E-commerce

Global e-commerce market to hit $9.3T by 2027

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October 9, 2023

The global e-commerce market will be worth $9.3 trillion in four years, according to a GlobalData forecast.

The figure reflects a compound annual growth rate of 9.5% from 2022 to 2027.

The market is being "democratized" by e-commerce-as-a-service companies, such as Shopify, according to a press release. These companies allow anyone to become a merchant. In addition the market is being driven by better technology, new delivery services and wider internet adoption.

GlobalData's report, "Ecommerce," revealed global e-commerce transactions grew from $2.5 trillion in 2016 to $5.9 trillion in 2022 at a compound annual growth rate of 15%. COVID-19 was a crucial factor in this growth as the pandemic lockdowns accelerated the shift to online shopping, according to the release.

"Although the e-commerce industry will grow globally, key geographical disparities can be observed. 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," Aisha U-K Umaru, analyst, thematic intelligence at GlobalData, said in the release.