ECommerce encompasses a variety of concepts, such as cross-border commerce, borderless business, and international online retail. But beyond these definitions, the reality is clear: eCommerce is no longer a luxury or just one strategy among many. It has become a necessity for businesses, both B2B and B2C, looking to thrive in the modern marketplace. By 2024, approximately 2.71 billion consumers are expected to shop online, highlighting the urgency for companies to embrace eCommerce as a core business model.¹
What is Global eCommerce?
Global eCommerce refers to the sale of products or services across geopolitical borders, originating from a company’s home country. This involves selling into non-native markets through online sales and marketing strategies. The benefits of expanding into international eCommerce, especially within B2B eCommerce trends, include easier access to foreign markets, a faster product-market fit, shorter B2B sales cycles, and quicker establishment of an international presence, all while facing relatively low barriers to entry. Notably, the global B2B eCommerce market is projected to reach $36 trillion by 2026, while B2C eCommerce trends show growth to $5.5 trillion by 2027.²
Ecommerce Trends 2024: Market Size and Growth
The global eCommerce market is anticipated to reach $4.8 trillion by 2025, demonstrating steady growth as borderless eCommerce continues to gain traction. By 2027, about 23% of total retail sales are expected to occur online, making eCommerce an increasingly profitable option for retailers worldwide.² As eCommerce trends evolve in 2024, companies will need to navigate complexities such as where to invest, which countries offer the best product-market fit, and how to attract non-local buyers. B2C eCommerce trends, including social commerce, will play a critical role, alongside B2B strategies in the expanding global market.
Trends in ecommerce and Top Global eCommerce Statistics
Staying informed about eCommerce trends in 2024 is crucial for optimizing revenue in both B2B and B2C markets. Here are some key statistics highlighting the importance of these trends:
- LATAM eCommerce Growth, Latin America, including countries like Peru, Brazil, Argentina, Chile, Colombia, and Mexico, is expected to see a 22% growth in eCommerce between 2023 and 2026.³ By the end of this period, combined online retail sales in the region are projected to surpass $700 billion. This growth is driven by a rising middle class and increased disposable income.⁴
- The Philippines’ eCommerce market is the fastest growing in the world, with a 24.1% rise in sales in 2023. ⁵ This market is expected to continue expanding, driven by rising disposable incomes and consumer spending, making it a key market for B2C eCommerce trends.
- The global B2C eCommerce market, which was valued at $4.8 trillion in 2023, is projected to grow to $9 trillion by 2032, with an annual growth rate of 7% between 2024 and 2027.⁸ This sustained expansion presents brands with increased opportunities for international growth. Platforms like Shopify Markets are equipped to help businesses manage localization, regulatory compliance, and international payment methods all in one place.
- As of January 2024, the average eCommerce conversion rate stood at 1.88%, reflecting a 0.14% increase from the previous year.⁷ This trend underscores the importance of continuous improvement in website design, user experience, pricing, marketing strategies and product offerings as companies focus on boosting conversion rates in both B2B and B2C markets.
- In 2023, the global social commerce market reached $945.92 billion and is projected to grow at a compound annual growth rate (CAGR) of 30%, potentially reaching $13 trillion by 2033.⁹ This rapid expansion is fueled by the integration of social media platforms such as TikTok, Instagram, and Facebook into eCommerce, particularly through the rise of livestream shopping and short-form video content.
- According to Deloitte’s 2024 Global Retail Outlook report, 89% of retailers anticipate a revenue increase of between 1% and 9% for the year, reflecting optimism for the retail sector despite ongoing economic challenges.¹⁰ Following the disruptions of COVID-19, retailers have successfully adapted to shifts in consumer behavior, particularly the rise in online shopping. European retailers, in particular, are more likely to expect revenue growth in the 5% to 9% range as markets stabilize and consumers resume their regular spending patterns.
- In 2023, 97% of companies worldwide restructured their supply chains, underscoring the importance of adaptability in the face of challenges such as geopolitical tensions, fluctuating demand, and cost pressures.¹¹ Businesses are increasingly focused on mitigating risks by adopting new technologies, diversifying suppliers, and taking advantage of government incentives to create more resilient and efficient supply chains.
- As of April 2024, the global lead time for production materials averaged 79 days. This is a notable improvement from the peak of 100 days in July 2022, though it remains higher than the pre-pandemic average of 65 days in 2019.¹¹
- By February 1, 2024, shipping rates for transporting goods from China to the East Coast of the United States had surged to $6,589 for a 40-foot equivalent unit, marking a 193% increase since October 2023. This sharp rise highlights the persistent challenges in global logistics, driven by supply chain disruptions, capacity shortages, and geopolitical tensions.
- As eCommerce matures, 47% of retail leaders identified eCommerce profitability as a primary driver of operating margin growth in 2024.¹⁰ In the early stages of eCommerce expansion, businesses often sacrificed margins due to high investments in infrastructure, logistics, and digital transformation. However, with these systems now established and technology costs stabilizing, retailers are shifting their focus toward optimizing operations for increased profitability.
Staying informed about eCommerce trends 2024 is critical for businesses to stay competitive and capitalize on growth opportunities in both B2B and B2C markets. The evolving B2B eCommerce trends emphasize efficiency and global expansion, while B2C eCommerce trends highlight the rise of social commerce and shifting consumer behaviors. As eCommerce trending factors like technological innovation and global market growth continue to shape the landscape, understanding these trends in eCommerce will help businesses develop strategies that drive revenue, enhance customer satisfaction, and secure long-term success.
For businesses looking to scale their eCommerce operations and embrace digital transformation, Tidal Commerce offers comprehensive solutions tailored to support your growth. From optimizing your digital storefront to streamlining back-end processes, Tidal Commerce helps companies navigate the complexities of global eCommerce, ensuring you stay ahead of the competition while achieving sustainable scalability in this rapidly evolving marketplace.
If you have questions or need assistance executing these strategies, our team is available at hello@tidalcommerce.ca.
