Global e-commerce revenue to hit record-breaking $3.64T in 2024
Total worldwide online retail sales are expected to increase 15.6% year-over-year.
According to new Statista data presented by AltIndex.com, global e-commerce revenue will continue strong growth to $3.64 trillion in 2024 after spiking 108% during the previous five years, rising from $1.52 trillion in 2018 to $3.15 trillion in 2023. This trend is expected to continue through 2028, when global e-commerce revenue is forecast to reach $5.3 billion.
The U.S. e-commerce market is projected to gross $930 billion this year, up 15% from 2023, and constitute 25% of the world's total online retail sales. However, Statista data analysis indicates the Asian e-commerce industry, spurred by online retail giants such as Alibaba, AliExpress, JD.com and Rakuten, will gross $1.93 trillion in 2024, 16% more than in 2023 and accounting for more than half of global e-commerce revenue.
Statista also predicts the European e-commerce will generate $600 billion in revenue in 2024. One-quarter of the total $3.64 trillion global e-commerce value, or $922.5 billion, is predicted to come from electronics sales, the online retail market`s largest and highest-grossing segment. Fashion sales will bring in around $760 billion, constituting 20% of total e-commerce market revenue for 2024.
Besides impressive 15.6% year-over-year revenue growth, the global e-commerce market is also forecast to see a considerable user increase. Statista expects around 300 million more people to utilize e-commerce sites and shopping apps this year, pushing the total user count to more than 3.4 billion, or 42% of the world`s population.
With roughly 300 million new shoppers leveraging e-commerce each year, the total number of online retail customers is expected to hit over 4.6 billion by 2028.
Survey: E-commerce retailers display optimism for 2024
Given Statista’s bright outlook for e-commerce growth, it’s not surprising another recent survey indicates online retailers are generally positive in their expectations for this year.
According to the new “E-commerce Business Sentiment” study from CommerceNext and Forrester Research, close to six-in-10 (57%) surveyed e-commerce executives said they were very positive or positive compared about revenue prospects for 2024, with 21% who said they feel negative.