Expanding B2C E-commerce Sector Anticipated to Soar to a Value of $11.8 Trillion by 2034
In the ever-evolving digital world, e-commerce continues to dominate the retail landscape. Here's a snapshot of the current e-commerce landscape, highlighting trends, statistics, and key players.
Firstly, the preference for chatbots among customers is on the rise. Between 75% and 90% of customers prefer using these AI-powered assistants for quick assistance, making them an integral part of the shopping experience.
The shift towards online shopping is undeniable, with around 85% of global consumers engaging in it. A significant portion of these shoppers use mobile devices, thanks to the proliferation of smartphones.
The U.S. retail e-commerce sales are projected to hit USD 1.72 trillion by 2027, up from USD 879 billion in 2024. Globally, approximately 2.77 billion people are expected to shop online, representing about 33% of the world's population.
The Asia-Pacific (APAC) region led the market with a 42.4% share (USD 2.2 trillion) in 2024. B2C retailers accounted for 74.5% of the market share in the same year.
Notable players in the B2C e-commerce market include Amazon, the most visited e-commerce website with an average of 2.48 billion monthly visits, and Alibaba Group, the largest B2C e-commerce platform in China, founded in 1999 by Jack Ma and 17 friends. Another major competitor is JD.com.
Consumers are increasingly seeking environmentally friendly products, reflecting a growing concern for sustainability. High prices are the leading cause of cart abandonment, impacting 45% of Gen Z shoppers.
To combat this, retailers are adopting AI to optimize operations, personalize marketing, and enhance customer experiences. Amazon, for instance, sells over 100,000 items per minute.
The B2C e-commerce market is projected to reach approximately USD 11.8 trillion by 2034, with a compound annual growth rate (CAGR) of 8.5% during the forecast period from 2025 to 2034. E-commerce sales are projected to exceed $6.8 trillion in 2025 and reach $8 trillion by 2027.
Interestingly, consumers are also seeking assistance via live chat, with nearly 47% of customers doing so. Over half of online shoppers (52%) search for products internationally.
During the holiday season, 24% of online shopping orders are placed. Clothing & Footwear emerged as the leading application segment, holding a 45.5% share in 2024. There are currently more than 28 million e-commerce stores worldwide.
Lastly, platforms are blending social media and e-commerce, allowing users to shop directly through social apps. This trend is expected to continue, shaping the future of online shopping.
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