Business Boosters Network - Ecommerce 2024

ECommerce Industry Report 2024

Overview of the eCommerce Industry

With over 33% of the world’s population shopping online, the eCommerce industry has grown to a $6 trillion market and is projected to reach $8 trillion by 2027. Currently, 2.71 billion people globally are making online purchases through dedicated eCommerce platforms or social media stores. This guide provides data-backed insights to help marketers harness the power of eCommerce and develop informed strategies.

Key Statistics for 2024

Global Online Shoppers: 2.71 billion people, accounting for 33% of the world’s population, shop online.
Share of Retail Purchases Online: 20.1% in 2024, expected to rise to 22.6% by 2027.
ECommerce Sales: Projected to surpass $6.3 trillion in 2024.
Number of eCommerce Stores: Over 26.6 million globally.
International Shopping: 52% of online shoppers look for products internationally.
Frequency of Online Shopping: 34% of shoppers make online purchases at least once a week.
Importance of Reviews: 99% of customers look for reviews when shopping online.

Growth and Future Projections

The number of online shoppers is projected to increase to 2.77 billion in 2025, driven by increased internet penetration and convenience. China leads the online shopping trend with 915.1 million online shoppers, followed by the US with 270.11 million.

United States eCommerce Insights

Q1 2024 Sales: $290 billion.
Annual Sales 2023: $1.12 trillion, a 330% increase from 2013.
Projected Sales 2027: $1.72 trillion, making up 22.6% of total US retail sales.

Number of eCommerce Sites

In 2024, there are 26.6 million eCommerce sites worldwide, a 3.83% increase from the previous year. The United States hosts almost 50% of these sites, with Shopify and Wix powering 19.07% and 11.84% of stores, respectively.

Shopping Journeys and Behaviors

Starting Points: 44% of shoppers start on search engines, 41% on online stores, and 14% on social media.
Top Spending Categories: Consumer electronics ($922.5 billion), fashion ($760 billion), and food and beverages ($708.8 billion).
Market Leaders: Amazon holds a 37.6% market share in the US, followed by Walmart at 6.4%.

Shopping Frequency and Preferences

Weekly Shoppers: 34% shop online at least once a week.
International Shopping: 52% of online shoppers purchase products internationally.
Review Importance: 99% of shoppers look for reviews, with 96% specifically checking for negative reviews.

Motivations for Shopping Online

Mobile and Social Commerce Trends

Mobile Shopping: Smartphones are the most used device for shopping, with 73% of US respondents shopping via their phones.
Mobile eCommerce Sales: Expected to reach $2.52 trillion in 2024 and $3.44 trillion by 2027.
Conversion Rates: Tablets have the highest conversion rate (3.1%), followed by desktops (2.8%) and smartphones (2.3%).

Social Commerce Insights

Market Value: $1.69 trillion in 2024, projected to reach $2.9 trillion by 2026.
Preferred Platforms: Facebook and Instagram are the most popular for social commerce.
Frequent Shoppers: 73% of consumers aged 18 to 34 have purchased via social media.

eCommerce Fraud and Automation

Fraud Losses: Online payment fraud cost $48 billion globally in 2023.
Regional Impact: North America loses 2.4% of its eCommerce revenue to payment fraud.
Data Responsibility: 33% of customers believe brands use their data responsibly.

Automation Benefits

Usage: 72% of successful eCommerce companies use automation in some parts of their workflows.
Benefits: 80% boost in lead generation and 45% increased ROI from eCommerce automation.

eCommerce Trends for 2024

Augmented Reality: 32% of people use AR while shopping, with 40% willing to pay more for products tested with AR.
Sustainability: Brands with ESG claims enjoy higher repeat purchases.
Subscription Models: The subscription eCommerce sector is expected to surpass $450 billion by 2025.
Customer Loyalty Programs: 33% of businesses will establish loyalty programs by 2027.

Conclusion

The eCommerce industry is a rapidly growing market with endless possibilities. By leveraging data-driven insights, businesses can create effective strategies to stay ahead of the competition. This trillion-dollar industry will continue to expand, driven by smartphone and internet penetration and a growing supply chain. Stay updated with the latest trends and statistics to capitalize on the opportunities within the eCommerce landscape.

Need help navigating the dynamic world of eCommerce? Contact us at Business Boosters Network to see how we can assist you!

Sources

eMarketer
Statista
United States Census Bureau
BuiltWith
Klarna Insights
Shopify
Search Engine Journal
Oberlo
Invoca
HelpLama
CMSWire
Social Media Today
BigCommerce
Chatbots Life
PRN Survey
Mastercard
Juniper Research
Yotpo