50+ E-commerce Statistics to Know in 2024

As the world gets closer to the year 2024, more changes can be witnessed across the e-commerce sector. Trends like online shopping, mobile commerce, and social media integration are making changes with consumer buying behavior and strategic management.

Below are over 50 important e-commerce statistics that give an overview of the current e-commerce trends, the growth rates, consumer behavior and m-commerce, and B2B. These stats will benefit your e-commerce efforts whether you want to increase your web presence, visitors’ interaction, or sales numbers.

E-commerce Growth Statistics

The e-commerce industry remains a growth area that is laden with opportunities due to innovation and people’s changing buying habits. Here are some key statistics highlighting this growth:

1. On average, online shoppers attach 4.95 products to the virtual cart for each order.
2. An approximate conversion rate of e-commerce worldwide is 2.2%. United Kingdom’s conversion rate ranks first with 3%, and Latin America and Asia-Pacific, East Asia, New Zealand and Japan (APAC-EANZJ) ranked lowest with 0.8%.

3. A large part of the turnover always goes to digital and e-commerce undertakings when the target is to develop successful stores.
4. 68% of Social Media marketers use social networks such as Instagram and Facebook to obtain traffic to product pages.
5. There is a projection that out of the total E-commerce segment in the United States, the Grocery segment will be the biggest by 2026 outdoing the rest.
6. Since the occurrence of COVID-19, the shift of consumers to more e-commerce channels has accelerated, which is evident from the fact that the change was 20% in the calendar year of 2020.
7. A staggering 70.19% of consumers have been found to abandon a shopping cart without completing the checkout process.
8. Amazon reached an extent of $1.3 million in sales; this shows the importance of online shopping. It has achieved $34 trillion in terms of market capitalization and can be explicitly referred to as the king of the e-commerce space in the world.
9. For 45% of all consumers, free shipping is a decisive factor in their decision to make purchases on the Internet rather than physically come to the store.
10. It is not surprising to find that three out of four marketing departments have an assigned staff specifically for the administration and improvement of their social commerce.
11. In 2024, 20.1% of all retail sales are through online stores, and by the year 2027, the percentage is predicted to be 23%.
12. The sales through electronic commerce channels are expected to grow by a compounded rate of 9.83% per year worldwide.

13. Global sales through electronic commerce are expected to reach a total value of $6.3 trillion in 2024, with projections noting that this business may go higher than 7.9 trillion by 2027.
14. Today Amazon is considered the leader in the sphere of e-commerce; it controls 37.6% of the e-commerce sales and this comes as a high market share highly above most of the e-commerce companies.
15. The most visited e-commerce websites are Amazon, eBay, and AliExpress.
16. The e-commerce gross merchandise value in the U.S. is believed to hit $1.3 trillion by 2025.
17. In 2022, e-commerce shares constituted 14.8% of total retail sales in the U.S. and are poised to increase at a rapid pace in the future years.

These statistics underscore the significant growth and evolving dynamics of the e-commerce sector, highlighting the importance of digital strategies and consumer-centric approaches to thrive in this competitive landscape.

Read more: Comprehensive Shopify Statistics: Market Share, Usage, Revenue, and More

Social Media E-commerce Statistics

If you’re not tapping into social media for your e-commerce business, you’re missing out big time. The numbers don’t lie – social shopping is exploding worldwide.

• In 2022, people spent a staggering $992 billion buying stuff through social apps and sites. Thailand and India led the charge with upwards of 90% of their online shoppers purchasing via social channels.
• Analysts predict the global social commerce market will skyrocket to $8.5 trillion by 2030. The opportunities are massive.
• The trend is rapidly catching on in the U.S. too. Last year, over 106 million Americans made purchases through social platforms, a figure expected to climb to 118 million by 2027.
• Millennials are the driving force, with 55% of millennials doing social shopping in 2021.
• Social e-commerce accounts for 19.4% of total e-commerce sales worldwide in 2024, and is projected to reach 21.7% in 2028.

