As eCommerce continues to experience rapid growth, businesses must adapt to emerging trends to stay ahead in the competitive landscape. Mobile commerce, social commerce, and voice commerce are some of the key trends shaping the industry. We've curated the freshest and most compelling eCommerce growth statistics that paint a vivid picture of the current landscape. Get ready to be inspired, informed, and intrigued by the fascinating statistics that define the e-retail landscape right now. Let's dive in and take a look at the statistics that could reshape the way we perceive the digital marketplace!
How do we collect this data?
In order to gather accurate eCommerce growth statistics, we meticulously collect and analyze data from multiple reliable sources such as Forbes, Statista, Hostinger, and many more. This ensures the accuracy and reliability of the data we present.
16 eCommerce growth statistics
Now, let's dive into the 16 latest eCommerce growth statistics of 2024. These figures shed light on the current state and future prospects of the ever-expanding online retail industry.
- Global data shows retail eCommerce sales declined to 6.5% in 2022 after reaching 25.7% during the pandemic in 2020. Those sales accounted for about 19% of all global retail sales. It’s likely those numbers will continue to grow year after year. And, so far, in 2023, eCommerce sales have grown by 8.9%. [Source: Helpscout]
- 58% of social commerce users are millennials. Several countries, including Singapore, Indonesia, and Argentina, have shown the highest sales growth in 2022. [Source: Hostinger]
- Revenue in the eCommerce Market is projected to reach US$3,567.00bn in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.95%, resulting in a projected market volume of US$5,026.00bn by 2028. [Source: Statista]
- It was estimated that 2.71 billion people worldwide will shop online in 2024 to purchase goods and services. That’s a big jump from just 1.66 billion people online shopping in 2016. [Source: The Social Shepherd]
- With 24.1% Growth, the Philippines Is Seeing the Fastest eCommerce Growth in 2023. [Source: The Social Shepherd]
- Across the Americas, Mexico and Argentina were anticipated to outshine their counterparts with an impressive e-retail sales growth rate of approximately 14 percent. [Source: The Social Shepherd]
- In 2021, retail eCommerce sales were an estimated $4.9 trillion U.S. dollars worldwide. Over the next four years, it’s predicted this number will grow by 56%, reaching just over $8.1 trillion by 2026. There are no signs of online shopping slowing down anytime soon. [Source: The Social Shepherd]
- Online shopping revenue won’t be slowing down in the UK. From 2021 to 2025, it’s predicted the overall eCommerce revenue in the UK will grow at an annual rate of 5.16%. [Source: The Social Shepherd]
- Europe's eCommerce market revenue is growing by 10.60% yearly from 2023 to 2027. [Source: Hostinger]
- The latest data shows that there were around 2.14 billion eCommerce shoppers worldwide. This number is expected to grow in the coming years. [Source: Hostinger]
- Nowadays, making online purchases on social media platforms such as Facebook and Instagram is the norm in the U.S. While 96.9 million people currently do it, this figure is expected to grow to 114.3 million social buyers—an 18% increase. [Source: Forbes]
- Mobile commerce sales will hit the $415.93 billion mark, accounting for 6% of retail sales, in 2023. Despite this, however, growth is expected to fall to 9.9%. This is the first time it ever dropped below double digits. [Source: Helpscout]
- Social commerce will continue to grow. Global social commerce sales are estimated to hit $1.298 billion in 2023 and roughly 25% of users already use the platforms for shopping. [Source: Helpscout]
- The demand for personalized experiences is set to grow, with 59% of consumers saying they’re excited rather than uncomfortable by the idea that retailers would use their preferences and shopping history to personalize their shopping experience. [Source: Helpscout]
- US B2B eCommerce site sales are expected to grow from $1.676 trillion in 2022 to $2.472 trillion by 2026. [Source: Helpscout]
- The global eCommerce market size is expected to grow exponentially from $5.2 trillion in 2021 to about $8.1 trillion by 2026. [Source: Statista]
Conclusion
With consumers increasingly relying on online platforms for their shopping needs, businesses must adapt and innovate to stay competitive. From the surge in mobile commerce to the growing influence of social media in driving sales, the eCommerce ecosystem is experiencing a paradigm shift. As we witness these developments, it's clear that the eCommerce landscape is not merely growing; it's thriving in a way that transcends statistics, giving rise to a vibrant and interconnected digital marketplace.
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