The 2024 ecommerce landscape is shaped by new growth projections, changing consumer behaviors, emerging demographics, and the ever-increasing role of social media. Ecommerce trends shaped by the pandemic and economic uncertainty are here to stay—including ecommerce as a growing percentage of retail sales.
We’ve compiled 31 ecommerce statistics—broken into seven categories—to help you learn more about the world of online shopping in 2024.
Key Takeaways:
- The US ecommerce market reached a total of $1.12 trillion in 2023.
- In 2024, mobile commerce sales are expected to account for more than 40% of US retail ecommerce sales.
- China, the US, the UK, Japan, and South Korea lead the ecommerce race.
- With an average conversion rate of just 2%, ecommerce conversion demands optimized strategies.
- Fraud is on the rise. Online payment fraud is expected to exceed $362 billion globally over the next few years.
Ecommerce Industry Statistics
1. Ecommerce is predicted to make up close to a quarter of total global retail sales by 2027
With the continued growth of ecommerce, Statista forecasts it will make up just under a quarter of all retail sales worldwide by 2027, up from around 19% in 2023. By 2025, global online sales are expected to surpass $7 trillion.
2. US ecommerce sales accounted for 22% of the country’s total retail sales in 2023
In line with the global ecommerce market, US ecommerce sales made up 22% of the country’s total retail sales in 2023—amounting to $1.119 trillion. This is predicted to reach nearly $2 trillion in revenue by 2029.
3. US ecommerce sales reached $1.12 trillion in 2023
In 2023, the US ecommerce market reached a total of $1.12 trillion. Before the COVID-19 pandemic, most sources did not forecast US ecommerce reaching the trillion-dollar milestone until 2024.
4. In the US, ecommerce revenue is expected to grow by nearly 9% from 2024-2029
Ecommerce growth estimates for the US are at 8.99% for 2024 to 2029. By the end of this period, market volume is projected to be at $1.8 billion.
5. Global ecommerce sales are set to nearly double pre-pandemic levels by 2025
In 2019, before COVID-19 and lockdowns forced the rapid expansion of the ecommerce world, ecommerce was valued at nearly $3.4 trillion globally. Ecommerce sales made up 17.8% of global retail sales in 2020—and this figure is poised to hit 24.5% by 2025, almost twice the 2019 percentage.
6. The two most popular categories for online purchases in the US are clothing and shoes
Among US consumers, 43% of survey respondents chose clothing and 33% chose shoes when talking about what they bought online within the past year.
7. There are currently 9.8 million online retailers in the world, 2.8 million of them in the US
The ecommerce industry is growing rapidly and new stores are popping up every day. According to Etailinsights, as of 2024, there are around 9.8 million online retailers globally, with 2.8 million in the US alone.
8. The ecommerce success rate is less than 20% for new businesses
Only 10% to 20% of ecommerce businesses succeed, with most failing in the first 120 days. As the ecommerce sector grows, so does the need for businesses to constantly innovate and adapt to new market trends.
9. The top reasons that ecommerce startups fail are insufficient funding and lack of consumer demand
According to Myos, 38% of failed ecommerce businesses attribute their downfall to running out of cash and/or inability to raise new capital. Other common reasons for ecommerce failure are poor market and competitor research, bad website design and UX, and suboptimal inventory management.
Mobile Ecommerce Statistics
10. More than half of adults in the US believe that mobile shopping is a necessary aspect of online shopping
Among American adults, over 60% believe that mobile shopping is necessary to make online shopping more convenient. Other factors that influence people to shop online include home delivery and free shipping.
11. In 2024, mobile sales are anticipated to account for over 7% of retail sales in the US
A report from eMarketer projects that by this year, mobile sales will account for 7.4% of all retail sales in the US. This comes to a value of $558.29 billion—just for 2024.
If you are ready to get your website into shape so that you can capitalize on mobile sales, check out our article on the best ecommerce platforms. Our top pick for ecommerce platforms is Shopify—read more in our in-depth Shopify review, plus our Shopify statistics article.
12. Mcommerce is anticipated to account for over 44% of ecommerce sales by 2024
According to eMarketer, by 2024, mobile commerce (mcommerce) sales should account for 44.6% of US retail ecommerce sales.
