54 Crucial eCommerce Statistics You Need To Know (2024)
With 33% of the global population shopping online, retail eCommerce is now a $6.3 trillion dollar market. With consumer preferences getting more tight and competition high, businesses are investing more in personalization.
eCommerce is not about transactions anymore; it's about creating meaningful experiences and building lasting relationships with customers.
If you're new to eCommerce or want to improve your current online ventures, this post will give you some helpful insights.
eCommerce market size statistics
- The Global eCommerce sales will account for $6.3 trillion in 2024 and $7.96 trillion by 2027.
- eCommerce sales in the United States have reached $579.50 billion in the first half of 2024 and account for 15.9% of the total retail sales in the country.
The eCommerce sales in the United States are predicted to reach $1.22 trillion by the end of 2024 and grow at a CAGR of 8.99% to reach $1.88 trillion by 2029.
- China is the leading eCommerce market globally with a valuation of $3.56 trillion and represents 47% of total retail sales. It is projected to grow to $3.98 trillion by 2027.
- Global B2B eCommerce market is valued at $21.08 trillion in 2024. The market will have a valuation of $57 trillion by 2030.
eCommerce revenue by region
Market size is the total potential demand in a market, while revenue is the actual income businesses earn from its sales. We earlier saw the market size of global eCommerce markets, now let's have a look at the revenue of different world regions.
- Asia tops the global e-commerce market rankings, with total online retail revenue reaching nearly $1.7 trillion in 2023, that’s $775 billion more than the revenue generated in the Americas (the second biggest eCommerce market by revenue)
eCommerce market growth by countries
Turkey, Brazil and India are the three fastest growing eCommerce markets in the world. All the three nations are growing at a CAGR of 11.5%. The reason for this growth is increasing internet and smartphone penetration, a young and tech-savvy population, a rising middle class, and improving digital infrastructure.
The two biggest eCommerce markets in the world currently, The US and China have an estimated CAGR of 8.99% and 9.95% till 2029.
Number of eCommerce shoppers globally
2.71 billion people around the world shop online in 2024. This means that 33% of the world's population is shopping online. The number of online shoppers will increase to 2.77 billion in 2025.
eCommerce Shoppers by country
| china | 915.1 million |
| USA | 270.11 million |
| India | 250 million |
| Brazil | 134 million |
| Japan | 94 million |
| Mexico | 74.1 million |
| Indonesia | 65 million |
| Germany | 62 million |
| UK | 57 million |
| France | 46.2 million |
| Turkey | 41 million |
| South korea | 38.2 million |
| Canada | 27 million |
Sources: JP Morgan, Statista, Oosga, International Trade Administration.
United States eCommerce demographics
- It is estimated that there are 270.11 million online buyers in the United States in 2024. Meaning 80% of the country's population is buying stuff online.
- 73% of Americans prefer smartphones for online purchases. Laptops are the second most popular device with 43% votes. A considerable 11% of the US shoppers use smart speakers for online shopping.
- 34.9% of online shoppers in the United States make less than $25,000. Another 33.9% had earned between $25,000 to $60,000.
- 47% of US eCommerce shoppers are aged 18 to 24. The next largest age group, comprising 31.8% of shoppers, is the 25 to 34 age bracket. The percentage continues to decline as we progress, with only 13.2% of shoppers falling into the 34 to 54 age bracket.
Social commerce statistics
Social commerce is growing fast because people are spending more time on social media. As of 2024, 63% of the world population is on social media and an average person now spends about 15% of their waking hours on social platforms. That adds up to around 2 hours and 26 minutes each day, using about 6 different apps.
- 110 million people in the United States shop on social media in 2024. That’s an increase of 3% from the previous year when the number was 106.8 million.
- Social commerce sales in the United States are estimated to reach $86.42 billion in 2024. The average spending per shopper is estimated to be $776.
- 1/3rd of US shoppers in their early 20s begin the purchasing process through social media platforms.
- Deals and coupons are the leading factor for people to shop via social media. Ease of purchase and more customer reviews are cited as important drivers too.
- 40% of United States social buyers are aged between 18 to 34. People aged between 34 to 44 make up 19.1%. This shows that people of all age groups enjoy shopping via social media and not just the younger generation.
- Facebook remains the top special media platform for social commerce in the United States. The platform has generated $56.8 billion USD in 2024 so far. Following Facebook are Instagram ($37.2 billion), TikTok ($20.2 billion), YouTube ($13.6 billion) and Pinterest ($10.6 billion).
