75+ Essential Ecommerce Statistics & Trends for 2024

The world of ecommerce is constantly evolving. Consumer behaviors are shifting, new technologies are emerging, and retailers are adapting their strategies to keep up in an increasingly digital-first landscape.

As we move further into 2024, ecommerce continues its rapid growth and transformation. Social media is becoming a dominant force in online shopping. Mobile commerce is exploding. The lines between ecommerce and physical retail are blurring.

To help you stay informed on the current state of ecommerce, we‘ve compiled the latest statistics, projections and trends you need to know for 2024 and beyond. Let‘s dive in!

Top Ecommerce Statistics at a Glance

  • Global retail ecommerce sales reached nearly $5.7 trillion in 2023 and are projected to grow to $8.1 trillion by 2026. (Statista)

  • Ecommerce made up 20.8% of total retail sales worldwide in 2023, expected to hit 24% by 2026. (Statista)

  • 2.14 billion people, over 25% of the world‘s population, are expected to buy goods and services online in 2024. (Statista)

  • 73% of ecommerce sales globally are expected to be made on a mobile device by 2025. (Statista)

  • 76% of US retailers now sell on social media platforms and 56% of consumers have made a purchase through social media in the last year. (Sprout Social)

Ecommerce Growth Continues, Boosted by Pandemic Trends

While ecommerce was already growing steadily, the COVID-19 pandemic accelerated the shift to online shopping in a major way. Stay-at-home orders and health concerns led consumers to turn to ecommerce more than ever before.

This momentum has continued as consumers maintain many of their pandemic shopping habits, while retailers have expanded and enhanced their ecommerce offerings in response.

Even as physical stores have reopened, ecommerce growth remains strong. US ecommerce sales grew nearly 10% year-over-year in 2023 and are projected to keep a steady growth rate of 8-9% over the next few years. (eMarketer)

Certain categories have particularly benefited from pandemic trends, such as grocery. Online grocery sales surged over 50% in 2020 and have maintained high growth. By 2023, 11.1% of total grocery sales occurred online and this is projected to rise to 13.5% by 2026.

chart of grocery ecommerce statistics

This shift is not just a short-term reaction, but a lasting transformation in how we shop. According to a report by McKinsey, in 2023 65% of consumers said they plan to maintain their increased level of online shopping even after the pandemic ends. Convenience is now a top driver.

Rise of Social Commerce

Perhaps the biggest ecommerce story in recent years is the explosive growth of social commerce – the ability to discover and purchase products directly within social media apps.

Ecommerce is becoming an inherent part of the social media experience, blurring the lines between social networking and online shopping. Instead of just advertising on social media, many brands now sell there too.

  • Social commerce sales in the US surpassed $50 billion in 2023 and could nearly triple to $142 billion by 2026. (eMarketer)

  • Over 75% of US adults made a purchase directly on a social app in 2023. (eMarketer)

  • 62% of retailers say social commerce will be their top sales channel within 3 years. (Sprout Social)

Infographic of social commerce statistics

Social media‘s visual nature, active user bases, and robust targeting capabilities make it an ideal channel for product discovery and frictionless purchasing. Shoppable posts, livestream selling, AR try-on, and in-chat buying are just some of the social commerce features gaining traction.

While Facebook and Instagram currently lead in social commerce, TikTok is the fastest growing platform for product discovery. 56% of TikTok users say they have discovered new products on the app, driven by its highly targeted algorithm and engaging video format. (Statista)

Mobile Commerce Dominates

We live in a mobile-first world and ecommerce is no exception. Smartphones are now by far the preferred device for online shopping, accounting for the majority of ecommerce traffic and sales.

