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

What is Global E-commerce?

Global e-commerce is the selling of products or services across geographical borders from the country of origin of the company, which is usually referred to as its foundational or commercial location. Products or services are sold in non-native markets through online sales and marketing.

Size of the E-commerce Market

The global e-commerce market is expected to reach $6.3 trillion in 2023. This figure is projected to grow in the coming years, indicating that cross-border e-commerce has become a profitable option for online stores. By 2024, 21.2% of total online retail sales will occur.

Main Trends in E-commerce

Several key trends should be monitored in the field of e-commerce:

1. Global inflation pressures: You should consider the impact of inflation on the purchasing decisions of global customers.
2. Increase in consumers shopping via smartphones: Be prepared for an increase in consumers shopping via smartphones and provide them with a convenient shopping experience.
3. A new mix of marketing channels: You should take advantage of new developments in advertising and marketing, such as social commerce, live shopping, and connected TV advertising.
4. Gradual stabilization of the supply chain: You need to address supply chain challenges and enhance your ability to cope with them.
5. Increased sales in China and the Asia-Pacific region: You should target emerging markets in Asia and work to increase sales in those countries.
6. Creating localized content for consumers: You should deliver content in the local consumers’ language and provide an excellent shopping experience.

Developing a Global E-commerce Strategy

Developing a global e-commerce strategy can be a daunting task, but there are some key areas to focus on to achieve success:

1. Pricing: You should research how to set prices in the countries you are targeting and determine the best promotion and discount methods.
2. Payment methods: You should offer convenient payment options for global e-commerce, such as credit cards, digital wallets, and the “Buy Now, Pay Later” option.
3. Customer service: You need to provide excellent customer service worldwide, including phone, email, and live chat support.
4. Shipping and logistics: Consider how to deliver products to international buyers with minimal friction and cost.
5. Leveraging the Shopify Marketplace: You can use the Shopify Marketplace to manage international sales and facilitate complex operations like compliance, duties, shipping, and conversions.

Frequently Asked Questions about E-commerce Statistics

Some frequently asked questions about e-commerce statistics include:

1. What is the size of the global e-commerce market?
2. How can I start an international e-commerce business?
3. Is e-commerce important for global businesses?

Read More

You can read more articles and helpful resources about e-commerce on the Shopify blog.

About the Author

Michael Keenan is a marketer, programmer, and founder of Peak Freelance. He is inspired by learning about people’s stories, climbing mountains, and traveling with his partner and their dogs.