E-commerce Statistics 2024 – 70 Inspiring Numbers

The higher profitability of selling products online is becoming more of a magnet for those wishing to engage in business, especially for startups. Who wouldn’t in the face of global inflation projected to soar as high as 7% this 2023 due to tight labor and low demand for services? So here are 40 inspiring e-commerce statistics that will convict small business owners to sell online!

(By the way, I made another post on the best e-commerce websites and the best e-commerce checkout page examples if you need inspiring designs for your website. Feel free to check them any time!)

1. Apparel e-commerce websites recorded the lowest bounce rate of 42.3% last June 2023

E-commerce websites with professional design, smooth navigation, factual and up-to-date content, and loads fast have a higher probability of experiencing low bounce rates, better traffic, and higher conversion rates.

This is probably why e-commerce websites engaged in apparel products have the lowest bounce rates among different business industries as of June 2023, at 42.3%. Websites with high bounce rates–the percentage of people who access only a page in your website and leave afterward–are an indication to redesign or rebuild a new one.

Accordingly, online grocery stores have the highest bounce rates as of June 2023 at 52.1% followed by home supply and technology e-commerce websites at 51.4%. So if you are considering selling grocery, home, and technology products online, you might want to check on these website examples to make sure you avoid having high bounce rates for your e-commerce website.

2. 11.9% of online visitors would likely tell a friend on an e-commerce website slow loading speed

A possible cause of high bounce rates experienced by an e-commerce website is the slow loading of its contents. One can see this based on how long an online user stays on a page of a website before leaving it (visitor sessions). The shorter the stay, the more likely it is due to slow-loading content.

In fact, a study shows that 45.4% of online visitors would leave a slow-loading e-commerce website and cease making a purchase. This would most likely happen for women online visitors (86%) than men (14%). The result, of course, is a lost sale and poor user experience, which prompts 11.9% of visitors of a slow-loading e-commerce website to tell a friend about it.

Word-of-mouth marketing, after all, remains a powerful and free tool business owners use to build their credibility, especially online. In addition, online visitors of a slow-loading e-commerce website would least likely return to it after leaving it (36.8%).

Slow-loading websites are often caused by content, such as visuals that are not optimized and a slow hosting server. Do read my posts on “How To Make Photos Load Faster On A Website” and “Web Hosting For Startups” to ensure your e-commerce website loads fast and provides better user engagement.

3. Organic search drives 36.4% of revenue to businesses engaged in Retail & E-commerce

Organic search proved to drive higher revenue to businesses engaged in Retail & E-commerce in 2019 as compared to paid search. To be exact, 36.4% of revenue received by Retail & E-commerce companies came from organic search as against the 27.6% generated by paid search.

This is a clear indicator of how important keyword optimization is to an e-commerce website so that it will rank higher in search engine results and bring in more traffic for higher conversion rates.

Feel free to browse the easy guide I made on the number of keywords your website should have and how choosing the right web hosting impacts your search engine ranking. You might also want to read my post on the impact of website analytics when you design and develop your e-commerce website.

4. An average of 85.5% of consumers prefer to research online before making a purchase

Over the last decade, consumers have been going online to research a product before buying them. 2013 data from the GE Capital Retail Bank Major Purchase Shopper Study showed that 81% of consumers research online before making a purchase at an actual store, especially if it is a major purchase.

Think With Google Consumer Insights last 2019 revealed that 90% of consumers research online before making a purchase, which is 44% done online as well. This percentage have gone down in 2021 and 2022 but remained a dominant behavior, such that 80% of consumers research a product online before making an actual purchase as per the Google Smart Shopper Report 2022.

5. In 2019, lower prices and promotions fuel 40% of online purchases for consumer electronics.

Think With Google Consumer Insights on the Journey of Smart Shoppers 2019 highlighted that most (40%) of those who purchase online do so because of lower prices and promotions. The other reasons consumers prefer to purchase products online are convenience (32%), ease of access to all information (30%), access to specific products (30%), and speed of making a purchase (29%). These were based on 44% of consumers who prefer to shop online as against 56% who purchase in-store after researching a product online.

