eCommerce is electronically made commerce activities. In usual terms, the buy and sell activities through web or mobile apps over the Internet is referred to as eCommerce. The size of the eCommerce market is continuously growing across the globe. The current eCommerce market size is US $4.2 trillion and the forecast for the year 2023 is the US $6.5 trillion. The scope of eCommerce lies in the penetration of the Internet across the globe. Still a larger chunk of the population of the world has to start to use the Internet. Most of the sellers still have to make a presence online. Only 10% of retailers in the world have an eCommerce business. The left 90% of retailers still have to open an online shop.
Following are the top 5 eCommerce markets of the world:
1. the eCommerce market in China
Chinese eCommerce market has a huge potential to grow. Online shoppers are increasing with the increase of Internet users. As per the year 2017 data, there were 54.3% of the population Internet users. This is a huge gap and still might take time to fill. The market behaves positively with brand awareness. In recent years, luxury item sellers have seen better online sales. Chinese buyers are not keeping restraint with international products. The market size of China is the US $636.09 billion.
2. US market size
The eCommerce market size of the USA is US $504.58 billion and is regarded as the second largest in the world. The larger market size despite low population is because it is one of the highest Internet penetrating countries. 87.3% of the population of the USA was using the Internet in the year 2017. One can imagine the current data by it. Online American buyers are more conscious about the quality of the product and the content. They are more conscious of the effect of the products on the environment. American buyers are open to international products.
3. eCommerce in Japan
The US $104 billion markets of Japan is witnessing a constant growth in the market size. The online market in Japan is the second largest in the Asia Pacific, which contributes 55.3% of eCommerce revenue of the world. The larger market size is because of the higher Internet users in the country. 84.6% of the people of the population of Japan are using the Internet. Japanese consumers see the quality of products, value of money, and the taste before making an online purchase. They have a bit different taste which must be addressed to sell products to them.
4. eCommerce Market of UK
The eCommerce market of the UK is regarded as the most advanced in the whole Europe region. The market size is the US $86.45 billion and witnessing a sharp increase year-after-year. The wholesale market and manufacturing are contributing more to the overall revenue of eCommerce sales. eCommerce alone contributes 7.94% of the UK GDP. The eCommerce revenue generation is attributed to 96% of the whole population uses the Internet. The supply chain infrastructure and ease of doing business in the territory are praised by the rest of the eCommerce world.
5. eCommerce in Germany
Germany has a US $70.35 billion eCommerce market. 95% of the population is expected to have Internet access in the year 2020. The most popular device for online shopping is laptops in Germany. About 58% of buyers use a laptop for online shopping. 84% of Internet users buy products online as the data revealed. The eCommerce sector of Germany is developed and mature.
The scope of growth in the eCommerce sector is very high in comparison to other industries of the world. Make a wise decision about your eCommerce business expansion for a global reach by verifying data. Ease-of-doing business, growing market opportunity, and infrastructure are the key decisive factors. Explore the Builderfly eCommerce platform for your exponential business growth.