Recent projections indicate a significant upward trajectory in worldwide online retail sales, with an expected increase of 15.6% year-over-year. AltIndex.com, drawing on the latest data from Statista, forecasts that global e-commerce revenue will surge to $3.64 trillion in 2024.
This marks a continuation of the substantial growth observed over the previous five years, where e-commerce revenue doubled from $1.52 trillion in 2018 to $3.15 trillion in 2023. This growth trend is anticipated to persist, with predictions suggesting e-commerce revenue could reach $5.3 trillion by 2028. In the U.S. alone, the e-commerce sector is set to achieve $930 billion in sales this year, a 15% increase from the previous year, and will account for a quarter of global online retail sales.
Meanwhile, the Asian e-commerce market, driven by giants like Alibaba, AliExpress, JD.com, and Rakuten, is expected to generate $1.93 trillion in 2024. This represents a 16% growth from 2023, making up over half of the world’s e-commerce revenue. The European market is not far behind, with e-commerce revenue projected to hit $600 billion in 2024.
Electronics are anticipated to lead the way in online retail, contributing $922.5 billion, or a quarter of the total $3.64 trillion global e-commerce value. Fashion is also expected to make a significant impact, with sales projected at around $760 billion, or 20% of the total e-commerce revenue for 2024.
Alongside the impressive revenue growth, the global e-commerce landscape is also set to witness a substantial increase in its user base. An additional 300 million people are expected to engage with e-commerce platforms and apps this year, pushing the total number of users to over 3.4 billion, which equates to 42% of the global population. By 2028, the number of e-commerce shoppers is projected to exceed 4.6 billion.
E-commerce Retailers Express Optimism for 2024
Reflecting the positive forecast by Statista, a recent survey showcases an optimistic outlook among online retailers for the year ahead. The “E-commerce Business Sentiment” study, conducted by CommerceNext and Forrester Research, revealed that nearly 60% (57%) of e-commerce executives are very positive or positive about their revenue prospects for 2024. Only 21% expressed a negative outlook, highlighting the confidence pervading the sector as it continues to expand and evolve.