6. 75% of Southeast Asian consumers use Google to research a product before making a purchase

Think With Google pointed out that a majority of Southeast Asian consumers prefer to use Google over other search engines when searching, exploring, and evaluating products from various brands in 2021.

Search engine optimization remains a primary tool for driving traffic to e-commerce websites and increasing sales online.

Startups planning to take advantage of this information may opt to come out with multilingual e-commerce websites or to localize keywords in their e-commerce websites to tap into the Southeast Asian market.

If you need help with search engine optimization for your e-commerce website, you might want to schedule a session with our in-house SEO specialist, Thomas Buil.

7. 91% of consumers have adopted online shopping as part of their purchasing behavior

According to the Google Smart Shopper Report 2022, the majority of consumers intend to continue purchasing online even after the COVID-19 pandemic has become just a memory.

Data for 2022 showed that 48% of consumers answered “Yes, definitely” and 44% “Yes, possibly” to sustain their behavior to purchase online even after COVID times.

Cumulatively, this makes 91% of consumers preferring to shop online in 2022 as against to 2021’s 90%. Only 9% signified to return to offline purchases in 2022, down by 1% in 2021.

Having a mobile-friendly e-commerce website will surely help you maximize this benefit for your company as part of your business planning.

8. Consumer electronics have seen an average increase of 52.33% in online purchases in the last three years

Data from 2019 to 2022 show that purchases for consumer electronics are shifting online at an average of 52.33% annually. This is based on Google data for 2019 at 47% online as against 53% offline slightly increasing in 2021 to 50% online and 50% offline.

While 2022 data show a radical increase to 60% online as against to 40% offline for consumer electronics. If you intend to sell consumer electronics online, you might want to check on these landing page layouts to help you in designing your e-commerce website.

9. Online purchases for Home & Garden products were at an average of 43% in the last three years

Home & Garden products are becoming catchy online based on Google data from 2019 to 2022. In 2019, Home & Garden online purchases were only at 34% as against 66% offline.

This increased to 47% in 2021 online as against 53% offline and up a notch by 1% in 2022 when 48% was done online and 52% offline for Home & Garden purchases.

10. E-commerce businesses focusing on Fashion enjoy an average of 32% of consumer purchases annually

The Fashion Industry is one of the fastest growing business online with consumer purchases shifting dramatically in the last three years.

In 2019, 83% of consumers of Fashion products prefer to shop offline and only 17% have ventured online. The number of online purchases for Fashion almost doubled to 31% in 2021, bringing offline purchases down to 69%.

While online purchases increased to 45% in 2022 as against 55% offline.

According to Similar Web, the Top 3 Most Visited Fashion e-commerce websites as of August 1, 2023, are Shein, Nike, and Zara. Online visitors spend an average of 7:34 minutes on Shein, an average of 3:44 minutes on Nike, and an average of 6:49 minutes on Zara, which means more engagement because the content is more relevant or pleasing to them.

11. Millennials make up the biggest market for e-commerce websites at 57%.

According to the age bracket, most millennials, particularly those aged 25 to 34 years, conduct their purchases online. This comprises 57% of purchases done by the said age range in 2022, which is up by 13% when compared to 2021’s 44%.

While other millennials, particularly those aged 35 to 40 years, and some GenXers, particularly those aged 41 to 44 years, conduct 49% of their purchases online in 2022.

12. 53% of GenZs purchase products from e-commerce websites

Consumers aged 18 to 24 years or those that belong to the bracket of GenZs prefer to purchase products online at 53% in 2022. This increased by 18% compared to 2021 data, which is at 35%, and by 21% compared to 2019 data for online purchases conducted by the said age group.

13. An average of 55% of consumers aged 18 to 34 years purchased online in 2022

Google emphasized in its Smart Shopper Report 2022 that younger consumers–those aged 18 to 34 years–have propelled the increase in online shopping at an average of 55%.

This is broken down to 53% for ages 18 to 24 years and 57% for ages 25 to 34% in 2022. Overall, an increase of 15.5% to the 39.5% average online purchases made in 2021 by consumers aged 18 to 34 years.