Global Ecommerce Statistics
13. China has been the world’s largest online retail market for over a decade
China leads the ecommerce market with sales that totaled $2.17 trillion in 2023. At the end of 2023, the country boasted about 915 million online shoppers—the largest number in the world.
14. The top five ecommerce markets by sales have remained the same since 2018
eMarketer predicts that the top ecommerce markets—China, the US, the UK, Japan, and South Korea—will stay in place through 2025, until they make way for emerging markets such as the US, India, and Mexico.
15. The United States, India, and Mexico are the fastest-growing ecommerce markets in the world
From 2024 to 2028, the US, India, and Mexico’s retail ecommerce sectors are projected to experience compound annual growth rates (CAGR) of nearly 12%. Argentina and Brazil are also in the top five for growth.
16. The Canadian ecommerce market is expected to reach $89.4 billion in sales this year
Canadian buyers have embraced online sales, making it a promising market for local and US-based sellers alike. The country’s ecommerce market is projected to grow at a rate of 9.38% annually, reaching $118.8 billion by 2028.
Conversion Rate Ecommerce Statistics
17. The average conversion rate among ecommerce businesses is nearly 2%
Shopping micro-moments and more time online have certainly increased traffic for online retailers. However, very little of this traffic actually becomes buying customers, with ecommerce conversion rates at only 1.91% across industries, with monthly fluctuations.
18. Incorporating augmented reality (AR) into your online site can increase conversion rates by up to 40%
Using 3D and AR technologies in your online shopping platform can boost conversion rates up to 40% by increasing buying confidence. Employing virtual reality in retail also boosts post-purchase satisfaction and reduces returns.
RayBan is one of the pioneers of AR for ecommerce, offering virtual mirrors where shoppers can try on different styles. (Source: RayBan)
Consumer Trends Ecommerce Statistics
19. In 2024, over 270 million people in the US shop online
There are 270.11 million ecommerce buyers in the US. In a country with a population of around 330 million, the proportion of active online shoppers is huge. The current figure represents an 8.1% increase from 2023 and is projected to continue increasing every year.
20. Adults aged 18 to 24 years accounted for the largest group of digital buyers in the US in 2023
As of 2023, 46.9% of online shoppers in the US were members of Gen Z between the ages of 18 and 24; they made up the largest group of digital buyers (based on geolocated mobile user data). Buyers aged between 25 and 34 (late Gen Z to early millennials) comprised almost another one-third of the ecommerce shopper audience.
21. More than a third of social media users in the US do research on those platforms before making a purchase
In the US, 67% of social media platform users will research potential purchases on those platforms before buying. Businesses that focus significant effort on social media presence and marketing are thus more likely to influence consumers’ buying decisions.
One of the best ways to help shoppers feel secure about their purchases is to write a strong product description and provide good product photos. Learn how with our guides:
Social Media Ecommerce Statistics
22. Nearly 90% of businesses say that increased brand exposure is the top benefit of social media marketing
Social media is a growing part of the ecommerce landscape, with many brands using social media presence to garner customer trust and loyalty. 86% of businesses specified improved exposure as the biggest advantage of using social media marketing. Other cited benefits include increased traffic (76%), stronger customer loyalty (56%), and increased sales (55%).
Learn more about building your business’s social media with these resources:
- What Is Social Media Marketing? Ultimate Guide
- Facebook for Business: Ultimate Guide
- Social Media Advertising Explained
- Facebook Advertising: Ultimate Guide
23. In 2023, social commerce sales generated about $571 billion in revenue worldwide
Social commerce sales, or ecommerce transactions done through social media, is a growing category in the ecommerce industry. In fact, Statista reports that the segment generated about $571 billion in global revenue in 2023, and is projected to exceed $1 trillion by 2028.
24. About 70% of millennials who shop online have made purchases directly through social networks
According to Statista’s 2023 survey, millennials are the generational group with the highest adoption of social shopping worldwide, with 7 out of 10 shoppers between the ages of 27 and 42 having made at least one purchase on a social platform. Users aged 18 to 26 follow closely behind, with more than half saying they have shopped through these platforms.
