33 Key eCommerce Statistics for 2024

33 Key eCommerce Statistics for 2024

With the online shopping trend showing no signs of slowing down anytime soon, now is the perfect time to start an eCommerce business. To boost your chances of success, stay updated on current eCommerce statistics to understand the industry’s landscape.

In this article, we’ve compiled 33 must-know eCommerce statistics for 2024 to help you make informed decisions in your business endeavors. We’ll cover online shopping trends, online shopping behaviors, and market opportunities.

First, let’s look at the top eCommerce statistics every online business owner must know.

Top 10 eCommerce Statistics to Capitalize in 2024

Here are the top five eCommerce statistics that illustrate the current state of the eCommerce industry:

  1. eCommerce sales could reach 23% of global retail sales by 2027.
  2. Around 2.77 billion people are expected to shop online by 2025.
  3. In 2023, the electronics industry dominated the market with $837.2 billion in revenue.
  4. Six out of ten shopping journeys start online.
  5. One in three online shoppers prioritizes sustainable brands.
  6. Unexpected extra cost is the top reason for online shopping cart abandonment.
  7. Digital wallets are projected to dominate 54% of global eCommerce payments by 2026.
  8. Temu is the top shopping app in the U.S.
  9. Facebook provides the best social commerce experience.
  10. The global social commerce market is set to generate $8.5 trillion by 2030.

Read our article on eCommerce trends in 2024 to gain insights into the industry’s future direction.

General eCommerce Statistics

This section covers global eCommerce growth projections and retail sales data for better business decision-making. These eCommerce statistics are relevant for all online retailers, regardless of location.

1. eCommerce Sales Could Reach 23% of Retail Sales Worldwide in 2027

Global eCommerce share of retail sales

In 2023, eCommerce made up 19.5% of global retail sales. Forecasts suggest that online sales will account for nearly a quarter of global retail sales by 2027.

Improved online access and digital development post-COVID-19 pandemic fueled rapid growth in global eCommerce sales. With mobile commerce thriving in Asia, we can anticipate an uptrend in the coming years.

2. Global eCommerce Revenue is Expected to Surpass $5.5 Trillion by 2027

In 2023, the U.S. market generated a total revenue of $925.4 billion. With an annual growth rate of 11.22%, it’s projected to reach $1.4 trillion in revenue by 2027.

Europe, the third-largest eCommerce market in 2023, followed a similar pattern by generating $631.9 billion in revenue. By 2027, its 9.31% annual growth rate will generate approximately $902.3 billion in revenue.

Both continents have a thriving eCommerce sector, indicating strong consumer spending power. If you’re looking for markets to explore, consider these areas’ high sales potential.

3. U.S. Retail eCommerce Sales Reached $271.7 Billion in Q3 2023

The U.S. eCommerce market is projected to experience an 11.2% growth from 2023 to 2027, while Europe is expected to see a 9.3% increase. This growth is significant, especially when compared to the rest of the world’s 0.7% average.

The significant sales potential in these markets also indicates that fierce competition lies ahead. Use effective marketing strategies and prioritize exceptional customer experiences to convert global internet users to loyal digital buyers.

4. Around 2.77 Billion People Expected to Shop Online by 2025

By the end of 2023, 2.64 billion people were shopping online. As of January 2024, the world’s population is around 8 billion people. These eCommerce statistics indicate that at least 33% of people worldwide are shopping online to meet their needs, marking a 5% increase from 2022.

User penetration will reach 53.9% in 2024. We can expect it to hit 63.2% by 2028, turning 4.5 billion people into eCommerce market consumers over the next four years.

Based on these eCommerce statistics, entering the industry now can position your brand to reach a broader audience in the future as this trend continues.

5. The Electronics Industry Led the Market With $837.2 Billion in 2023

In 2023, consumer electronics generated $837.2 billion worldwide. In the U.S. alone, online electronics sales reached $131.4 billion. With a global annual growth rate of 14.6%, the revenue from consumer electronics worldwide is forecasted to reach $1.3 trillion by 2027.

Unlike other eCommerce categories, product ratings and customer reviews in the electronics segment have a significant impact on purchase decisions. As consumers prioritize high performance and functionality, eCommerce businesses should provide detailed product descriptions, showcase features, and highlight user reviews to help boost online sales.

