E-Retail Market Size

Online Retail Market Analysis

The E-Retail Market size is estimated at USD 6.27 trillion in 2024, and is expected to reach USD 8.48 trillion by 2029, growing at a CAGR of 6.23% during the forecast period (2024-2029).

The market was impacted by COVID-19 as the travel restrictions were increased. However, after the restrictions were lifted, the market witnessed growth as many people started ordering from online websites. In today's world, the best way to capture consumers' attention and wallet share is to provide seamless, vibrant shopping experiences that go across channels. Today's shoppers have broadly adopted the convenience of shopping online so much that online retail sales continue to grow in double digits, while 'brick-and-mortar' retail sales are either in low single digits or are receding. As a result, retailers are making significant reserves to capitalize on the chance to increase market share and revenues. These investments in e-commerce and related digital capabilities can be improved by targeting new markets around the world.

E-commerce is expected to become the largest retail channel in the world over the forecast period, outpacing sales through retail outlets, such as supermarkets, independent grocers, and apparel and footwear retailers, among others. Global retail e-commerce sales recorded a steady growth of more than 6%. This growth was largely influenced by the Asia-Pacific. In the digitally maturing markets of Central and Eastern Europe, as well as parts of Southeast Asia, e-commerce accounted for less than 5% of the retail sales. The same was true for regions where economic factors had slowed down the e-commerce sales growth, such as Latin America and the Middle East and Africa.