E-Commerce Market Size, Share, Growth Analysis, By Business model(Vertical e-commerce, horizontal e-commerce), By Product offering(Home Appliances, Apparel, Footwear, Accessories), By Browsing medium(Desktop/Laptop, Mobile/Tablet), By Business transaction(Business-to-Business, Business-to-Consumer, Consumer-to-Consumer), By Region - Industry Forecast 2024-2031

E-Commerce Market size was valued at USD 24029.23 billion in 2022 and is poised to grow from USD 26673.64 billion in 2023 to USD 62415.2 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).

E-commerce upgrades your brand from a traditional brick and mortar store to a popular brand. Making your business online is important as it is highly convenient and easy to run, its gives your business a wider exposure and global consumer base. The E-commerce market is growing mainly due to the factors such as rising penetration of smartphones and internet, increasing use of social media for promoting E-commerce sites and the introduction of new payment methods. E-commerce helps firm conduct business without the need for physical infrastructure thereby reducing the capital requirements of the company. Online e-commerce portal provide the consumers with a hassle-free shopping experience while including a wide variety of items to choose from.

Growing number of small and medium-sized businesses is also expected to drive up demand over the forecast period. Small and medium-sized businesses are expanding rapidly, particularly in India, South Africa, and Russia. Initiatives such as Make in India and Start-up India have increased the number of start-ups in the country that use the online marketplace for business, thereby driving E-Commerce market growth. Furthermore, rising consumer wealth is expected to drive E-Commerce market growth over the forecast period.

US E-Commerce Market is poised to grow at a sustainable CAGR for the next forcast year.