6. China Dominates the eCommerce Market Share

Around 82% of Chinese internet users buy from eCommerce stores, highlighting the high penetration rate of online shopping. Representing 17.72% of the world population, China plays a significant role in global retail eCommerce sales.

China’s eCommerce market share accounts for 52% of total retail sales. The giant eCommerce company Alibaba and its subsidiaries contribute to its fast-growing eCommerce markets.

This eCommerce statistic suggests that international sellers can boost their success in entering China’s market by leveraging such eCommerce platforms.

Online Shopping Behavior Statistics

Understanding online shopping trends and customer behavior can help boost online sales and customer loyalty. This practice is crucial for any eCommerce strategy, regardless of the business niche.

Here are the top ten eCommerce data insights on online shopping behaviors and tips to capitalize on them.

7. Six Out of Ten Shopping Journeys Start Online

63% of shopping journeys begin with Google, social media, and other online tools. Additionally, about half of consumers who initially shop in-store tend to explore online options at some point.

Capitalize on this opportunity by establishing a strong online presence. If you’re running a brick-and-mortar store, consider building an online store with an eCommerce website maker to reach more customers.

8. The Average Cart Abandonment Rate Is 70.19%

Average cart abandonment rate by device

Mobile users experience the highest cart abandonment rate, averaging 86.7%. Tablet users follow at 80.7%, while desktop users are at 69.8%.

Telecommunication, home furnishing, and automotives have the highest cart abandonment rates. Conversely, groceries and electronics stand out as the categories with the lowest abandonment rates.

Ensure your website is mobile-friendly to counter this negative trend. Providing a personalized customer experience also helps increase conversion rates, especially in sectors prone to high cart abandonment.

9. Unexpected Extra Cost Is the Major Cause of Shopping Cart Abandonment

A chart about reasons of cart abandonments during checkout

According to the Baymard Institute, the top three reasons for online shopping cart abandonment are unexpected extra costs, account sign-up requirements, and a slow delivery process.

To address these issues, be transparent with extra costs and delivery timelines upfront. Offer multiple shipping options to accommodate customers with urgent needs. Furthermore, include a guest checkout feature for those who prefer not to create an account.

10. Lower Prices Attract Online Shoppers to Buy Directly From Brands

Around 53% of consumers prefer buying online directly from brands to secure better prices. Free delivery and fast shipping also significantly influence their purchasing decisions.

In contrast, only 16% of consumers consider personalized products a strong motivator for direct brand purchases, making it the least influential factor.

Leverage this consumer behavior metric to increase sales by featuring exclusive online deals. Offer free shipping options or set a minimum purchase amount for free delivery to encourage bulk purchases.

11. Digital Wallets Expected to Dominate 54% of Global Ecommerce Payments by 2026

Chart of top eCommerce payment methods

In 2022, digital wallets accounted for nearly half of all online transactions worldwide. This payment method was highly favored in the Asia Pacific, accounting for about 60% of eCommerce transactions. The uptrend is expected to continue through 2026, establishing digital wallets as the top eCommerce payment method.

On the other hand, other payment methods might see a decline in the coming years. Despite being popular among U.K. and U.S. consumers, debit and credit card market shares in online transactions are expected to decline by 2026.

Consider integrating popular digital wallets into your retail websites to meet the increasing demand.

12. Most Consumers Read Online Reviews Before Purchasing

Nine out of ten consumers rely on online reviews for buying decisions. Around 54.7% of consumers read at least four online reviews before buying a product, while 44% read three or fewer. When sharing their experiences, 74% prefer posting reviews online.

As 97% of digital buyers who read testimonials also look for responses from online stores, responding to customer reviews helps improve your branding. Address negative reviews promptly to avoid a negative impression.

13. Google is the Go-to Platform for Online Reviews

59% of online shoppers use Google to find reviews, followed by Amazon with 57%. Even when shopping in-store, 72% of consumers use their mobile devices to check online reviews before making purchasing decisions.

For this reason, 62% of consumers avoid brands that censor online reviews. Users are also critical in spotting fake reviews. Lack of description, excessive praise, and highly negative remarks are top factors that would make them suspicious of a fake review.

As online consumers rely on Google My Business for local reviews, list your business on the platform if you haven’t already.