14. An average of 42.5% of purchases on e-commerce websites were made by consumers aged 45 and 55+ in 2022

Online shopping has also become a part of the purchasing behavior of GenXers and Baby Boomers, which has continued to increase over the last four years since 2019.

Data from Google show that 45% of those aged 45 to 54 years and 40% of those aged 55 years and above made purchases online in 2022.

This increased by 6% for those aged 45 to 54 from 2021 and by 1% for those aged 55 and above. At the same time, it exhibits a 15% increase when compared to 2019’s 30% online purchases made by those aged 45 to 54 years. While showing a 16% increase from 2019’s 24% online purchases made by those aged 55 years and above.

15. 86% of consumers prioritize convenience over cheap prices when purchasing from e-commerce websites

Convenience remains to be a top factor for online shoppers when it comes to e-commerce websites in the last three years. 86% of online shoppers stated that convenience is a top priority in 2022, 89% in 2021, and 87% in 2019.

(I highly suggest you check these inspiring e-commerce cart examples to provide that convenience online shoppers look for.)

Home delivery came in second at 34% in 2022, 40% in 2021, and 45% in 2019. In comparison, the ease of making a choice remained at the third spot for the last three years at 30%.

The low prices of products online were at the bottom line of consumer preferences in 2022 at 27%, down from 2021’s 38%.

16. 57% of online shoppers in Southeast Asia conveyed plans to shop for holiday giveaways during off-peak times

A survey conducted by Think Google revealed that online shoppers would like to avoid the hassle of experiencing out-of-stock items for purchases, which normally happens during the holidays.

Thus, said shoppers (57%) were found to conduct online research of items they want to give out for a certain holiday a month before the actual holiday. E-commerce businesses are then advised to prepare their stock of products in advance and to push sales for holidays months before.

17. An average of 15.5% of consumers had difficulty making a purchase from e-commerce websites due to the required pre-registration.

According to Google, the second top reason that prevented a consumer from making a purchase on an e-commerce website was the need to register or log in. This experience was felt across four of the top industries engaged in e-commerce in the last four years since 2019.

17% of consumers signified this from the Consumer Electronics (17%) industry, 16% from the Home & Garden industry, 11% from the Fashion industry, and 18% in the Beauty industry last 2022.

In 2021, 21% of consumers in the Consumer Electronics industry agreed with the statement that “I couldn’t buy without registering or without logging in”, which was echoed by 9% of those in the Home & Garden industry, 13% in Fashion, and 0% in Beauty.

Elements Home & Garden is an example of an e-commerce website that has pre-registration before you can make an online purchase. But, as a means to encourage registration, the company offers free gifts when you sign up to them, which are redeemable on your first order.

18. 96% of online shoppers intend to embrace cost-saving practices over the next six months

Global financial and professional consultant PwC released the result of their Global Consumer Insights Pulse Survey last February 2023 and highlighted that the COVID-19 pandemic has made online consumers more mindful of how they spend their money.

In fact, 96% of the 9,180 consumers from 25 territories surveyed by PwC said that they will embrace practices to save on costs over the next six months including e-commerce purchases.

As such, 43% intend to increase online shopping from e-commerce websites and platforms in the next six months since they believe these are cheaper.

19. 46% of online shoppers made brand-specific purchases based on price

Consumers have become more price-sensitive due to the high inflation experienced across the globe. Despite this, consumers remained loyal to brands but only if the price was right.

2022 data from Google showed that product prices remain the leading factor for the purchasing decisions of online shoppers such that 46% would purchase from a favored brand or retailer based on pricing.

While others would shift to a cheaper-priced product, as shown by searches increasing by 23% for the period of January to August 2022 as compared to the same period the previous year.

2022 data even showed that 36% of online shoppers conveyed that their primary decision for making a purchase from e-commerce websites, especially new ones to them is “cheaper price.” Cheaper price was also the top determinant for online purchases in 2021 at 41% of consumers’ responses.

20. 70% of online shoppers intend to pay more for locally-produced food sold on e-commerce websites or platforms

Values are now being integrated into the purchasing decisions of online consumers with more than 70% surveyed by PwC expressing to a “great extent” their intention to pay more for a food item so long as it is produced by local farmers or if comes from a company famous for its ethical practices such as anti-animal testing.

