Global e-commerce market 2024: Chinese e-commerce giants seek overseas growth amid slowing domestic industry growth

Dublin, March 22, 2024 (GLOBE NEWSWIRE) - The report titled "Global Data Book Subscription for E-Commerce Market - Q1 2024" has been added to ResearchAndMarkets.com's offering. The global e-commerce market is expected to grow at a CAGR of 1.76% to reach USD 7,633.2 billion by 2024. The medium and long-term growth prospects for the global e-commerce industry promise to be attractive. E-commerce is expected to grow steadily over the forecast period, recording a cumulative annual growth rate of 6.64% during 2024 to 2028. The value of global e-commerce turnover is expected to grow from USD 7,501.3 billion in 2023 to USD 9,872.6 billion by 2028.

The global B2C e-commerce market is expected to witness strong growth in 2024.

The factors driving the market growth are convenience, increasing disposable income, and improving infrastructure. Integration of artificial intelligence with e-commerce marketplaces is also expected to gain traction in the medium term. In 2024, the publisher also expects the rise in popularity of sustainable purchasing among consumers who are adopting responsible consumption habits.

The competitive environment in the global market will continue to evolve

amid the rapid expansion strategy adopted by Chinese e-commerce firms such as Temu, Shein and Alibaba. TikTok, on the other hand, is also aiming to gain a significant share of the US e-commerce market. As a result, the publisher expects Amazon's increased investment in the global marketplace to help boost revenues in the medium term. Overall, the publisher maintains a positive growth outlook for the global e-commerce industry over the next three to four years.

Consumer spending is expected to continue to decline

in the first half of 2024 amid economic uncertainty at the global level. Rising inflation and rising living costs have reduced consumer spending globally in the second half of 2023. As consumers are spending less on luxury goods and saving more due to recession fears, online ordering volumes have declined significantly in some regions. For example, European e-commerce markets are among the hardest hit globally due to economic uncertainty. Even during the year-end holiday shopping season, consumers reduced their spending on retail purchases, which impacted the market. The propensity to maintain sustainable purchases is expected to become increasingly popular among consumers who are shifting to responsible consumption.

Consolidation is expected to continue in the global food delivery and gastronomy segment

The food delivery and gourmet food delivery market grew during the pandemic period. However, the growth momentum started to decline in 2023 and industry consolidation continues. In 2024, the publisher expects further consolidation amidst economic uncertainties faced by players operating in the segment. Due to declining orders, many food and grocery delivery firms have announced a reduction in their valuation. For instance, Instacart had a valuation value of around USD 40 billion at the beginning of 2023, but it reduced its valuation value several times within 12 months and in December 2023, its valuation value was USD 10 billion. Along with the drop in valuation value, firms are also entering into mergers and acquisitions to consolidate their position in the markets. In December 2023, Getir announced the acquisition of Gorillas in a US$1.2 billion deal. This agreement will allow Getir to consolidate its position in the European and US markets. In the first half of 2024, the publisher expects more such M&A transactions in the global e-commerce market as the food and grocery delivery segment continues to experience inflationary pressures and declining consumer spending.

Amazon joins Netflix and Disney+ in launching ads on the streaming platform to boost revenue.

Over the past few years, many leading streaming video providers have launched plans with ads on their platforms to drive revenue growth by making the service appealing to a global audience. Some of these streaming platforms include services like Netflix, Disney+ and Paramount+. Amazon Prime Video also introduced advertising on its platform in January 2024 to boost revenue. The company requires users to pay an additional $3 to use Prime Video without ads. This is sold in addition to the $139 that members pay for an Amazon Prime subscription. Since most of these streaming services have a falling subscriber growth rate, integrating ads has become part of their strategy to grow revenue. Apple TV+, among all the major streaming services, is the only one that doesn't have ads currently. However, this is also due to the fact that the service is relatively small compared to Amazon Prime Video. While Apple TV+ only has 25 million subscribers, Amazon Prime Video has 200 million. Thus, even without advertising, Apple TV+ has great potential for growth in the medium term.

Chinese e-commerce giants are seeking growth in overseas markets amid a slowdown in the domestic industry.

Consumer spending continues to remain low amid the real estate market crisis and declining exports to China. As a result, Chinese e-commerce firms are seeking growth in overseas markets, where inflation is pushing consumers to buy inexpensive goods.

