In a recent report, Statista projects that by 2027, 23% of all retail purchases will be made online. The e-commerce sector has been on a steady upward trajectory. The BCG report highlights that e-commerce is poised to capture 41% of global retail sales by 2027, up from just 18% in 2017. This growth is attributed to the pandemic-induced acceleration of online shopping habits, which have persisted even as physical stores reopen.
The U.S. market mirrors this global trend. According to eMarketer, U.S. retail e-commerce sales are forecasted to reach $1.720 trillion by 2027, representing more than 20% of overall retail sales. This growth is further supported by Forrester projections, which anticipate U.S. online retail spending to hit $1.6 trillion by the same year.
Revenue in the global e-commerce market is also set to soar. Statista projects that revenue will reach $4,117 billion in 2024, with an annual growth rate (CAGR) of 9.49% from 2024 to 2029. By 2029, the market volume is expected to hit $6,478 billion, with the number of users reaching 3.6 billion. User penetration is predicted to increase from 40.5% in 2024 to 49.1% by 2029, indicating a broadening base of online shoppers.
Several factors contribute to this robust growth. The convenience of faster buying processes, the ability to shop from anywhere at any time, and the increasing availability of multiple payment options have made online shopping more attractive. Additionally, the focus on sustainability and eco-friendly practices is gaining momentum, with consumers expecting e-commerce platforms to offer green alternatives and reduce packaging waste.
Moreover, the rise of mobile commerce (m-commerce) is crucial. Countries like Malaysia, South Korea, Taiwan, and the Philippines are leading in mobile purchases, with a significant portion of their populations making weekly smartphone purchases.
As we look towards the future, the retail landscape is set to become even more digital. Integrating advanced technologies, personalized shopping experiences, and efficient omnichannel strategies will likely drive further growth in e-commerce, making it a central component of global retail.
