commerce market
In 2023, the US e-commerce market exceeded $1.1 trillion, and over 16.4% of retail transactions were made online. This demonstrates how critical the US market is to the digital commerce revolution around the world. But it also shows that businesses can seriously succeed if they target their marketing and sales at the most profitable American consumers.
Leading e-commerce giants
Amazon will remain the overall e-commerce leader, with its sales capturing 40% of all U.S. online retail in 2024. The company is also one of the leading companies internationally. Nevertheless, rivals like Walmart, eBay, and AliExpress are also trying to do their best. This demonstrates e-commerce marketing, which actually helps users select from various platforms for their online business.
E-commerce is currently leading the way in becoming one of the fastest-growing industries worldwide, changing how companies do their business and how people purchase things. While businesses are building their digital presence, we will discuss some key e-commerce statistics that represent the changes and influence of the online retail market.
Growth of online retail
In 2024, e-commerce is increasing at an exponential rate. Online retail sales will make up a startling 20.1% of all retail transactions. This shows a considerable change in consumer behaviour and emphasizes how critical a strong online presence is for companies of all types.
With the global e-commerce market expected to cross the $6 trillion mark this year, companies are cashing in on the heightened demand for online shopping because of its convenience and 24/7 availability.
International market growth
The revenue generated by the global e-commerce market surpassed $5.3 trillion in 2023, with predictions indicating it will grow to above $8.1 trillion by 2026. The fast expansion is an example of eCommerce enabling brands to access a large group of hyper-urban consumers across the globe while being based in one city with 1.3 billion people – no geographic limits here.
With an increasing number of people having easy access to the Internet worldwide, online retail and cross-border selling businesses have noticed a huge increase in their sales growth.
American supremacy in the e-commerce market
In 2023, the US e-commerce market exceeded $1.1 trillion, and over 16.4% of retail transactions were made online. This demonstrates how critical the US market is to the digital commerce revolution around the world. But it also shows that businesses can seriously succeed if they target their marketing and sales at the most profitable American consumers.
Leading e-commerce giants
Amazon will remain the overall e-commerce leader, with its sales capturing 40% of all U.S. online retail in 2024. The company is also one of the leading companies internationally. Nevertheless, rivals like Walmart, eBay, and AliExpress are also trying to do their best. This demonstrates e-commerce marketing, which actually helps users select from various platforms for their online business.
Online shopping behaviour insights
The rise in global e-commerce has altered consumers' behaviour. They now want a seamless online e-commerce experience that is not only mobile-friendly but also accesses the global market and offers personalised services. Here are the most important online shopping insights of 2024.
Global shopping reach
The tendency of online buyers to look into overseas possibilities is a notable trend. 57% of them say they would be inclined to shop globally. This trend highlights the need for companies to streamline their e-commerce platforms for a worldwide population. Providing low-cost shipping options and more flexible payment choices will be key to driving cross-border sales. Serving international consumers allows businesses to give themselves a much larger potential audience and more markets in which they can dominate.
Cart abandonment elements
70% of consumers abandon their carts. To maximise the online purchasing experience, it is essential to understand the elements that contribute to cart abandonment. Slow shipping times and the need to create an account are the main reasons, followed by additional expenses like taxes and shipping. These elements must be smooth to maximise conversion rates and decline cart abandonment rates.
Mobile dominance
With 77% of consumers making online smartphone purchases, mobile commerce is an extensive move in e-commerce. Mobile responsive websites have also become very important as more consumers make their online purchases through mobile devices.
However, slower load times and generally complex navigation experiences on mobile have led to increased smartphone cart abandonment. Retailers must ensure smooth e-commerce growth by focusing on mobile-first design, speedy pages and frictionless experiences.
The rise in global e-commerce has altered consumers' behaviour. They now want a seamless online e-commerce experience that is not only mobile-friendly but also accesses the global market and offers personalised services. Here are the most important online shopping insights of 2024.
Global shopping reach
The tendency of online buyers to look into overseas possibilities is a notable trend. 57% of them say they would be inclined to shop globally. This trend highlights the need for companies to streamline their e-commerce platforms for a worldwide population. Providing low-cost shipping options and more flexible payment choices will be key to driving cross-border sales. Serving international consumers allows businesses to give themselves a much larger potential audience and more markets in which they can dominate.