Mobile commerce statistics
92% of US households in the United States have at least one smartphone and they account for 45% of the internet traffic in the country. On average, Americans spend about 4 hours and 25 minutes on their phones every day and check them around 144 times.
Although most of the time goes towards scrolling social media, a fair share of it also goes into shopping activities giving rise to mCommerce.
- Mobile commerce sales are estimated to reach $564.06 billion and reach $856.38 billion by 2027.
- 45% of total e-commerce sales in the US is made via smart phones.
- 76% of Americans have purchased something online using mobile phones in the past 12 months.
- 32% of the U.S. population uses their phone to buy something online at least once a week. Majority of the time they buy groceries and household supplies!
- 53% of smartphone users buy from company-specific apps.
- Voice commerce, which is generally carried out through mobile phones, will account for $39.8 billion in sales in 2024.
eCommerce payment statistics
Convenience is the essence of eCommerce, and one of the biggest factors influencing online shoppers is their payment options. Credit cards and buy now pay later plans let people buy what they want even if they don't have all the money upfront.
But don't overlook the power of Cash on Delivery (COD) either. Offering COD as a payment option can actually lead to more orders because it gives customers an extra layer of confidence. Let’s explore statistics to see how different payment methods impact eCommerce.
- Digital wallets account for almost half of the eCommerce transactions globally. Transactions worth $3.1 trillion were carried out via mobile wallets in 2023.
- Digital wallets usage worldwide will grow at a CAGR of 14.9% from 2023 till 2027.
- Cards account for 58% of online payments in the United States, while digital wallets make up 26%.
- There are 3.26 credit cards per capita, compared with just 0.99 debit cards in the United States.
- Buy Now Pay Later transactions are estimated to be valued at $132.7 billion in 2024, up by 14% from the previous year. This value will reach $205.76 billion by 2029.
- e-commerce losses to online payment fraud accounted for $48 billion in 2023. Up by 17% from the previous year.
- 13% of online shoppers will abandon their carts if they don’t find their preferred payment options at checkout.
eCommerce social proof statistics
Social proof is like getting a thumbs-up from friends before you buy something online, making it feel more trustworthy and less like a gamble. Social proof helps people make better decisions and feel more connected to the brands they choose.
- 99% of online shoppers check reviews when making a purchase, 96% of customers look specifically for negative reviews.
- An item with one review is 65% more likely to be purchased than an item with no reviews.
- The average consumer needs to read 10 reviews before they trust a business.
- 49% of shoppers trust customer reviews as much as personal recommendations from family and friends.
- Social proofs are also one of the leading reasons for the rise of social commerce as 71% shoppers are more likely to make a purchase based on referrals they've seen on social media platforms.
- Online conversions increase 133% when mobile shoppers see positive reviews before buying, and 54% of people have purchased a consumer packaged goods after seeing visual user generated content showing it.
- 69% of people trust recommendations from their favorite influencers. Brands see a big payoff from this trust too, as every dollar spent on influencer marketing brings in about $5.78.
eCommerce shipping statistics
- 70% of people say free shipping is the reason why they shop online. 62% of them say it's so important to them that they won't make a purchase without it.
- 42% of all eCommerce transactions in the U.S. include free shipping.
- Online consumers are six times more likely to value free shipping over fast shipping.
- Shipping and other charges are the leading cause of cart abandonment, 48% of consumers will abandon their cart at checkout due to extra shipping costs.
- 45% of people say free return shipping is the most important factor when buying online, and about 24% value how easy it is to return items. Free return shipping is as important as free shipping, with 84% of shoppers checking the return policy before buying.
eCommerce website and SEO statistics
There are 26.2 million eCommerce websites out there, and everyone wants to stand out. While ranking high in search results is crucial, having a great design and user experience (UI/UX) is just as important. A well-designed eCommerce site can make a huge difference in your business's success.
Let’s dive into some interesting statistics related to eCommerce websites.
- 9 out of 10 online shoppers consider high-quality product photos as one of the most important factors while purchasing.
- Product pages with photos attract 95% more organic traffic than pages without images.
- 50% of users prefer products with detailed descriptions over those with less information.
- 42% of consumers said they will leave a website because of poor functionality.
- Mobile-friendly websites can increase the likelihood of purchase by 67%.
- Ecommerce sites with a blog have 434% more indexed pages than those without.
- 37% of online shoppers will abandon a site if it takes more than 5 seconds to load
- 80% of users ignore paid ads in search results.
