The global eCommerce industry continues surging despite supply chain issues, inflation, rising digital advertising costs, and changing consumer behaviour. In 2024, the entire market is expected to gross a whopping US $3.17 trillion, 14 per cent more than last year, and nearly 40 per cent of that value will come from China.
Besides generating far more revenue than any other country, China will also see the biggest sales growth in the following years, which will help it cement its position as the absolute leader in the global eCommerce landscape.
According to data presented by Stocklytics.com, Chinese eCommerce sales are expected to jump by a massive 62 per cent and hit over US$2 trillion by 2029, or more than European and US markets combined.
A decade ago, China accounted for less than 1 per cent of the global eCommerce market. Today, it`s the world`s largest eCommerce industry generating almost 40 per cent of total sales, and home to some of the biggest eCommerce giants like Alibaba, AliExpress, and JD.com. Although the country`s eCommerce sector is currently slumping due to the slowdown in the economy, it`s still grossing far more revenue than other top markets. The Statista Market Insights show just how big that difference is.
Despite the current slump, Chinese eCommerce sales are expected to hit US$1.24 trillion in 2024, 65 per cent more than in the United States and 135 per cent more than in Europe. The US market will generate US$757 billion in eCommerce sales, while Europeans will spend nearly US$530 billion on online purchases.
However, Statista expects the Chinese market to make up for lost momentum in the following years, with the country`s eCommerce sales surging by 62 per cent to more than US$2 trillion by 2029. The US market will see a 59 per cent growth in this period, resulting in US$1.14 trillion worth of eCommerce sales by 2029. The European market follows with a 51 per cent growth and US$811 billion in sales five years from now.
Statistics also show that, although its eCommerce sales will increase by a whopping US$750 billion, China will still have a 40 per cent share of the global market. The United States will see its market share drop by 1 per cent in the following years, while the European market will grow the most and make 22 per cent of global eCommerce sales by 2029, up from 16 per cent this year.
The eCommerce sector will continue thriving mainly due to technologies that have taken the online shopping experience to a whole new level. Artificial intelligence, voice search, AR and VR-enhanced shopping, and personalised customer service have wiped off the differences between online shopping and going into the brick-and-mortar store, turning eCommerce into the number one choice for hundreds of millions of people worldwide.
According to the Statista survey, around 2.3 billion people will shop online in 2024, or 300 million more than last year. Statista expects another one billion people to flock to shopping apps and websites in the next five years, with the total number of users jumping to 3.3 billion. Amazingly, one in five of all online shoppers in 2029 will be from China. Roughly 15 per cent of all users will come from Europe and another 9 per cent from the United States.
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