21. Spontaneous purchases made on e-commerce websites have declined by 36% in 2022

With consumers now becoming smarter by researching a product online prior to a purchase and becoming more price-sensitive due to global inflation, only 13% of consumers were found to make spontaneous purchases last 2022. This declined by 36% compared to data in 2021.

22. Online shopping through the use of a mobile or smartphone has declined at an average of 3.5% in 2023

Data from the PWC Global Consumer Insights Pulse Survey showed that consumers who purchased online using their mobile or smartphone have declined by an average of 3.5% over the last two years since 2021.

Mobile or smartphone use for online purchases was at 36% in 2021, 39% in 2022, and 34% in 2023. While online purchases through a personal computer or desktop computer were at 28% for 2021 and 2022 but declined to 23% in 2023. Tablet-made purchases registered 20% in 2021, 19% in 2022, and 15% in 2023.

23. 34% of online consumers ranked product availability as a secondary determinant for making a purchase from a new retailer, brand, or platform

In 2022, product availability increased by 1% in terms of favorability among online consumers in driving purchases from a new e-commerce website, brand, or platform.

34% of consumers in 2022 and 33% of consumers in 2021 said they were willing to make a purchase if the product was available.

While convenience ranked third with 32% of online shoppers in 2022 and 39% of online shoppers in 2021 identifying it as one of the drivers in their purchase decision from a new e-commerce website, brand, or platform.

24. 40% of online consumers attribute high delivery costs as a reason to increase in-store shopping

Based on the PwC Global Consumer Insights Pulse Survey, 4 out of 10 online shoppers or 40% will return to in-store shopping and cease purchasing online due to high delivery costs.

There is a need then to factor in providing not only cheaper-priced products online for e-commerce businesses but also in finding a courier who would be capable of delivering the products at a cheaper or fairly-priced fee.

25. 34% of GenZs use e-commerce or retailer websites to search for product information before making a purchase

E-commerce or retailer websites rank third (34%) to search engines (55%) and second to Amazon (36%) in 2023 when it comes to GenZs looking for product information before making a purchase online.

32% of GenZs read customer reviews posted on e-commerce or retailer websites and 31% check on social media for pre-purchase research. Speaking to friends, family, and colleagues only ranked #6 as a source of pre-purchase information (30%).

26. 44% of consumers conveyed a willingness to use chatbots for pre-purchase information in the future

Artificial Intelligence is seen to affect the future of e-commerce websites as 44% of online consumers said they are willing to use chatbots when researching a product prior to making a purchase. But when it comes to chatbots as customer service support in e-commerce websites only 35% found it favorable. While 34% said they don’t mind receiving delivery time and product availability notifications from AI functionality integrated into e-commerce websites.

Highlighting the AI functionality of your e-commerce website might be a good factor when choosing a website template for it, one that can easily be made and modified such as Divi. I highly recommend you check my post on Divi AI for more information on how you can make your e-commerce website with AI features and professional design and function.

27. As of June 2023, 50% of consumers said their online shopping will increase in the next six months

PwC surveyed 8,975 consumers across the globe last June 2023 on whether their purchasing behavior will change in the next six months.

Half or 50% responded yes as they intend to increase shopping online, 38% said there will be no change in their online shopping behavior, while 10% conveyed a decrease in online shopping as of June 2023.

The responses slightly deviated from survey respondents in February 2023 when 43% said they would increase online shopping, 43% said there would be no change in online shopping, and 15% they will decrease it.

28. The number of people shopping online is expected to increase at an average annual rate of 3.99684% in the next three years.

Based on statistics provided from Oberlo, the number of consumers moving to or maintaining to shop online will continue to increase from the 2.56 billion recorded in 2022.

The current average annual increase is 3.99684% such that experts anticipate online shoppers to become 2.64 billion by the end of 2023 (3.125% increase).

This is then projected to become 2.71 billion by 2024 (2.65152% increase) and 2.77 billion by 2025 (2.21402%). As such, the projected rate of increase in online shoppers from 2022 to 2025 is 8.20313%.

