Data from AltIndex.com has revealed that the global e-commerce industry’s valuation will increase by 15.6% to reach $3.64 trillion in 2024. This represents one of the most impressive growth rates across all industries and demonstrates e-commerce’s vitality in the face of inflation, changing consumer behavior and costly digital advertising expenses.
The global e-commerce sector has seen its revenue jump by 108% over the past five years from $1.52 trillion in 2018 to a whopping $3.15 trillion last year. Although e-commerce was already a major form of trade as the 2010s drew to a close, the coronavirus pandemic kicked the sector into high gear in 2020.
Lockdowns worldwide forced many businesses to temporarily close their physical stores and focus on online selling, contributing to a $244.2 billion increase in e-commerce sales in 2020. A Statista poll predicts that global e-commerce revenue will surge by 15.6% year-over-year to reach $3.64 trillion this year with a quarter ($922 billion) coming from electrical sales.
Fashion will be the second-highest performing segment at $760 billion in sales or 20% of revenue. According to Statista, the Asian e-commerce market is still the leader in total e-commerce revenue and will remain dominant in 2024 with $1.93 billion in gross revenue, 16% more than in 2023, and more than 50% of worldwide e-commerce revenue.
Asia’s market is currently dominated by top players including Alibaba, Rakuten, JD.com and AliExpress. Although the United States is home to Amazon, the largest e-commerce company on the globe, the country is still far behind Asian nations in terms of e-commerce sales revenue.
Statista predicts America’s e-commerce market will gross $930 billion in 2024, 15% more than last year and 25% of the globe’s total e-commerce sales. Europe’s e-commerce industry sector is the third largest in the world after America and is predicted to bring in around $500 billion in e-commerce sales revenue in 2024.
The global e-commerce space will see a 15% growth in revenue as well as a considerable increase in users this year. Statista says an additional 300 million shoppers will head for online stores and shopping apps in 2024. This will bring the total number of people who shop online to 3.4 billion or 42% of the global population. Furthermore, experts predict an extra 300 million shoppers will flock online annually to bring the total number of online shoppers in 2028 to more than 4.6 billion.
As companies such as FingerMotion Inc. (NASDAQ: FNGR) continue providing tech solutions to businesses operating in the ecommerce space, the penetration of online commerce will only keep growing — not only in China but around the world.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
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