The Ecommerce Market: A Growing Force in Retail
The ecommerce market is a rapidly growing force in retail, driven by increasing consumer demand and advancements in technology. With the global market size expected to reach $6.5 trillion by 2023, it's clear that ecommerce will continue to play a vital role in the retail landscape for years to come.
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.