29. By the end of 2023, the number of online shoppers is estimated to comprise 33.3% of the world’s population.

The number of people purchasing from e-commerce websites and retailer platforms–also called digital buyers–will surpass 2022’s 2.56 billion record by 80 million come end of 2023.

This is a 3.1% year-on-year increase, comprising 33.3% of the world’s population, which was reported by the United Nations to be at 8,045,311,447 as of June 30, 2023.

30. Amazon reported the highest market value for e-commerce companies in 2022 at $867.58 billion.

US company Amazon is not only being used as a search engine by GenZs when it comes to pre-purchase information, the e-commerce website remains to be a giant in the industry due to its $867.58 billion market value in 2022.

Walmart, another renowned e-commerce company, reported a market value that was less than half of Amazon’s, which is $387.72 billion and only ranked second in the world.

Home Depot came in third with a market value of $324.85 billion followed by China’s Alibaba Group Holding at $226.76 billion and India’s Reliance Industries at $206.31 billion in 2022.

31. China is projected to top global e-commerce sales this 2023 at $3,023.66 billion.

The expanding international market of e-commerce companies in China, such as Alibaba, is seen to primarily propel skyrocketing e-commerce sales in the country by the end of 2023.

A secondary factor is the growing number of online shoppers in China, which was recorded at 855 million last 2022. This reflects a 59% penetration rate for digital buyers in China, which was merely at 466 million in 2016.

Comparatively, Alibaba’s online sales have increased by 240.909% in 2022 at $120 billion from its $35.2 billion sales in 2018. Alibaba’s market reach includes China’s Asian neighbors and extends to as far as the United States.

32. Asian companies dominate the e-commerce industry with a combined projected sales of $3,580.55 billion in 2023.

China, Japan, South Korea, India, and Indonesia are pushing Asia to top the e-commerce industry with sales projected to total $3,580.55 billion in 2023. China, ranked 1st in the world for e-commerce sales, is seconded in Asia by Japan with %195.97 billion projected sales by the end of this year.

South Korea ranks 3rd in Asia with $147.43 billion projected sales followed by India with $118.9 billion and Indonesia with $97.14 billion. Globally, Japan ranks 4th, South Korea ranks 5th, India ranks 6th and Indonesia 8th in projected e-commerce sales for 2023.

33. The United States ranks 2nd in projected global e-commerce sales by end of 2023 at $1,163.49 billion.

Based on Oberlo data, the United States lag behind China by $1,860.17 billion in projected e-commerce sales for 2023 with a total of $1,163.49 billion.

The projected annual e-commerce sales, though surpassing that for the United Kingdom’s $195.97 billion for 2023, still show an upward trend for online shopping in the country when compared to previous years’.

A fact seen with the increase of online shoppers in the United States from 208.1 million in 2020 to 214.7 million in 2022. This number is expected to increase to 218.8 million online shoppers by the end of 2023.

34. The number of online shoppers in the United States increase at an average of 1.72592% annually.

As per Oberlo data, there were 2018.1 million people who shopped online in the United States last 2020. This increased by 1.58578% increase in 2021 to 211.4 million and by 1.56102% to 214.7 million in 2022.

Experts project that this will continue to increase in the next four years, such that online shoppers are estimated to become 230.6 million in 2026.

On average, the annual growth rate from 2020 to 2026 is projected at 1.72592%. Thus, there are 223 million people expected to shop online in the United States in 2024 and 226.8 million in 2025.

35. The average spending of an online shopper in the United States is forecasted to increase by 34.7333% in 2026.

In line with the projections of online shoppers increasing in the United States, average spending per person is also seen to increase to $7,250 in 2026. This reflects a 34.7333% increase to 2023’s projected average spending per person at $5,381.

36. Global e-commerce sales are expected to increase by 10.4% year-on-year in 2023.

Data from Shopify show that e-commerce sales are forecasted to reach $5.3 trillion globally in 2023, up by 10.4% year on year.