• Certain cultures have really embraced live social buying. Over 70% in Thailand, India, and China regularly tune into live streams to purchase products in real-time.
• Facebook is the reigning king of social commerce so far, with 51% of buyers using it to shop in 2023. However, the influence of social media and influencers is powerful across all the major apps.
• 40% of shoppers admit their purchases were directly inspired by social media. Even more notable, 49% were swayed by influencers, with teens trusting them more than celebrities.
• For businesses capitalizing on this wave, the payoffs are real – 87% of sellers last year said social selling strategies were effective, with 59% seeing revenue growth.
• As this trend accelerates, over 50% of social marketers plan to sell directly through apps in 2024 while increasing their social budgets.
• Facebook, Instagram, and YouTube are the most used platforms for social selling, offering the highest ROI.
• Social media ranks third in channels where consumers are most receptive to advertising.
• In 2025, millennials (35%) are expected to spend the most on social e-commerce, followed by gen Z (29%) and gen X (28%).

The writing is on the wall – having a standout social storefront is now essential for e-commerce success. With billions getting spent and purchasing decisions being shaped daily, an awesome social strategy could unlock explosive growth for your brand.

E-commerce Consumer Behavior and Demographics

• In the past three months, 19% of consumers have reached out to customer service through social media DMs, marking a 45% increase from 2022.
• A significant 82% of consumers report satisfaction with their most recent social shopping experience.
• Adults aged 18 to 24 constitute the largest segment of e-commerce shoppers in the U.S.

• China boasts the highest number of consumers shopping on social networks. Online retail in Asian countries generated $1.7 trillion in revenue in 2023.
• Unexpected costs and account creations are driving shoppers away, causing cart abandonment rates as high as 47% and 70% respectively.
• For product discovery, Gen Z, Millennials, and Gen X overwhelmingly prefer social media over other channels.
• Only 47% of consumers feel comfortable purchasing directly through social media apps.
• 42% of consumers trust social platforms with their personal payment information.
• Facebook offers the best in-app shopping experience and is most trusted for social shopping.
• Facebook reigns supreme for in-app shopping, offering the most trusted experience. TikTok ranks last in user confidence.
• Many shoppers only somewhat agree that social media purchases will be authentic and as described. The main concern is sellers may not be legitimate companies.
• 52% of online shoppers make purchases from both local and international websites.
• 34% of shoppers make an online purchase at least once a week.
• A smooth checkout is crucial – 70% abandon carts due to extra fees and slow shipping times popping up.

To win in e-commerce’s competitive landscape, you must deliver what modern shoppers want: seamless social discovery, built trust, and a friction-free purchase journey.

Mobile E-commerce Statistics

1. An astounding 91% of consumers make online purchases using their smartphones, underscoring the importance of mobile-optimized websites for seamless shopping experiences.
2. Mobile commerce sales reached $491 billion in 2023, and they are projected to nearly double to $856 billion by 2027.
3. By 2027, mobile commerce is expected to account for 62% of all retail e-commerce sales, up from 40% in 2017. Businesses should prioritize mobile-friendly website design and responsive web practices to cater to this expanding market.

4. While smartphones dominate mobile shopping, tablet e-commerce sales, which were $61.08 billion in 2022, are projected to decline to $54.01 billion by 2026. This trend suggests a shift in consumer preference towards smartphones for online shopping.
5. Smartphones are responsible for 66% of all online orders, highlighting their critical role in e-commerce.
6. In the U.S., mobile retail e-commerce sales are expected to exceed $560 billion by the end of 2024.
7. Apple Pay leads as the most used mobile payment format among U.S. consumers, reflecting the integration of convenient payment solutions into mobile shopping.
8. A significant 60% of U.S. adults consider mobile shopping a necessity for online shopping convenience, indicating a strong preference for mobile-first experiences.
9. Worldwide, 80% of consumers visit a retailer’s website from their smartphones while shopping in-store, blending online and offline shopping experiences.