14. One in Three Online Shoppers Prioritize Sustainable Brands

Sustainability aspects consumers seek

42% of consumers prioritize the use of sustainable materials as the most important aspect of sustainability, followed by fair labor conditions at 41% and repair services at 35%. It’s especially apparent in the apparel sector, where 50% of online shoppers seek sustainable options when buying clothing and shoes.

Sustainability is a significant deciding factor for Millennial and Gen Z consumers. They are 27% more likely to buy from brands that prioritize environmental and humanitarian impact than older generations.

Consequently, brands with environmental, social, and governance (ESG) initiatives averaged 28% cumulative growth compared to 20% for those without.

15. Consumers Prefer Online Shopping to In-store Shopping

24/7 availability, convenience, and discount deals make online shopping the go-to choice for 56.6% of consumers. Meanwhile, 44.4% still prefer in-store shopping, valuing the hands-on experience and ability to see and touch products before buying.

If you have the resources, consider adopting a multichannel business model to cater to both customer bases.

16. Live Chat Support Encourages 38% of Customers to Buy

Live chat can enhance brand loyalty, with 51% of consumers more likely to make repeat purchases on retail websites that provide this feature. Considering that over half of the global population uses mobile devices for browsing, it’s no surprise that 62% of digital buyers expect mobile-friendly live chat.

Besides accessibility, live chat support should also excel in speed and quality. Poor user experience, scripted responses, and long wait times frustrate users the most. Invest in a knowledgeable support team for personalized expert assistance.

Mobile Commerce Statistics

Mobile commerce is a thriving eCommerce market that enables sellers to connect with buyers through their mobile devices. Stay updated on mobile shopping trends to boost brand awareness and convert visits on mobile websites and apps into purchases.

Here are the top seven eCommerce statistics for mobile commerce and how to leverage them for sales and conversions.

17. Worldwide Smartphone Users Are Still Increasing

Global smartphone users exceeded 4.2 billion in 2023, a significant increase from the previous year’s 3.6 billion. With a 30.6% growth rate, the metric may reach a new peak of 6.3 billion users in 2029.

The time spent on smartphones also shows an uptrend over the past decade. In 2023, global internet users spent 57.6% of their time browsing on mobile phones, a 0.6% rise from 2022.

To improve your chances of converting this segment of users into customers, ensure to optimize your website for mobile devices.

18. Global Mobile Commerce Will Account for 62% of Digital Sales by 2027

The booming mobile usage fuels global mobile commerce market growth in 2023. It dominated 60% of all eCommerce sectors with $2.2 trillion in sales. With this uptrend, mobile commerce sales are projected to exceed $3.4 trillion by 2027.

To keep up with evolving consumer behavior, online stores must prioritize mobile optimization in mobile-first markets. Start by creating a seamless and user-friendly customer journey, from browsing to purchasing products.

19. Mobile Commerce is Growing 29% Faster Than Traditional eCommerce

Global mobile commerce is growing at a rate of 29%, outpacing traditional eCommerce by 7%. Mobile commerce capturing slightly more completed payments than desktop commerce contributes to this trend. However, desktop devices still have a 1% higher conversion rate than mobile.

Overly small page elements, security concerns, and interruptions from other mobile apps are common barriers to mobile shopping. Address these concerns with responsive design, security measures, and optimized load times for smooth browsing.

20. U.S. Retail Mobile Commerce Sales Expected to Reach $710 Billion by 2025

The U.S. mobile commerce sector displays a robust and consistent growth pattern. From $220 billion in 2019, there has been a significant yearly increase, reaching $511 billion in 2023.

With growth forecasted to reach $604 billion in 2024, this signals a rising preference for mobile shopping in that country.

21. Voice Shopping Contributes $2 Billion in Consumer Spending

The accessibility of mobile devices has boosted global voice commerce. People increasingly rely on voice assistants, enabling them to use mobile gadgets without typing.

In 2023, voice commerce saw a $19.4 billion surge in transaction value, demonstrating a 400% growth in just two years. Projections are confident the industry will grow by 54.63% this year, surpassing $30 billion.

As 71% of consumers prefer voice search over text, eCommerce businesses should optimize their stores for voice-based shopping experiences.

22. Temu Is the Top eCommerce App in the U.S.

Temu dethroned Amazon as the leading shopping app in the U.S., accumulating over 122.5 million downloads in 2023. It created a significant gap between the top app and its competitors, with SHEIN ranking second at 36.51 million downloads.