Experts anticipate this to increase by 9.5% in 2024 at $6.3 trillion globally and by 18.96% in 2025 at $6.9 trillion globally compared to 2023 data. While global e-commerce sales in forecasted at $7.5 trillion in 2026 and $8.0 trillion in 2027.

37. 9% of consumers used Metaverse for product testing prior to purchasing it

The growing popularity of Metaverse is opening doors for e-commerce companies as a means for product testing to increase their online sales. In the PwC February 2023 survey of consumers on Metaverse activities showed that 9% purchased products online after testing or browsing virtual stores in the said platform.

Another 9% purchased digital or non-fungible tokens (NFTs) from digital real estate, digital artwork, or avatars, among others. While another 9% participated in a virtual concert or experienced a retail environment in Metaverse.

A 7% of consumers, on the other hand, purchased in-store after viewing a luxury good in Metaverse first. Though most respondents (75%) are still not aware of what Metaverse is, the platform still opens opportunities for e-commerce companies in the future.

38. Consumers from Africa and the Middle East show higher trust in e-commerce websites and retail platforms on data privacy than in other territories by 51%.

The security of personal information is one of the determinants to consumers purchasing products or availing services online such that stricter protocols have been enforced on data privacy.

In a survey of consumers asked about their level of concern with data privacy when interacting with various companies online, the Retail & E-Commerce industry was seen to be more trustworthy than the rest.

Africa and the Middle East showed the highest trust for the Retail & E-commerce industry at 51%. This is followed by the Americas at 50% and Western Europe at 47%. Less than half of consumers in the territories of Southeast Asia and Asia-Pacific regard the Retail & E-commerce industry to be trustworthy with their personal information at 46% and 47%.

On a global scale, 47% of consumers regard the Retail & E-commerce industry to be more trustworthy than other industries when it comes to online data privacy.

39. Influencer recommendations fueled 30% of consumers’ online purchasing decisions in 2022.

A growing shopping trend in consumer behavior is the impact of influencer recommendations on online purchasing decisions. Data from Hubspot show that consumers regard influencer recommendations 3% more at 30% than family or friend recommendations at 27%.

This trend reinforces what online marketers revealed in 2021 when 60% emphasized the effectiveness of influencer marketing over SEO, short-form video content, and experiential marketing.

It would be great for startups to factor in this trend when making their marketing budget as it is a great leverage and frees them from depending solely on word-of-mouth marketing.

40. E-commerce fraud is expected to increase by 17.0732% in 2023.

Forbes reported that e-commerce fraud due to the use of fake or stolen credit cards when making a purchase has led companies and retailers to lose $41 billion in 2022. This is expected to increase by 17.0732% in 2023 to $48 billion.

This roughly converts to a $96 average monetary loss per transaction. E-commerce companies, especially startups, are thus advised to fraud-proof their websites through the use of various security measures and routine security audits to avoid such a big loss.

41.  The United States registered a 11.37% in e-commerce sales for Q1 2024.

Based on data from SellersCommerce, the United States gained an 11.37% increase in the first quarter of 2024 for E-commerce sales compared to that of 2013’s.

The e-commerce sales for 2013 was recorded at $260.4 billion and this jumped to $290.0 billion in the first quarter of 2024.

42. The United States experienced a record-breaking high in sales last 2023.

The steady increase in e-commerce sales was most felt in the year ended 2023 when it skyrocketed to $1.12 trillion. 

This record-breaking occurence translated to a 330% increase in e-commerce sales compared to that of 2013.

E-Commerce sales in the United States is predicted to reach $1.72 trillion come 2027. 

43. Global e-commerce sales is projected to grow annually at an average of 8.04%.

Insider Intelligence reported global e-commerce sales will reach $7.9 trillion in 2027. 

Accordingly, e-commerce sales from 2023 to 2027 is perceived to grow annually at 8.04% on average. 

The global e-commerce sales last 2023 amounted to $5.8 trillion and is expected to become $6.3 trillion by the end of 2024, which reflects a 8.62% increase.

For 2025, e-commerce global sales is projected to reach $6.9.trillion. This will increase by 7.24% in 2026 to $7.4 trillion.

44. Experts predict 22.6% of global retail purchases will be done online in 2027.

The number of online purchases for retail items will continue to increase for the next three years ending 2027.

