E-commerce is on track to break revenue records.
Total global online retail sales are expected to increase by 15.6% year over year.
Global e-commerce revenue will continue its strong growth to $3.64 trillion in 2024, up from $1.52 trillion in 2018, after surging 108% over the past five years, according to new Statista data released by AltIndex.com. It is expected to increase from $1 billion to $3.15 trillion by 2023. This trend is as follows: This trend is expected to continue until 2028, and global e-commerce revenue is expected to reach $5.3 billion.
The US e-commerce market is expected to have total sales of $930 billion this year, an increase of 15% from 2023, and account for 25% of the world's total online retail sales. However, according to data analysis by Statista, Asia's e-commerce industry, led by online retail giants such as Alibaba, AliExpress, JD. It will increase by 16% and account for more than half of the world. Global e-commerce revenue.
Statista also predicts that European e-commerce will generate $600 billion in revenue in 2024. A quarter of the $3.64 trillion in global e-commerce, or $922.5 billion, is expected to come from e-commerce, the largest online retail market. and the most profitable segment. Fashion sales are expected to bring in approximately $760 billion and account for 20% of the e-commerce market's total revenue in 2024.
In addition to impressive revenue growth of 15.6% year-on-year, the global e-commerce market is also expected to see significant user growth. Statista predicts that about 300 million more people will use e-commerce sites and shopping apps this year, bringing the total number of users to more than 3.4 billion, or 42% of the world's population.
Approximately 300 million new shoppers use e-commerce each year, and the total number of online retail customers is expected to reach more than 4.6 billion by 2028.
Survey: E-commerce retailers have an optimistic outlook for 2024
Given Statista's positive outlook for e-commerce growth, it's no surprise that another recent survey shows online retailers are underperforming. overall positive In anticipation for this year.
Nearly six in 10 (57%) e-commerce executives surveyed are very positive about their 2024 revenue outlook, according to a new E-commerce Business Sentiment study from CommerceNext and Forrester Research. or positive, of which 21% said they were in a negative mood.