Amazon, last year’s champion, ranked third with 23.81 million downloads. Walmart, another giant retailer, closely followed with 22.72 million downloads.

Since its 2022 launch, the Chinese eCommerce platform has gained global popularity and dominated the U.S. mobile commerce market. Consider building an online presence on that platform to increase your brand visibility and customer reach.

23. QR Code Payment Market Could Exceed $55.6 Billion in 2033

In 2023, the market value of QR code payments reached $11.67 billion. With a projected annual growth rate of 16.9%, this number is expected to surpass the $50 billion mark within the next decade.

This payment method saw its largest market size in Asia, contributing $2.23 billion in the same year. China’s booming eCommerce sector and government support in Asia have fueled the rise of QR code payments.

eCommerce Marketing Statistics

Creating effective marketing campaigns is crucial to staying relevant in the competitive eCommerce market. Stay updated with digital marketing trends to make informed choices for ads, strategies, and impactful conversions.

Here are five eCommerce statistics to help you design effective marketing campaigns.

24. Loyalty Programs Influence 83% of Consumers to Repurchase

Loyalty programs are effective marketing tools to boost conversions and retain customers. With 12-18% annual revenue growth from members, it’s no wonder that 80% of loyalty program owners plan to increase investments in customer loyalty.

Cashbacks, exclusive perks, and personalized offers drive customer sign-ups for loyalty programs the most. Six out of ten consumers in loyalty programs have better brand experiences, making this marketing strategy a win-win for both businesses and buyers.

25. eCommerce Companies are Investing in Personalized Email Marketing

Throughout the next 12 months, 55% of email marketers will focus on leveraging personalization for higher engagement rates. Meanwhile, nearly half of them aim to automate more aspects of their email program for streamlined production.

Besides personalizing the email body, using a preheader to summarize the content also helps increase open and click-through rates. Plus, emails with personalized subject lines demonstrate better engagement rates.

26. Almost All Businesses Use Video Marketing

In 2023, a staggering 91% of businesses used video as a marketing tool, a 5% increase from the previous year, and got a good return on investment (ROI). 68% of non-users plan to start leveraging it in 2024.

Live-action videos are the top choice for almost half of marketers, followed by animated and screen-recorded videos. Companies often use video marketing for testimonials, product demos, presentations, and social media content.

27. Videos Convince 82% of Consumers to Make Purchases

Video marketing benefits consumers just as much as online businesses. A whopping 91% of consumers have watched videos to learn about products or services, influencing buying decisions for most viewers.

It’s great that more brands plan to invest in video marketing since 89% of consumers want more videos from them. Ensure high video quality to maintain consumer trust in your brand.

28. One Out of Three Small Businesses Don’t Have a Website

Despite the rising accessibility of website-building solutions, 29% of small businesses choose not to create an online store. Instead, one-third prefer social media for eCommerce. This trend highlights the importance of understanding eCommerce dynamics, including measuring success through conversion rates on different platforms.

To calculate the eCommerce conversion rate, divide the number of successful transactions by the total number of website visitors and multiply the result by 100 to get the percentage. This metric helps businesses gauge online effectiveness, whether it’s a dedicated store or a social media page.

With the 2023 eCommerce conversion rate averaging 2.27%, website-free businesses may miss out on two to three transactions for every 100 visits.

Build a Successful Small Business

Check out the latest small business statistics for valuable insights to kickstart your eCommerce business venture.

Social Media Statistics for eCommerce

As social media users are expected to surpass 5.8 billion in 2027, social media platforms are becoming the top online marketing channels. Understanding how your target audience uses social media helps you make an impact through your marketing campaign.

Check out the latest eCommerce statistics for social commerce and leverage them to strategize business growth.

29. Global Social Commerce Market Set to Generate $8.5 Trillion by 2030

Chart of global social commerce sales 2022-2030

The global social commerce market hit $1.2 trillion in 2023. With a 30.7% annual growth rate, it’s set to grow sevenfold over the next seven years.

Social media shopping is gaining popularity in Asian countries and is rapidly becoming more common in the Middle East. Thailand leads the social media shopping trend, with 90% of its online users buying through social networks. India and the United Arab Emirates closely follow at 86%.