  • Smartphones accounted for 70% of all retail website visits worldwide in 2023. (Statista)

  • Mobile commerce could reach nearly $728 billion and account for 44.2% of retail ecommerce sales in the US by 2025. (Insider Intelligence)

  • 79% of smartphone users have made an online purchase using their mobile device in the last 6 months. (OuterBox)

  • Mobile apps see 3x higher conversion rates on average compared to mobile websites. (Insider Intelligence)

As 5G networks expand and mobile experiences improve, consumers are getting more and more comfortable purchasing on their phones. Mobile payment options like Apple Pay are also driving adoption. Retailers are responding by prioritizing mobile-optimized sites and apps.

Evolution of Omnichannel Commerce

Modern consumers expect a seamless experience across online and offline channels. They may discover a product on social media, research it on a website, view it in-store, and ultimately purchase via a mobile app.

Omnichannel strategies that integrate various touchpoints are key for retailers to meet these fluid expectations and provide a unified brand experience. This includes options like buy online pickup in-store (BOPIS), curbside pickup, and using stores as fulfillment centers.

  • 83% of shoppers say they regularly use their smartphones in-store to compare prices, read reviews, or look up product information. (Forrester)

  • Omnichannel strategies can lead to 30% higher lifetime customer value on average. (Think with Google)

  • Buy online, pick up in-store (BOPIS) grew 70% in early 2020 due to the pandemic and most adopters will continue using it. (NRF)

  • 71% of consumers say they‘d be more likely to shop with a brand that allows them to check store inventories online before visiting. (Statista)

Personalization is Paramount

In a crowded ecommerce landscape, personalization is a major differentiator. Consumers now expect tailored experiences and recommendations based on their unique needs and preferences.

Powered by AI and machine learning, leading ecommerce sites are getting smarter at predicting what customers want and delivering highly relevant content. This extends to personalized email, targeted ads, dynamic pricing, and more.

  • 60% of consumers say they are more likely to become repeat buyers after a personalized shopping experience. (Segment)

  • Personalized product recommendations can increase ecommerce revenue by 25% and conversion rates by 150%. (Salesforce)

  • 69% of digital shoppers say that better personalization from brands helps them discover relevant products. (Coveo)

However, personalization must be balanced with privacy. With rising concerns and regulations around data privacy, it‘s critical for retailers to be transparent about data collection and provide customers control over their information.

B2B Embraces Ecommerce

While ecommerce is often associated with B2C retail, it‘s rapidly taking hold in the B2B space as well. B2B buyers are increasingly expecting the same seamless, self-serve digital experiences they encounter as consumers.

  • 69% of B2B decision makers say they prefer making purchases via digital commerce vs. offline. (Sana)

  • 60% of B2B tech buyers say they prefer a digital self-serve experience for purchases under $50k and 33% prefer going online even for major purchases over $250k. (TrustRadius)

  • ⅓ of B2B buyers are willing to spend $500k or more in a single transaction on digital channels. (McKinsey)

To adapt, B2B companies are investing in ecommerce platforms, online marketplaces, and automated ordering systems. They‘re also enhancing online content like detailed product information, how-to videos, and customer reviews to aid in the research process.

Looking Ahead

As these statistics show, ecommerce has evolved far beyond its origins as a niche sales channel into a central driving force of the retail landscape. Online sales continue to take a larger slice of the total retail pie each year.

Looking ahead, ecommerce‘s influence will only continue to grow. Headless commerce, AI-driven personalization, AR/VR shopping experiences, voice commerce, and drone delivery are just some of the emerging technologies propelling the industry forward.

At the same time, the lines between ecommerce and physical retail will blur even further. Digital natives are expanding into brick-and-mortar, traditional retailers are enhancing their digital channels, and click-and-collect models merge the best of both worlds.

The future is not just online or offline – it‘s all-line. It will be defined by seamless cross-channel experiences deeply personalized to each individual. We are transitioning from a product-centric to a customer-centric era of retail.

No matter what innovations emerge, one factor will remain paramount: the customer experience. In an age of infinite choice and ultimate convenience, retailers who put the customer at the heart of their strategies will thrive in 2024 and beyond.

Is your business ready for the ecommerce revolution ahead?

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