A new study has projected that global e-commerce revenue will grow by 64.69 per cent 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 per cent.
Meanwhile, Europe and the United States are also pivotal players in this rapidly expanding field.
In 2023, Europe is expected to generate revenues of $730.3 billion, while the United States is projected to contribute $917.6 billion.
Furthermore, the analysis implies powerhouse nations like the U.S., China, and Japan’s e-commerce revenues are the key drivers of global e-commerce statistics.
According to the study, the top eCommerce sectors are fashion, which recorded global revenues of US$989.3 billion, followed by electronics at US$914.1 billion, of which consumer electronics accounted for 74 per cent.
Surprisingly, the food sector clocked global sales of US$346.3 billion, projected to grow 17.21 per cent by 2027.
It’s worth noting that the global eCommerce landscape is poised for significant growth. Each sector was evaluated based on global revenues in USD, 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 for 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 per cent, driven by the “digital accelerator”—the COVID-19 pandemic.
The contagion effect on eCommerce skyrocketed 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 US$917.6 billion and US$730.3 billion, respectively, in 2023. These figures are expected to ascend to US$1,389.2 billion (U.S.) and US$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 US$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 US$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 6 per cent, although Europe clearly has more online shoppers in the consumer electronics segment in comparison to the USA.
“Fashion isn’t just about the runway anymore; it’s taken a digital leap. From US$347.5 billion in 2017, the online fashion market is set to expand to a whopping US$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 favourite, with a revenue forecast of US$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 US$1,134.1 billion by 2027. The numbers reflect a consistent consumer shift towards online furniture shopping.
The digital food and beverage sector boasts a 25.8 per cent average annual growth rate. From US$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% annual growth rate. The media segment alone is eyeing US$653.6 billion by 2027, up from US$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 e-commerce growth. We have seen that an impressive 75.7% of the global populace now enjoys online connectivity.
Leading this charge is the U.S., boasting a whopping 94% internet penetration. Not to be outdone, Europe displays an admirable average of 86.2 per cent connectivity. This European connectivity landscape is interestingly textured: Spain surges with 90%, while the U.K. trails just behind at 89 per cent. Germany and France, two of Europe’s economic powerhouses, have 85 per cent and 84 per cent, respectively.
But perhaps the most intriguing figure is China’s. Despite its renowned stringent internet regulations, the Asian giant reports a 79 per cent penetration rate, echoing similar statistics in Italy.
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