This report provides a detailed subject-oriented analysis of the dynamics of the e-commerce market, covering over 50 key performance indicators on a global scale. It offers insights into market opportunities in key e-commerce verticals - retail, travel and hospitality, online food delivery services, media and entertainment, healthcare and wellness, and technology products and services. Information is provided on the market share of key players in various verticals, as well as sales channels (consumer platform, direct-to-consumer sales, consumer-to-consumer sales).

Amazon is joining Netflix and Disney+ by launching ads on its streaming platform to increase revenue. Over the past few years, many leading video streaming providers have introduced ad-supported plans on their platforms to drive revenue growth, making the service appealing to a global audience. Some of these streaming platforms include services like Netflix, Disney+, and Paramount+. Amazon Prime Video also integrated ads into its service in January 2024 to boost revenue. The company is asking users to pay an additional $3 to keep Prime Video ad-free. This is in addition to the $139 that Prime members pay for an Amazon Prime subscription. As subscriber growth has become challenging for most of these video streaming providers, the integration of ads is part of their strategy to increase revenue. Apple TV+, among all major streaming services, is currently the only one without ads. However, this is also due to the fact that this service is relatively small compared to Amazon Prime Video. While Apple TV+ has only 25 million subscribers, Amazon Prime Video has 200 million subscribers. Thus, even without ads, Apple TV+ still has plenty of room for growth in the medium term.

Chinese e-commerce giants are seeking growth in overseas markets amid a slowdown in the domestic industry. Consumer spending remains low due to the real estate market crisis and declining exports in China. As a result, Chinese e-commerce firms are looking for growth in foreign markets, where inflation is pushing consumers to buy cheaper goods. For example, TikTok plans to make aggressive investments in the American market in 2024. The company aims to build a strong logistics network to attract new buyers and sellers. This social platform relies on its wide reach and viral content to capture the e-commerce market in the U.S. In December 2023, TikTok announced a $1.5 billion investment in GoTo, a company in Indonesia, which is one of its largest markets. The partnership is part of a strategy to circumvent the ban imposed by the government on social platforms. AliExpress, Temu, and Shein are also planning to rapidly expand into overseas markets in 2024. These firms are expected to further increase their investments in various global markets over the next three to four years. This will create a competitive environment and drive growth in the B2C e-commerce sector over the next three to four years.

This report provides a detailed subject-oriented analysis of the dynamics of the e-commerce market, covering over 50 key performance indicators on a global scale. It offers insights into market opportunities in key e-commerce verticals - retail, travel and hospitality, online food delivery services, media and entertainment, healthcare and wellness, and technology products and services. Information is provided on the market share of key players across various verticals, as well as sales channels (consumer platforms, direct-to-consumer sales, consumer-to-consumer sales).

This title offers a bundled proposal that includes 21 reports covering regional aspects and data-centric analysis at both regional and country levels: Data on global e-commerce market opportunities (2019-2028) Data on e-commerce market opportunities in Argentina (2019-2028) Data on e-commerce market opportunities in Australia (2019-2028) Data on e-commerce market opportunities in Brazil (2019-2028) Data on e-commerce market opportunities in Canada (2019-2028) Data on e-commerce market opportunities in China (2019-2028) Data on e-commerce market opportunities in France (2019-2028) Data on e-commerce market opportunities in Germany (2019-2028) Data on e-commerce market opportunities in India (2019-2028) Data on e-commerce market opportunities in Indonesia (2019-2028) Data on e-commerce market opportunities in Italy (2019-2028) Data on e-commerce market opportunities in Kenya (2019-2028) Data on e-commerce market opportunities in Mexico (2019-2028) Data on e-commerce market opportunities in Nigeria (2019-2028) Data on e-commerce market opportunities in Pakistan (2019-2028) Data on e-commerce market opportunities in the Philippines (2019-2028) Data on e-commerce market opportunities in South Africa (2019-2028) Data on e-commerce market opportunities in the UAE (2019-2028) Data on e-commerce market opportunities in the UK (2019-2028) Data on e-commerce market opportunities in the USA (2019-2028) Data on e-commerce market opportunities in Vietnam (2019-2028)