Global ecommerce growth
Global ecommerce sales are expected to total $5.9 trillion worldwide in 2023. This number is expected to continue growing over the next few years, proving that ecommerce is becoming an increasingly lucrative option for businesses.
It also marks an 8.9% annual increase—the third-fastest global ecommerce sales growth rate in the forecast period between 2021 and 2026.
Plus, of the total global retail sales in 2023, 20.2% is expected to come from online purchases. That is, over $0.20 of every $1 spent on retail goods this year will be done over the internet.
Online sales are expected to continue rising and take a larger piece of the retail pie. By 2026, it’s estimated that world retail ecommerce sales will exceed $7.5 trillion and the overall ecommerce share of retail sales will hit 23.3%.
Just who are the biggest players driving the world of online shopping and where is the biggest market located?
Global ecommerce sales: largest contributors
As the world’s top exporter, China is also the world’s top ecommerce market, with total online sales set to exceed the $3 trillion mark in 2023. Together with the United States, ecommerce sales from these two countries are set to total more than $4.1 trillion.
It should come as no surprise then, that some of the world’s top ecommerce companies come from these two powerhouses. In fact, more than half of the top ten hail from either China or the US.
COVID-19 and mobile accessibility driving ecommerce sales worldwide
This divide between online and in-store widened significantly in 2020 in 2021 as a result of the coronavirus pandemic. With brick-and-mortar stores shut to curb the spread of the virus, consumers flocked online to carry out their purchases. In fact, experts say the pandemic has accelerated the shift to online shopping by as many as five years.
But that’s not the only reason ecommerce is on the rise.
The infiltration of technology into consumers’ lives has more than helped to move things along. Figures from DataReportal’s latest Global Overview Report show nearly the number of people shopping online worldwide grew by 8.3% in 2022 to hit 4.11 billion, and nearly 60% spent on these online purchases was attributed to mobile devices.
That said, it’s no surprise that online sales are expected to continue growing as consumers feel increasingly comfortable with the ease of shopping on mobile devices.
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