There are an estimated 12 million to 24 million eCommerce existing websites which changed the world of retail today as buying things on the internet has become the new norm.
So let us dive straight away to the latest online shopping statistics and trends for 2024 and the most recent online data of the top ten lists of the best products and services and the unique features that have propelled them to global excellence.
1 Amazon: World leader in B2C retail
2 eBay: Best in the C2C market
3 AliExpress: For cheap prices
4 Walmart: Wide range of products
5 Rakuten: Best for cashback and referral
6 Wildberries: Best for all household items
7 Ozon: Russia’s answer to Amazon
8 Flipkart: Best Indian eCommerce company
9 Samsung: World leader in electronics
10 Etsy: Vintage handmade goods
From the above date it is clearly visible that the eCommerce sector is getting stronger year after year and the 2024 global eCommerce sales are likely to cross $7 trillion in sales.
This growth can be attributed to a number of factors mainly,the growth of social media and the increase in popularity of subscription based services.
The fastest growth will be seen in the countries located in South America and the Asia-Pacific region because of their demographic structure.
In addition,since there are more younger people in this region than older citizens,the new generation is more tech-savvy and likely to buy more things online rather than offline.
In comparison,in a country like America,the market has been using eCommerce for many years and the market is already matured and is still the fastest growing country in terms of online sales.
To give you an idea of the size of the online shopping industry in 2022 there were 268 million online shoppers only in the US.The number is projected to increase to 285 million by the end of 2024.
Recent estimates suggest that global eCommerce sales will reach $58.74 trillion by 2028,a significant increase from earlier years, indicating the rise in popularity of online shopping.
What will shape the future of online shopping in 2024
There are a number of eCommerce trends that will be needed to deliver an online experience that will shine in 2024.
- Online retailers will have to ensure their presence is felt on their platforms, including website and third-party marketing sites(ex Amazon)
- Artificial intelligence will revolutionise eCommerce
- It will pay to go green
- Personalised customer service will be the norm
- eCommerce brands will have to optimise their sites for voice commerce to stay ahead of the curve
- Augmented and virtual retail experiences will make eCommerce immersive
- Curated experiences will be in high demand
- Privacy and transparency will be of paramount importance to consumers
- Subscription models will be the driving force
From subscription retail to personalization,the one common trend that will pave the way for eCommerce in 2024 will be about putting the customer experience first.