Global e-commerce industry forecast to surpass $3.64 trn in 2024

10 Feb '24

2 min read

Pic: Adobe Stock

Insights

Global e-commerce revenues are projected to hit $3.64 trillion in 2024, a 15.6 per cent YoY increase, as per AltIndex.
The sector has seen a 108 per cent revenue increase since 2018, with Asia dominating sales.
The US and Europe are also expected to see significant e-commerce revenue, with $930 billion and $600 billion respectively in 2024.

The global e-commerce sector is expected to continue its growth trajectory in 2024, according to data by AltIndex. The data forecasts a massive $3.64 trillion in revenues, marking a 15.6 per cent increase from the previous year.

Despite the resurgence of in-person shopping, the industry has not only persevered but thrived, boasting a 108 per cent surge in revenue over five years—from $1.52 trillion in 2018 to an estimated $3.15 trillion in 2023.

The fashion segment is expected to contribute approximately $760 billion, representing 20 per cent of the total market revenue, as per a detailed survey by Statista.

Innovations such as artificial intelligence, voice search, augmented reality (AR), virtual reality (VR), and personalized customer service have bridged the gap between online and physical shopping experiences. These advancements have cemented e-commerce as a preferred shopping method for millions globally, further supported by the growing popularity of shopping applications and online stores, as per AltIndex.

Asia, featuring e-commerce heavyweights like Alibaba, AliExpress, JD.com, and Rakuten, dominates the market with anticipated sales of $1.93 trillion, up 16 per cent from the previous year and accounting for over half of global e-commerce revenue.

The US, despite housing Amazon, the world's largest e-commerce entity, trails behind Asia with projected revenues of $930 billion, a 15 per cent YoY increase, forming a quarter of the global total. Europe is set to follow with an expected $600 billion in revenue for 2024.

The e-commerce market is not only growing in terms of revenue but also in its user base. Statista forecasts that 300 million new consumers will join the online shopping sphere this year, pushing the total number to more than 3.4 billion—about 42 per cent of the global population. By 2028, the total number of e-commerce users is predicted to exceed 4.6 billion.

Fibre2Fashion News Desk (DP)