In the wake of the Covid-19 pandemic, the world of eCommerce has witnessed unprecedented growth. Despite a resurgence of in-person activities, people have developed a penchant for the convenience, security, and reduced physical effort afforded by a few clicks in online shopping.
The Digital 2024 study, conducted by We Are Social and Meltwater, offers insights into the global penetration of eCommerce. It sheds light on the standout categories in online commerce and provides a comprehensive overview of the current state of eCommerce worldwide.
Decline in Revenues from Online Sales of Consumer Goods
Analyzing the report reveals that global revenues associated with online purchases of consumer goods amounted to $3.15 trillion (approximately €2.9 trillion), reflecting a 12.2% decrease from the $3.59 trillion (around €3.3 trillion) recorded the previous year. The average spending per consumer also saw a decline, with each person spending an average of $1,019 (about €936) over the last year, a decrease of $146 compared to the previous report.
Electronics and Fashion Maintain Their Dominance
In a consistent trend from the previous year, electronics and fashion remain the most popular categories, with consumers spending $781.3 billion (around €721 billion) and $673.6 billion (about €621 billion), respectively. The previous year saw notable growth in food (+16%) and beverages (+0.5%), a trend that continued this year with an increase of 16% and 14.2%, respectively.
An encouraging aspect is that all analyzed categories experienced an uptick in their figures this year, in stark contrast to 2023 when only food and beverages saw an increase in spending. Electronics, which experienced a significant decline the previous year, is the fourth-highest gainer this edition with an 11.8% growth.
Free Shipping and Discounts: Primary Motivators for Online Purchases
Understanding the factors driving online purchases is crucial. With the surge in online activities during the quarantine, certain aspects continue to influence online shopping decisions. Free shipping (50.6%) remains the top motivator, followed by coupons and discounts (39.3%). Flexible return policies (33.2%) continue to be a significant influencer, along with a quick and seamless payment process (30.6%) and consumer reviews (30.5%).
Global eCommerce Penetration Leaders
Considering that the data pertains to the internet population aged 16 to 64, approximately 56.1% of consumers worldwide engage in weekly online shopping. Thailand maintains its position as the country with the highest percentage of online shoppers, registering 66.9%, a slight increase from the previous year’s 66.8%. South Korea closely follows, maintaining its position with a penetration rate of 65.8%. Turkey secures the third spot in the ranking with a rate of 64.7%.
In this ranking, Spain occupies the 26th position with a rate of 52.9%, a slight decrease from the previous year’s 53.7% and its 23rd position.
Leaders in Consumer Spending
Although the analysis establishes a global average of annual spending per consumer, specific countries stand out for higher spending. Hong Kong remains the leader with an annual spending average of $3,830 (approximately €3,537), followed by the United States at $2,700 (around €2,493) and the United Kingdom at $2,170 (about €2,004).
South Korea, which dropped from the third to the fourth position last year, further descends to the eighth position this year with an average of $1,723 (approximately €1,583). Spain, positioned slightly below the global average this year, ranks 28th with an average spending of $920 (about €845), contrasting with the previous year when it was slightly above the global average, securing the 24th position with an average spending of $1,009 (approximately €927).
Bonus Track: Recap of the Previous Year (2023)
This isn’t the first time we’ve shared data from this report. The ever-evolving landscape of eCommerce, the pandemic, the rise of new platforms, etc., are gradually shaping the new reality of online sales.
In 2023, the percentage of online consumers globally (engaging in eCommerce weekly) reached 57.6% of the internet population aged 16 to 64. Among all countries worldwide, Thailand led with 66.8%, followed by South Korea (65.6%), Turkey (64.6%), and Mexico (64.5%). In this ranking, Spain was in the 23rd position, slightly below the global average with a percentage of 53.7%.
Hong Kong retained its position as the leader in annual spending with an average of $3,828 (about €3,516), followed by the U.S with $3,374 (around €3,099) and the UK at $2,940 (about €2,701). Spain was slightly above the global average, holding the 24th position with an average of $1,009 (approximately €927).
Recalling 2022
In 2022, the percentage of online consumers globally (buying online weekly) reached 58.4% of the internet population aged 16 to 64.
Thailand led in eCommerce penetration globally in 2022, with 68.3%, followed by Malaysia (66.6%), and South Korea (64.9%). In this list, Spain lagged behind the global average, ranking 20th with a penetration rate of 54.4%.
Additionally, the report highlighted the average online spending per consumer by country. Hong Kong led with an average of $3,183 (approximately €2,833), followed by the U.S with an average of $3,105 (about €2,763) per consumer, and South Korea in third place with $2,995 (about €2,665).