These statistics illustrate the growing dominance of mobile devices in e-commerce and underscore the need for businesses to adopt mobile-friendly strategies to stay competitive and meet consumer expectations.

B2B E-commerce Statistics

B2B e-commerce is rapidly evolving, with more businesses and buyers embracing digital channels for their transactions. Here are some key statistics that highlight the trends and preferences in B2B e-commerce:

1. A significant 79% of B2B buyers prefer to place repeat orders online, demonstrating the growing reliance on digital platforms for routine purchases.
2. The primary hurdle for B2B buyers is the lack of accurate information on delivery times, highlighting the need for transparency and reliability in e-commerce operations.
3. About 65% of B2B companies across various industries now offer e-commerce capabilities, reflecting the widespread adoption of digital sales channels.
4. A vast majority, 80% of B2B companies, hold their e-commerce channels to the same or even higher standards compared to other sales channels, underscoring the importance of providing a high-quality online purchasing experience.
5. Over one-third of B2B buyers are willing to spend $500,000 or more through digital channels, with 15% comfortable making purchases exceeding $1 million online, indicating a significant shift towards high-value transactions in the digital space.

These statistics illustrate the increasing importance of e-commerce in the B2B sector, driven by buyer preferences for convenience, the need for accurate information, and the substantial investments companies are making in their digital sales channels.

E-commerce Trends Statistics

Keeping up with the latest e-commerce trends is essential for businesses to stay competitive and meet consumer expectations. Here are the key trends and statistics for 2024:

1. About 78% of consumers are more likely to make repeat purchases from retailers that offer personalized experiences.
2. By 2024, 85% of online retailers are expected to use AI and machine learning to enhance customer experiences and optimize operations.
3. 70% of consumers consider sustainability in their purchase decisions, prompting retailers to adopt eco-friendly practices.
4. By 2024, 40% of online shoppers are expected to use AR to visualize products before purchasing, reducing returns and increasing satisfaction.
5. The subscription e-commerce market is projected to grow to $478 billion by 2025, with consumers favoring subscription models for convenience and savings.
6. Voice search is becoming more popular, with 25% of consumers using it for shopping. Optimizing for voice search is crucial.
7. Social media is a major driver of e-commerce, with social commerce sales expected to reach $1.2 trillion by 2025.
8. Consumers increasingly expect same-day or next-day delivery, making fast delivery a key differentiator.
9. Mobile commerce is dominant, with 91% of consumers making purchases via smartphones. Mobile sales are expected to account for 62% of all retail sales by 2027.
10. Reviews and ratings significantly influence purchasing decisions, with businesses focusing on managing online reputations.
11. Integrating various shopping channels to provide a seamless experience is becoming more important.

Conclusion

Staying updated with the latest e-commerce statistics is crucial for businesses aiming to thrive in 2024 and beyond. The insights from this year’s data highlight the growing importance of personalization, AI, and machine learning in enhancing customer experiences. Sustainability remains a key focus, with more consumers favoring eco-friendly practices. The integration of Augmented Reality (AR) into online shopping is creating interactive and realistic experiences that boost customer satisfaction and reduce returns.

Mobile commerce continues to dominate, emphasizing the need for mobile-optimized websites. Social commerce is expanding rapidly, making platforms like Facebook, Instagram, and TikTok essential sales channels. The demand for fast and flexible delivery options remains high, making it a critical differentiator for e-commerce businesses. Customer reviews and ratings significantly influence purchasing decisions, underscoring the importance of managing online reputations effectively.

By leveraging these insights and adapting to these trends, e-commerce businesses can make informed decisions, optimize their strategies, and stay ahead of the competition. Embrace these trends and watch your e-commerce business soar to new heights in the coming years.

Source

• Statista
• Hubspot
• Insider Intelligence
• BCG
• Data E-portal
• Forbes
• Shopify
• Sprout Social
• McKinsey & Company