30. U.S. Social Commerce Market Projected to Surpass $149 Billion by 2028

In 2023, the U.S. social commerce gross merchandise value (GMV) was estimated at $64.8 billion. With an 18.2% growth rate, the figure could get close to $150 billion in just five years.

Social media platforms are adding shopping features to tap into the thriving U.S. market. TikTok, for example, debuted TikTok Shop in 2023 and achieved a record-breaking $61.2 million GMV during Black Friday week. YouTube launched an affiliate marketing scheme around the same time, allowing creators to promote products on their videos.

31. Social Data Helps 90% of Marketers to Be More Competitive

Most marketers agree that social media heightens competition within industries. Social data reveals competitor brand loyalty, product strengths, weaknesses, and points of difference. Consequently, 86% of marketers leverage this information for new business opportunities.

83% of marketers use Facebook to reach their target audience and conduct competitive analysis. Interestingly, 60% of consumers prefer brands to use Facebook more. Instagram is the second favorite platform for marketers and consumers.

32. Facebook Provides the Best Social Commerce Experience

In 2023, 23% of global consumers considered Facebook the leading social media platform for social shopping, surpassing Instagram.

Despite this, Instagram still surpasses Facebook as the world’s third most visited website by a 50 billion monthly views gap. Nonetheless, consumers tend to spend over a minute longer on Facebook than on Instagram, showing different engagement patterns.

33. Brand Authenticity Wins Consumers’ Support

Marketers have created various content types to convey authentic brand messages. However, 59% of consumers consider user-generated content (UGC) the most genuine.

User-generated content is 35% more memorable and earns 50% more trust from audiences. It has a 4.5% higher conversion rate than professionally produced content, making it the perfect social proof tool for scaling your eCommerce business.

Sources

  1. Oberlo
  2. Business.com
  3. Baymard Institute
  4. Raydiant
  5. Statista
  6. Techjury
  7. Popupsmart
  8. Sprout Social
  9. Nosto
  10. Drip
  11. Tidio
  12. Forbes
  13. Wyzowl
  14. Yaguara
  15. Zippia
  16. U.S. Census Bureau
  17. MobiLoud
  18. OnlineDasher
  19. Klarna Insights
  20. Brightlocal
  21. Harvard Business Review
  22. McKinsey & Company
  23. Future Market Insights
  24. Queue It
  25. Marketing Charts
  26. Research and Markets
  27. Linearity
  28. Social Shepherd

Conclusion

The booming online shopping industry presents abundant opportunities for sellers to capitalize on. Knowing industry trends eases your decision-making and marketing planning, boosting sales and conversions.

This article featured 33 essential eCommerce facts on online shopping behavior, marketing, mobile commerce, and social commerce. Make sure to follow our tips to leverage these insights for increased returns.

We hope this article gives you a clearer view of the eCommerce industry’s current dynamics and its potential for future growth. If you have any questions or suggestions, check out the FAQ section or leave a comment below.

eCommerce Statistics FAQ

This section will answer several common questions about eCommerce statistics.

How Many People Shop Online?

In 2023, 2.64 billion consumers worldwide shop online, with 12-24 million online stores catering to their needs. These figures are projected to grow in the coming years.

What Percentage of People Use eCommerce?

As of January 2024, the global population is approximately 8 billion. With 2.64 billion online shoppers and growing, that means 33% of the world’s population uses eCommerce.

At What Rate Is eCommerce Growing?

Global eCommerce revenue is expected to grow at an annual rate of 14.4%, according to Statista Market Insights. By 2027, the market is anticipated to reach $5.5 trillion in sales.

Who Uses eCommerce the Most?

Younger generations dominate the global eCommerce user base. Tidio’s projections indicate that by 2025, 33% of millennials and 29% of Gen Zs will use social commerce. In 2023, the Philippines, India, Australia, and Indonesia experienced the highest eCommerce sales growth.

Which Is the Largest eCommerce Retailer Worldwide?

In 2022, Alibaba was the global leader in eCommerce market share with $780 billion in sales. However, Statista predicts Amazon will surpass Alibaba in 2027 with a sales gap of $63 billion.

Author
The author

Jordana A.

Jordana is a Senior Content Writer with over 5 years of experience in digital marketing and web development. When she’s not busy with work, she dabbles in creative writing and movie reviewing. Follow her on LinkedIn.