With more consumers turning to online shopping for convenience and ease, the demand for ecommerce solutions continues to rise. In this blog post, we'll take a closer look at the size of the ecommerce market, highlight some key research findings, and explore the industries that are driving growth.
The Size of the Ecommerce Market
According to [1] Statista, the global ecommerce market is expected to reach $6.5 trillion in value by 2023, up from $2.9 trillion in 2017. This represents a compound annual growth rate (CAGR) of over 15%. In the United States alone, ecommerce sales are projected to reach $740 billion by 2024, according to [2] eMarketer.
Key Research Findings
Rise of Mobile Commerce: A report by [3] Digital Commerce 360 found that mobile commerce (m-commerce) accounts for more than half (53%) of all ecommerce transactions in the United States.
Increased Spending on Social Media: Research by [4] Hootsuite revealed that 71% of consumers are more likely to make a purchase if they see social media influencers promoting products.
Growth of Cross-Border Ecommerce: A study by [5] Mastercard found that cross-border ecommerce sales grew by 20% in 2020, with 62% of online shoppers making purchases from outside their home country.
Industries Driving Growth
Fashion and Apparel: The fashion industry is one of the largest drivers of ecommerce growth, with sales projected to reach $555 billion by 2024.
Electronics: Electronics is another major driver of ecommerce growth, with sales expected to reach $441 billion by 2024.
Food and Beverage: Online food and beverage sales are growing rapidly, with sales projected to reach $143 billion by 2024.
Studies and Reports
National Retail Federation (NRF) Report: The NRF's annual ecommerce report found that online holiday sales grew by 14% in 2020, reaching a record high.
Pew Research Center Study: A Pew study found that 77% of adults aged 18-29 have made an online purchase in the past month, highlighting the importance of ecommerce for younger generations.
Shop.org Report: The Shop.org report found that 63% of online shoppers use social media to find products, while 53% use search engines.
Sources
[1] Statista. (2022). Ecommerce market size worldwide from 2017 to 2023.
[2] eMarketer. (2022). US ecommerce sales growth rate from 2020 to 2024.
[3] Digital Commerce 360. (2022). M-commerce share of total ecommerce transactions in the United States from 2020 to 2025.
[4] Hootsuite. (2022). Social media influence on consumer purchasing decisions.
[5] Mastercard. (2022). Cross-border ecommerce sales growth rate from 2019 to 2021.