Cart abandonment elements
70% of consumers abandon their carts. To maximise the online purchasing experience, it is essential to understand the elements that contribute to cart abandonment. Slow shipping times and the need to create an account are the main reasons, followed by additional expenses like taxes and shipping. These elements must be smooth to maximise conversion rates and decline cart abandonment rates.
Mobile dominance
With 77% of consumers making online smartphone purchases, mobile commerce is an extensive move in e-commerce. Mobile responsive websites have also become very important as more consumers make their online purchases through mobile devices.
However, slower load times and generally complex navigation experiences on mobile have led to increased smartphone cart abandonment. Retailers must ensure smooth e-commerce growth by focusing on mobile-first design, speedy pages and frictionless experiences.
The rise in global e-commerce has altered consumers' behaviour. They now want a seamless online e-commerce experience that is not only mobile-friendly but also accesses the global market and offers personalised services. Here are the most important online shopping insights of 2024.
Global shopping reach
The tendency of online buyers to look into overseas possibilities is a notable trend. 57% of them say they would be inclined to shop globally. This trend highlights the need for companies to streamline their e-commerce platforms for a worldwide population. Providing low-cost shipping options and more flexible payment choices will be key to driving cross-border sales. Serving international consumers allows businesses to give themselves a much larger potential audience and more markets in which they can dominate.
Cart abandonment elements
70% of consumers abandon their carts. To maximise the online purchasing experience, it is essential to understand the elements that contribute to cart abandonment. Slow shipping times and the need to create an account are the main reasons, followed by additional expenses like taxes and shipping. These elements must be smooth to maximise conversion rates and decline cart abandonment rates.
Mobile dominance
With 77% of consumers making online smartphone purchases, mobile commerce is an extensive move in e-commerce. Mobile responsive websites have also become very important as more consumers make their online purchases through mobile devices.
However, slower load times and generally complex navigation experiences on mobile have led to increased smartphone cart abandonment. Retailers must ensure smooth e-commerce growth by focusing on mobile-first design, speedy pages and frictionless experiences.
Social media dominance in e-commerce
Social Media platforms are revolutionising how e-commerce grows, providing direct access for companies to interact with customers and sell their products. Considering this trend, social commerce is rising as more shoppers buy products straight through their favourite social media channels.
The rise of social commerce
Social commerce was already worth nearly a trillion dollars, $992 billion, back in 2022, but its growth has only just begun, and it doesn't appear to stop anytime soon. The collaboration of social platforms with e-commerce has influenced the huge growth of both platforms. Social commerce is likely to reach $2.9 trillion by 2026.
Social feeds have now become digital storefronts where users can make purchases on the platform, whether on Instagram, Facebook, TikTok, or Pinterest. Businesses that want maximum growth and ROI must consider using social commerce to the fullest.
Expert impression
According to 49% of social commerce shoppers, suggestions from social media influencers have a major impact on consumers' purchases. In the social commerce ecosystem, influencer connections can effectively increase brand visibility and improve sales.
Understanding platform preferences
Though Facebook is the most popular site for social commerce, other networks, like Instagram, also have an important effect. Understanding platform mechanics and user preferences is important to creating efficient social commerce tactics that cater to particular audience segments.
For example, the younger audience will prefer TikTok more for discovering new products. On the other hand, the older demographic mostly does their shopping and browsing on Facebook. Creating social media strategies to suit user preferences is key to optimising social commerce.
Social Media platforms are revolutionising how e-commerce grows, providing direct access for companies to interact with customers and sell their products. Considering this trend, social commerce is rising as more shoppers buy products straight through their favourite social media channels.
The rise of social commerce
Social commerce was already worth nearly a trillion dollars, $992 billion, back in 2022, but its growth has only just begun, and it doesn't appear to stop anytime soon. The collaboration of social platforms with e-commerce has influenced the huge growth of both platforms. Social commerce is likely to reach $2.9 trillion by 2026.
Social feeds have now become digital storefronts where users can make purchases on the platform, whether on Instagram, Facebook, TikTok, or Pinterest. Businesses that want maximum growth and ROI must consider using social commerce to the fullest.
Expert impression
According to 49% of social commerce shoppers, suggestions from social media influencers have a major impact on consumers' purchases. In the social commerce ecosystem, influencer connections can effectively increase brand visibility and improve sales.