Experts predict that 20.1% of retail sales will be done online in 2024 and will jump to 22.6% come 2027. 

45. Global retail e-commerce sales is projected to grow by 39% until 2027.

E-commerce sales for retail items worldwide was recorded at $5.8 trillion in 2023. This is projected to exceed $8 trillion in 2027, which is a 39% increase in global retail e-commerce sales.

46. Alibaba dominated the global e-commerce retail industry in 2023 with a market share of 23%.

China-based online retail giant Alibaba took the lead in 2023 after garnering a market share of 23%. 

However, experts predict that America-based Amazon will overtake Alibaba’s throne by 2027 with online sales estimated at $1.2 trillion.

47. 32% of online retail sales in 2023 came from Indonesia.

Indonesia was the 2nd country with the highest online sales in 2023, garnering a 32% share. 

Indonesia lagged behind China who took the global lead and whose online sales comprised 50% ($985 billion in revenue) of its total retail transactions for the year.

South Korea and the United Kingdom followed closely to Indonesia, grabbing the 3rd spot at 30% each.  

48. Asian countries outranked western regions in its combined  e-commerce revenue for 2023 by $800 million.

The Americas, Africa, Australia, and Oceania took a back seat against Asian countries in 2023 when it came to e-commerce revenue.

The combined e-commerce revenue for Asian countries for 2023 amounted to $1.7 trillion. This value was $800 million higher than the combined e-commerce revenue for the Americas, Africa, Australia, and Oceania, which was less than $40 billion.

49. India’s CAGR for e-commerce market value is forecasted at 14% until 2027.

India was seen in 2023 as having the highest compound annual growth rate (CAGR) among countries in the world. Its e-commerce market is forecasted to experience a 14% CAGR from 2023 to 2027.

50. The integration of Artificial Intelligence in e-commerce transactions is forecasted to increase by 544.22% by 2028.

Artificial Intelligence is quickly taking its place in e-commerce transactions and activities.

In 2021, the market value for AI use in e-commerce amounted to $4.84 billion. This is forecasted by experts to reach $31.18 billion in 2028, which is a 544.22% increase in its integration.

51. More than 77% of consumers look forward to using Augmented and Virtual Reality tools when shopping online.

A survey conducted in 2023 revealed that most online shoppers prefer to use Augmented Reality and Virtual Reality when purchasing from e-commerce websites and apps.

Accordingly, most of these shoppers are based in Poland (40%) and in the United States (37%).

52. 80% of visits to e-commerce websites during the Q1 of 2024 were done through smartphones.

Statista highlighted that e-commerce websites were mostly accessed by online shoppers using their smartphones. This gives evidence of the growing shift toward m-commerce.

Similarly, most e-commerce sales were completed using smartphones as compared to tablets and desktops during the said period.

Asia is said to account for creating most of these e-commerce lead by China and South Korea. The two countries’ e-commerce transactions amounted to 70% of its retail transactions for Q1 2024.

53. B2B e-commerce transactions in the United Kingdom are projected to increase by 18.10% in 2025.

Of the European countries, the United Kingdom shows a promising e-commerce Industry.

E-commerce revenue was projected at $141.4 billion in 2022 and will increase by 18.10% at $167 billion in 2025.

54. The Asia Pacific region dominates the global gross merchandise volume for 2023 at 80%.

Business to Business e-commerce transactions in Europe are reportedly small compared to other regions in the world. Its global gross merchandise volume last 2023 was only at 6%. 

While the global gross domestic volume of the Asia Pacific comprised 80%.

55. 27.11% increase in global e-commerce sales is expected by the end of 2024.

Shopify reported that e-commerce global sales will reach $6.33 trillion by the end of 2024, marking a 27.11% increase to that of 2021’s.

Data show that global e-commerce sales were at $4.98 trillion in 2021 and increased to $5.29 trillion the year after.

In 2023, global e-commerce sales were recorded at $5.82 trillion. The global increase is expected to continue annually for e-commerce sales, which is projected to reach $7.96 trillion by 2027.