25. Two-thirds of consumers will trust a brand more if the brand interacts with them via social media
Businesses can improve trust with 66% of consumers if the businesses actively interact with these consumers through social media platforms. What’s more, among consumers who felt that they made a good connection with a brand on social media, 71% are more likely to recommend that brand to others.
Need help learning how to set up shoppable social media accounts? Check out these resources:
- How to Sell on Facebook
- How to Sell on Instagram
- How to Sell on TikTok
- How to Sell on Pinterest
- How to Sell on YouTube
26. Global spending on social media advertising reached about $270 billion in 2023
In that single year, total worldwide social media ad spend stood at about $270 billion—and this figure is projected to exceed $300 billion in 2024. While other countries are putting up impressive engagement numbers as well, the US is the largest social media advertising market in the world.
27. In 2023, 60% of Gen Z consumers discovered a new product or brand through social media
Gen Z, a relatively young generation that is gaining more and more buying power, is the biggest user group of social media for shopping. In fact, whereas social media is the source of product and brand discovery for one-third of all shoppers, for Gen Z, social media accounts for 60% of these consumers finding a new product or brand on social media.
Getting your brand or product on social media channels will make it easier for people to find you and will increase your ability to market to Gen Z. The purchasing of entertainment online is a trend that is being driven by this generation. You can learn more about this powerful new purchasing class with our article on retail statistics.
Related:
Ecommerce Fraud Statistics
28. ‘Phishing’ was the most common type of ecommerce fraud in 2022
Phishing (also called ‘pharming’ and ‘whaling’) involves impersonating authority figures from legitimate businesses to deceive individuals or merchants into sharing sensitive info, such as passwords and account numbers. This type of ecommerce fraud was reported by 43% of online merchants last year.
29. 26% of consumers confessed to filing fraudulent chargebacks
According to Sift, over one in four consumers, or 26%, admitted to disputing transactions even though they had received the item and were satisfied with the purchase. This type of fraud—known as ‘friendly fraud’ or ‘chargeback fraud’—accounted for the largest portion of fraud losses for US online merchants in 2022.
30. Online payment fraud is expected to exceed $362 billion globally over the next few years
Juniper Research predicts that ecommerce retailer losses due to payment fraud worldwide will surpass $362 billion between 2023 and 2028. For 2028 alone, the losses are expected to amount to $91 billion.
31. The ecommerce fraud prevention market was valued at nearly $48 billion in 2023
The value of the ecommerce fraud prevention and detection market stood at $47.93 billion in 2023. It is expected to surpass $186 billion by 2023, indicating that more and more spending goes into defending against ecommerce fraud every year.
Methodology
When putting together our list of ecommerce statistics, we examined sources such as Statista, Juniper Research, and Insider Intelligence/eMarketer. We prioritized data no older than 2022, though we occasionally referenced older information if it displayed an interesting or informative contrast to current data. We selected statistics that we believe give the best broad-strokes picture of ecommerce both in the United States and around the world, as well as statistics that provide actionable insights for small business owners.
Ecommerce Statistics Frequently Asked Questions (FAQ)
Click through the sections below to learn more about current ecommerce revenues, performance, and trends.
As of 2023, ecommerce sales in the US reached $1.12 trillion in value. Globally, by 2025, ecommerce sales are expected to be over $7 billion in value.
Mobile commerce is big. More than 60% of American adults consider m-commerce options necessary when shopping online. Social commerce is also huge, having generated about $571 billion in revenue worldwide in 2023.
No. For example, both Gen Z and millennials shop online. However, members of Gen Z are more familiar with modern technology and so are the most likely to research and discover new products via social media. However, it’s actually millennials who tend to spend the most, since they generally have more disposable income than Gen Z does.
Bottom Line
The retail landscape underwent major changes during the COVID-19 pandemic, and it hasn’t stopped evolving since. With more and more people choosing to shop online, it is important to be familiar with ecommerce industry statistics and realities—from growth projections and buying patterns to consumer behaviors and the role of social media. With all this information under your belt, you’re ready to drive online sales strategically and effectively.