Understanding platform preferences
Though Facebook is the most popular site for social commerce, other networks, like Instagram, also have an important effect. Understanding platform mechanics and user preferences is important to creating efficient social commerce tactics that cater to particular audience segments.
For example, the younger audience will prefer TikTok more for discovering new products. On the other hand, the older demographic mostly does their shopping and browsing on Facebook. Creating social media strategies to suit user preferences is key to optimising social commerce.
Social Media platforms are revolutionising how e-commerce grows, providing direct access for companies to interact with customers and sell their products. Considering this trend, social commerce is rising as more shoppers buy products straight through their favourite social media channels.
The rise of social commerce
Social commerce was already worth nearly a trillion dollars, $992 billion, back in 2022, but its growth has only just begun, and it doesn't appear to stop anytime soon. The collaboration of social platforms with e-commerce has influenced the huge growth of both platforms. Social commerce is likely to reach $2.9 trillion by 2026.
Social feeds have now become digital storefronts where users can make purchases on the platform, whether on Instagram, Facebook, TikTok, or Pinterest. Businesses that want maximum growth and ROI must consider using social commerce to the fullest.
Expert impression
According to 49% of social commerce shoppers, suggestions from social media influencers have a major impact on consumers' purchases. In the social commerce ecosystem, influencer connections can effectively increase brand visibility and improve sales.
Understanding platform preferences
Though Facebook is the most popular site for social commerce, other networks, like Instagram, also have an important effect. Understanding platform mechanics and user preferences is important to creating efficient social commerce tactics that cater to particular audience segments.
For example, the younger audience will prefer TikTok more for discovering new products. On the other hand, the older demographic mostly does their shopping and browsing on Facebook. Creating social media strategies to suit user preferences is key to optimising social commerce.
Role of mobile commerce
Mobile commerce means purchasing products through smartphones or tablets. With consumers' increasing inclination towards mobile devices, ecommerce retailers have also started to prioritise optimising their websites and online stores for mobile use.
Revenue growth in mobile devices
By 2025, mobile commerce sales are predicted to surpass $710 billion, showing the rising value of mobile technologies in producing money for eCommerce. Businesses must prioritise mobile efficiency to take advantage of this lucrative consumer sector.
As a result of these changes, e-commerce retailers are highly focusing on smartphone strategies. Any business optimising the smartphone experience by adding features like facial recognition for secure login, mobile-friendly payment methods, and comfortable checkout processes can expect huge profits from m-commerce.
Mobile commerce means purchasing products through smartphones or tablets. With consumers' increasing inclination towards mobile devices, ecommerce retailers have also started to prioritise optimising their websites and online stores for mobile use.
Revenue growth in mobile devices
By 2025, mobile commerce sales are predicted to surpass $710 billion, showing the rising value of mobile technologies in producing money for eCommerce. Businesses must prioritise mobile efficiency to take advantage of this lucrative consumer sector.
As a result of these changes, e-commerce retailers are highly focusing on smartphone strategies. Any business optimising the smartphone experience by adding features like facial recognition for secure login, mobile-friendly payment methods, and comfortable checkout processes can expect huge profits from m-commerce.
Mobile commerce means purchasing products through smartphones or tablets. With consumers' increasing inclination towards mobile devices, ecommerce retailers have also started to prioritise optimising their websites and online stores for mobile use.
Revenue growth in mobile devices
By 2025, mobile commerce sales are predicted to surpass $710 billion, showing the rising value of mobile technologies in producing money for eCommerce. Businesses must prioritise mobile efficiency to take advantage of this lucrative consumer sector.
As a result of these changes, e-commerce retailers are highly focusing on smartphone strategies. Any business optimising the smartphone experience by adding features like facial recognition for secure login, mobile-friendly payment methods, and comfortable checkout processes can expect huge profits from m-commerce.
E-commerce frauds
While e-commerce provides the convenience of shopping from home, it also poses the possibility of numerous frauds. It can be a huge risk for businesses, especially for startups. Online retailers lost approximately $48 billion in 2023 due to various forms of fraud.
A reaction to these risks has been the significant development and increase in fraud detection and prevention tools. Spending on cybersecurity measures to protect online transactions is expected to grow from $28 billion in 2020 to over $69 billion by 2026.
