Omnichannel

Global online retail market will hit $9.93T by 2030

Adobe Stock

October 4, 2023

The global online retail market, valued at $4.56 trillion in 2022, is projected to hit $9.93 trillion by 2030, according to a Kings Research report.

The figures represents a 10.21% growth rate over the next seven years. Driving factors are rapid digitalization, increasing smartphone proliferation and the flexibility of buying items from home, according to a press release on the findings.

"Furthermore, the proliferating number of online retailers offering diverse products at competitive prices is a driving force behind the global surge in retail e-commerce demand. In addition, technology-driven enhancements like virtual fitting rooms and augmented reality shopping experiences for fashion items are elevating the overall shopping experience, further fueling consumer demand," stated the release.

Additional factors include number of internet users and increasing disposable incomes. The widespread adoption of mobile devices and high-speed internet connectivity has further propelled this growth as it offers consumers unparalleled ease and flexibility in their shopping experiences.