Global eCommerce market

The global eCommerce market is expected to increase over the next years. It is predicted to reach US$4,561,788.9 million by 2024 and the expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 8.4%. Seven markets are considered by ECDB within the global eCommerce market. Fashion is the largest market and accounts for 27.4% of the global eCommerce revenue. It is followed by Electronics with 24.1%, Hobby & Leisure with 13.9%, Care Products with 9.5%, Grocery with 9.2%, Furniture & Homeware with 9.0%, and DIY with the remaining 6.9%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the global retail market, the online share is 17.9% and will increase by an average of 6.4% to 23.0% by 2028.

The biggest player in the global eCommerce market is amazon.com. The store had a revenue of US$138,942.5 million in 2023. Store rankings include every store that generates revenue worldwide. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, the global eCommerce revenue was considered.

With 90.0% VISA the most commonly offered payment method of all online stores worldwide in 2023. Like VISA Mastercard with a share of 89.6% and American Express with a share of 52.0% the payment type Cards is the most common used by online retailers in worldwide in 2023. Other commonly used payment methods in that market are PayPal (E-wallets) with 65.4% and Bank transfer/cash in advance (Bank transfer) with 41.9% of stores offering that payment method to the clients.

Despite DHL's dominant position with 26.7% of online stores opting for its services, the worldwide eCommerce market in 2023 remains diverse and competitive. Several other shipping service providers, including UPS (United Parcel Service), DPD, FedEx, and USPS (United States Postal Service), hold smaller but significant shares, contributing to a dynamic and fragmented market.

In the worldwide eCommerce market, there is intense competition among various shop software solutions, leading to a highly fragmented landscape in 2023. None of the major shop software solution, including Shopify, Magento, and WooCommerce, have been able to secure a market share exceeding 14.6%, suggesting a diversified market with numerous players holding smaller stakes.