Global E-commerce Statistics: Trends to Guide Your Store in 2024

E-commerce is not an industry; e-commerce is a tactic. 
-Tobias Lutke

The e-commerce landscape is ripe with opportunity, as six out of ten shopping journeys now begin online. To harness the potential of this growing trend, it's crucial for businesses to establish a strong online presence. Additionally, research shows that convenience, availability, and enticing discount deals play pivotal roles in shaping the preferences of 56.6% of consumers when it comes to online shopping.

Why is global E-commerce advantageous?

International e-commerce has grown exponentially in recent years, with its market share steadily increasing. As more consumers embrace online shopping for convenience and accessibility, the projected market volume for revenue is estimated to reach US $5,307 billion by 2028, with an annual growth rate of 9.83%.

Here are some of its benefits:

1. Flexible and convenient:

The preference for online shopping varies among consumers because of convenience, variety of options, competitive pricing, and the ability to shop from the comfort of one's home. Additionally, the rise of mobile commerce (m-commerce) has further fueled the popularity of online shopping, as consumers can now make purchases on the go using their smartphones and tablets.

2. Location:

E-commerce has transcended geographical boundaries, allowing consumers to shop from anywhere in the world. Individuals with internet access can participate in online shopping in urban centers, rural areas, or even remote locations. This accessibility has democratized the retail experience, enabling people from diverse backgrounds and locations to access products and services from around the globe.

3. Availability of Options:

One of the key advantages of global e-commerce is the abundance of options available to consumers. Online marketplaces offer various sellers' products, providing shoppers with unparalleled choice and flexibility. Whether one is looking for niche products, international brands, or specialty items, consumers can easily find what they need through online retailers.

Why do businesses need to start an online store?

In today's digital age, establishing an online store isn't just a luxury for businesses—it's necessary. Here are some compelling reasons why businesses need to start an online store:

• ‍Global Reach: An online store allows businesses to reach customers beyond their local area and expand their market presence internationally.
• ‍24/7 Availability: Unlike physical stores with fixed operating hours, online stores are accessible 24/7, catering to the demands of the ever-evolving e-commerce trends and the convenience of customers. They can browse, shop, and make purchases anytime, anywhere.
• ‍Lower Overhead Costs: Operating an online store typically incurs lower overhead costs than brick-and-mortar establishments. There's no need to invest in expensive retail space, utilities, or a large staff, contributing to the profitability of B2C and D2C e-commerce operations.
• ‍Data-driven Insights: Online stores provide valuable data and analytics to help businesses. Through tools like Google Analytics, businesses can track customer behavior, preferences, and buying patterns, shaping their strategies to meet the demands of international e-commerce trends in 2024 and beyond.

Growing E-commerce Trends

The e-commerce landscape has experienced significant shifts and trends, particularly in response to global events such as the COVID-19 pandemic. Here's how the world of e-commerce is evolving:

Surge in Online Shopping

With physical stores closed or operating under limited capacity due to COVID-19, consumers turned to e-commerce platforms to fulfill their purchasing needs. This trend accelerated the growth of online retail, with businesses adapting to meet the increased demand for digital shopping experiences.

Rise of Virtual and Augmented Reality

As people prioritized safety and convenience, virtual and augmented reality technologies started gaining traction in e-commerce. These immersive technologies let consumers try on clothing virtually and preview furniture in their living spaces, enhancing the online shopping experience. 

Shift Towards Circular Economy

As awareness of environmental issues grows and consumers demand more eco-friendly products and practices, e-commerce companies respond by implementing sustainable initiatives and offering green alternatives. This trend is evident in the rise of second-hand marketplaces, the popularity of rental and subscription services, the adoption of eco-friendly packaging solutions, and the promotion of digital products and services. 

Current statistics that will impact e-commerce globally

• A year-over-year increase of 2.7% has been observed in the number of online buyers.
• There is estimated to be a 5.1% annual increase in the number of people who shop online in the United States.
• Approximately 32% of Generation Z consumers engage in online shopping on a daily basis.
• Following a product selection on an eCommerce website, 90% of shoppers visit Amazon to compare prices.
• Customer experience, i.e., reviews, is paramount in purchasing decisions for 73% of consumers.
• A majority, accounting for 61%, express a higher likelihood of completing a purchase on a site optimized for mobile devices.

Future outlook

The rise of e-commerce can be attributed to various factors, including 24/7 availability, convenience, and the allure of discount deals. But, with the average cart abandonment rate at a staggering 70.19%, it's essential to address the key issues contributing to it, such as complicated checkout processes and the need to create accounts.

Fortunately, solutions such as responsive UI and product configurators can help streamline the online shopping experience, making it easier for customers to complete their purchases. 

Additionally, integrating augmented reality in the marketplaces enhances the shopping experience. Surveys indicate that 71% of shoppers seek AR integration, while businesses that leverage AR/VR content enjoy a 94% higher conversion rate. Therefore, it would not be wrong to say that the success of e-commerce hinges on augmented and virtual reality.