56. China exceeded the $3 trillion mark in e-commerce sales last 2023.

According to Shopify, China exceeded the $3 trillion mark for its e-commerce sales in 2023. This far surpassed that of the United States’ e-commerce sales for the year, which was only $1.1 trillion.

Most of the top e-commerce companies come from the two countries’, which have a combined annual sales of $4.1 trillion.

57. Mobile phones registered the highest average cart abandonment rate in 2023 at 86.7%.

Cart abandonment rate similarly increased in 2023 with mobile phones registering the highest among devices at 86.7%.

Desktop average cart abandonment rate was far lower at 69.8%. While tablets were not far behind mobile phones, registering a cart abandonment rate of 80.7% in 2023.

58. 54% of e-commerce payments will be made through digital wallets by 2026.

Hostinger’s study revealed that debit and credit cards will lose their popularity from the next two years and onwards due to digital wallets becoming popular for e-commerce payments.

During 2022, digital payments comprised 49% of e-commerce payments. This will increase by 5% in 2026, totaling 54%.

59. Credit and debit card payments for e-commerce transactions are projected to decline by 2% in 2026.

Credit card and debit card payments recorded a combined 30% of all e-commerce transactions in 2022. In particular, that’s 20% credit and 10% debit card payments.

The growing popularity of digital wallets for e-commerce payments will push the use of credit and debit payments downward by 2% in 2026. 

Experts foresee credit payments for e-commerce transactions to be at 16%.

Debit card payments, as well as, account to account payments will comprise only 10% of e-commerce transactions in 2026.

60. 38% of e-commerce purchases were encouraged by live chat support.

Studies show that live chat support greatly aids (38%) in encouraging online shoppers to make a purchase. This shopping behavior is supported by the fact that 62% of online mobile shoppers prefer a friendly live chat support.

As such, repeat purchases can even occur for 51% of online shoppers thanks to the live chat support.

61. E-commerce websites from the United Kingdom had the highest conversion rates in 2023 at 3%. By country rank, the United Kingdom defeated the United States in 2023 for having the highest conversion rate for E-commerce websites at 3%. The Netherlands came in second with its e-commerce websites having a conversion rate of 2.8% before the US, which was at 2.6% for the period.  Taking fourth place are Canada and Germany, each having a conversion rate of 2.4%. While Australia and New Zealand came in fifth with a 2.2% conversion rate each.

62. 71% of Gen Z’s from the United States are willing to make a purchase through Instagram.

63. Australia’s e-commerce market volume is predicted to have a compound annual growth rate of 9.36% until 2029.

64. 84.4% of the Australian population is forecasted to purchase from e-commerce websites and retailer platforms by 2029.

65. Australia’s e-commerce revenue is expected to increase by at least 56.33% within the next five years.

66. 19% of global retail sales in 2023 came from e-commerce transactions.

67. Australia’s e-commerce revenue rose by 10.8% as of January 2024.

68. There was a 12.5% increase in the number of businesses engaged in e-commerce in Australia as of January 2024.

69. Woolworths is the biggest e-commerce company in Australia, generating an annual revenue of $5,800 million in 2023.

70. 29.5% of the top e-commerce products in Australia are domestic appliances and homewares.

Sources Used:

• Euro Monitor
• Chainstore Age
• Think With Google
• Google Smart Shopper Report 2022
• PwC
• Oberlo
• Statista
• Shopify
• Hubspot
• Forbes
• SalesCycle
• Similar Web
• SellersCommerce
• Hostinger
• USA Today
• IBIS World

FAQs

1. Is it true that most people purchase online by the end of the year?

Yes, data from SaleCycle show that people make the most of their online purchases from November to December of every year. In fact, it is during these two months that e-commerce websites and retail platforms show the biggest sales volume in a year. This is experienced worldwide due to Christmas and in the United States and some western countries due to Single’s Day, Black Friday, and Cyber Monday.

2. What is the most common age range of online shoppers?

The most common age range of online shoppers is 25 to 34, which falls under the category of Millennials. In 2022, most or 57% of purchases made in e-commerce websites and retail platforms were made by shoppers aged 25 to 34 years.