A new study has projected that , global eCommerce revenue would grow by 64.69 percent from 2023 to 2027, reaching an astonishing $6.34 trillion.
The comprehensive study by an online marketing company, flyers-on-line.com, also found that China is the undisputed leader, with a market value of $779.858 billion in 2022, predominantly driven by the electronics sector
This is projected to more than double, soaring to approximately $1.73 trillion by 2027 with a Compound Annual Growth Rate (CAGR) of 17.3 percent.
Meanwhile, Europe and the United States are also pivotal players in this rapidly expanding field.
In 2023, Europe was expected to generate revenues of $730.3 billion, while the United States was projected to contribute $917.6 billion.
Furthermore, the analysis implies powerhouse nations like the US China, and Japan’s eCommerce revenues are the key drivers of the global eCommerce statistics.
According to the study, top eCommerce Sectors are fashion, which recorded global revenues of $989.3 billion, trailed by electronics at $914.1 billion, of which consumer electronics accounted for 74 percent.
Surprisingly, the food sector clocked global sales of $346.3 billion, projected to grow 17.21 percent by 2027.
It is worth noting that the global eCommerce landscape is poised for significant growth. Each sector was evaluated based on global revenues in United States Dollar, with particular attention given to high-performing sub-sectors like consumer electronics.
Currently, eCommerce stands at the forefront of the global retail sector, transitioning from a secondary shopping option to a primary commercial hub.
The study explained that eCommerce can be many things, including cross-border commerce, borderless business, and international online retail.
“To highlight the outlook of eCommerce trends of 2023-2027, we’ve assembled some very interesting forecasts derived from region-specific statistics you should know, “ the report read in part.
The world experienced a significant shift in 2020 when eCommerce sales surged by 10.9 percent driven by the “digital accelerator” – the COVID-19 Pandemic.
The contagion effect on eCommerce sky-rocketed and continues to expand, indicating a universal preference for online shopping across diverse product categories.
“Outside China, the U.S. and Europe were significant players, generating revenues of $917.6 billion and $730.3 billion, respectively, in 2023. These figures are expected to ascend to $1,389.2 billion (U.S.) and $1,068 billion (Europe) by 2027.
“The year observed a blend of innovation and adaptability spurred by startups and growth in emerging Asian markets.
“Mobile commerce, powered by smartphones and tablets, gained traction, emphasising the role of mobile apps in contemporary shopping.
The digital era is more than just a buzzword. It’s redefining the way we shop. By 2027, the world anticipates eCommerce revenues to soar to an astonishing $6,348.8 billion, “the study further revealed.
Notably, ‘Electronics’ and ‘Fashion’ are the two powerhouses driving this growth, followed by furniture, food, toys, DIY hobbies, and more.
Electronics has taken eCommerce by storm. From a substantial US$437.1 billion in 2017 to a staggering expected $1,447.7 billion by 2027, it’s clear that electronics have become an integral part of our digital shopping carts.
According to the report, “The number of online shoppers in the Chinese market is set to increase, and as per the data, by the end of 2023, there will be 704.1 million Chinese consumers contributing to the eCommerce industry. With the rate of internet users joining the force, China will be home to the maximum number of online electronics shoppers by 2027.
“Europe and the USA will see similar estimated growth of 6percent although Europe clearly has more online shoppers in the consumer electronics segment, in comparison to the USA.
“Fashion is not just about the runway anymore; it’s taken a digital leap. From $347.5 billion in 2017, the online fashion market is set to expand to a whopping $1,495.6 billion by 2027.”
With ever-changing trends and seasons, online apparel shopping has thrived. The convenience of digital try-ons and vast collections make it a favorite, with a revenue forecast of $808.5 billion, accounting for more than half of the global revenue.
The digital furniture market has expanded from US$277.2 billion in 2017 to a projected $1,134.1 billion by 2027. The numbers reflect a consistent consumer shift towards online furniture shopping.
The digital food and beverages sector boasts a 25.8percent average annual growth rate. From $65.6 billion in 2017, it’s projected to reach a delectable US$653.6 billion by 2027, it further stated.
Beyond the main sectors, there’s a myriad of growth in toys, hobbies, DIY, and more. These segments, from hobby and stationery to sports and outdoor, all showcase strong growth, unified by a 15.1 percent annual growth rate. The media segment alone is eyeing $653.6 billion by 2027, up from $346.3 billion in 2023.
Across the globe, the study reveals that Internet access has transitioned from a luxury to a necessity, acting as a primary catalyst for eCommerce growth. We have seen that an impressive 75.7 percent of the global populace now enjoy online connectivity.
Leading this charge is the U.S., boasting a whopping 94 percent internet penetration. Not to be outdone, Europe displays an admirable average of 86.2percent connectivity. This European connectivity landscape is interestingly textured: Spain surges with 90 percent, while the U.K. trails just behind at 89percent. Germany and France, two of Europe’s economic powerhouses, have 85percent and 84percent respectively.
But perhaps the most intriguing figure is China’s. Despite its renowned stringent internet regulations, the Asian giant reports a 79percent penetration rate, echoing similar statistics in Italy.
