A new report by GlobalData has suggested that the global e-commerce market is set to be worth $9.3 trillion (€8.84 trillion) by 2027, growing at a compound annual growth rate (CAGR) of 9.5% from 2022.
The growth in e-commerce will be driven by 'e-commerce as a service' companies, like Shopify, and marketplaces like Amazon and Alibaba, that allow anyone to become a merchant, GlobalData said in its report, entitled Ecommerce.
Globally, e-commerce transactions around the world grew from $2.5 trillion (€2.38 trillion) in 2016 to $5.9 trillion (€5.61 trillion) in 2022 – a CAGR of 15% – with the COVID-19 pandemic providing a major accelerator of online sales.
“Although the e-commerce industry will grow globally, key geographical disparities can be observed," commented Aisha U-K Umaru, analyst, thematic intelligence, at GlobalData.
"The US and China currently dominate the market and will account for over half of the e-commerce industry’s value in 2027. However, emerging markets should not be overlooked.”
According to GlobalData, India is set to become one of the fastest-growing e-commerce markets globally over the coming years, with spend anticipated to grow at a CAGR of 23% in the period from 2022 to 2027.
As Umaru explains, the growth of companies like Shopify and Squarespace have democratised e-commerce, enabling merchants of all sizes to build digital shopfronts without the need for coding experience.
"Marketplaces such as Amazon and Alibaba also facilitate this e-commerce democratisation by allowing sellers to tap into their e-commerce infrastructure and audience," she adds. "As more and more sellers go online, it will be interesting to see how the e-commerce landscape will evolve to provide for the ever-expanding range of goods on offer.”