A recent study by flyers-on-line.com claims that eCommerce will double by 2027.
The study places China as the undisputed leader, with a market value of $779.858 billion in 2022, predominantly driven by the electronics sector.
This is projected to double, soaring to approximately $1.73 trillion by 2027. Meanwhile, Europe and the United States are also pivotal players in this rapidly expanding field. In 2023, Europe is expected to generate revenues of $730.3 billion, while the United States is projected to contribute $917.6 billion.
The global eCommerce landscape is poised for significant growth. According to flyers-on-line.com projections, global eCommerce revenue is expected to grow by 64.69 per cent from 2023 to 2027, reaching $6.34 trillion.
The flyers-on-line.com study analysed multiple sectors, including fashion, electronics, and, surprisingly, food. Each industry was evaluated based on global revenues in USD, with particular attention given to high-performing sub-sectors like consumer electronics.
Additionally, the study looks into the dynamics and strategies of major eCommerce contributors. For instance, Amazon has a Global Gross Merchandise Value (GMV) of $692.8 billion, primarily focusing on Electronics and media.
Other findings in the report included:
• Fashion topped global revenues at $989.3 billion, followed closely by electronics at $914.1 billion
• In 2022, 45 per cent of online shoppers in the U.S. conducted research before purchase
• The largest fashion eCommerce category has a revenue projection of US$808.5 billion by 2027
• Furniture eCommerce to reach US$379.5 billion in revenue by 2027
• The Toys, Hobby & DIY segment shows 15.1 per cent annual average growth rates
• The Food Segment and beverage segment shows a 25.8 per cent and 21 per cent annual average growth rate, respectively