These will help detect and block fraudulent activities, resulting in safer e-commerce experiences for businesses and customers. Investing in these projects has to protect businesses from financial losses and maintain customer trust.
While e-commerce provides the convenience of shopping from home, it also poses the possibility of numerous frauds. It can be a huge risk for businesses, especially for startups. Online retailers lost approximately $48 billion in 2023 due to various forms of fraud.
A reaction to these risks has been the significant development and increase in fraud detection and prevention tools. Spending on cybersecurity measures to protect online transactions is expected to grow from $28 billion in 2020 to over $69 billion by 2026.
These will help detect and block fraudulent activities, resulting in safer e-commerce experiences for businesses and customers. Investing in these projects has to protect businesses from financial losses and maintain customer trust.
While e-commerce provides the convenience of shopping from home, it also poses the possibility of numerous frauds. It can be a huge risk for businesses, especially for startups. Online retailers lost approximately $48 billion in 2023 due to various forms of fraud.
A reaction to these risks has been the significant development and increase in fraud detection and prevention tools. Spending on cybersecurity measures to protect online transactions is expected to grow from $28 billion in 2020 to over $69 billion by 2026.
These will help detect and block fraudulent activities, resulting in safer e-commerce experiences for businesses and customers. Investing in these projects has to protect businesses from financial losses and maintain customer trust.
Frequently Asked Questions
What is the ecommerce forecast for 2025?
It is estimated that by 2025, online sales will reach over $4.8 trillion worldwide, with mobile commerce and AI-powered personalised shopping playing major players in this growth.
What do you predict for the future of e-commerce during the next five years?
We expect that over the next five years, more sustainability initiatives will be taken up, and AI integration and AR/VR experiences throughout an e-commerce platform will become common to make overall customer experiences superior.
How has e-commerce affected B2B transactions?
E-commerce makes B2B transactions easier and much quicker. Automation and AI help businesses manage large-scale transactions and supply chains digitally.
Conclusion
These e-commerce key retail statistics show that any business needs to be flexible for new opportunities and changes. Providing mobile-friendly solutions is a key factor, as is using social media for sales and secure transactions for long-term success. No company can expect success in this highly volatile market without giving importance to customer experience and keeping them aligned with technology. Staying ahead of the trends and investing in security protects businesses and builds customer trust for a successful future in e-commerce.
Frequently Asked Questions
What is the ecommerce forecast for 2025?
It is estimated that by 2025, online sales will reach over $4.8 trillion worldwide, with mobile commerce and AI-powered personalised shopping playing major players in this growth.
What do you predict for the future of e-commerce during the next five years?
We expect that over the next five years, more sustainability initiatives will be taken up, and AI integration and AR/VR experiences throughout an e-commerce platform will become common to make overall customer experiences superior.
How has e-commerce affected B2B transactions?
E-commerce makes B2B transactions easier and much quicker. Automation and AI help businesses manage large-scale transactions and supply chains digitally.
Conclusion
These e-commerce key retail statistics show that any business needs to be flexible for new opportunities and changes. Providing mobile-friendly solutions is a key factor, as is using social media for sales and secure transactions for long-term success. No company can expect success in this highly volatile market without giving importance to customer experience and keeping them aligned with technology. Staying ahead of the trends and investing in security protects businesses and builds customer trust for a successful future in e-commerce.
Frequently Asked Questions
What is the ecommerce forecast for 2025?
It is estimated that by 2025, online sales will reach over $4.8 trillion worldwide, with mobile commerce and AI-powered personalised shopping playing major players in this growth.
What do you predict for the future of e-commerce during the next five years?
We expect that over the next five years, more sustainability initiatives will be taken up, and AI integration and AR/VR experiences throughout an e-commerce platform will become common to make overall customer experiences superior.
How has e-commerce affected B2B transactions?
E-commerce makes B2B transactions easier and much quicker. Automation and AI help businesses manage large-scale transactions and supply chains digitally.
Conclusion
These e-commerce key retail statistics show that any business needs to be flexible for new opportunities and changes. Providing mobile-friendly solutions is a key factor, as is using social media for sales and secure transactions for long-term success. No company can expect success in this highly volatile market without giving importance to customer experience and keeping them aligned with technology. Staying ahead of the trends and investing in security protects businesses and builds customer trust for a successful future in e-commerce.
ARTICLE #11
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