Retail eCommerce sales in 2021 reached approximately US$5.2 trillion worldwide. This figure has grown by about 56% over the past few years, with an expected target of US$8.1 by 2026.
Last year, the eCommerce market in China became the world’s largest, with Internet sales accounting for nearly half of the country’s retail sales. The United Kingdom was second at 36%, followed by South Korea at 32% and Denmark at 20%. The up-and-coming eCommerce markets center around Asia, with the fastest-growing eCommerce countries based on online sales being the Philippines and India. In India, eCommerce sales are forecast to increase by more than 25%.
Chinese retail group Alibaba is the largest eCommerce retailer worldwide, with online sales valued at over US$700 billion in 2022. However, it is expected that Seattle-based eCommerce giant Amazon will surpass Alibaba in sales by 2027, with over US$1.2 trillion in online sales.
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