30+ E-Commerce growth statistics to know in 2024

Thinking about opening up an online shop? Been mulling over ways to broaden your customer base? Or perhaps you’ve been toying with PPC advertising with the hopes of outshining your competitors.

Well, it’s good news on all fronts, as the e-commerce industry is booming right now.

From wider spread adoption of Google Shopping to the advances in generative AI, the e-commerce industry has become a juggernaut in recent years. Today, e-commerce platforms serve as an invaluable revenue stream for businesses large and small.

Just how much revenue are we talking? Here are the most up-to-date e-commerce growth statistics for 2024.

E-commerce shopper statistics

• 45% of people say free shipping is one of the main reasons they choose to shop online. (Oberlo)
• Digital wallets made up roughly 50% of global e-commerce payment transactions, making smartphones the most popular online payment method globally. This share is set to increase to over 54% in 2026. Credit cards came in second with a 20% market share. (Statista)
• Live chat has the highest customer satisfaction rate at 92%, followed by voice at 88%, email at 85%, web form at 80%, and social media at 77%. (Zendesk)
• More than 35% of Millennials report that social media plays a major role in influencing their purchase decisions. (Tidio)
• Gen Z alone represents $44 billion in buying power, with 75% saying they spend over half of their earnings each month. (Retail Dive)
• More personalised shopping experiences are coming with advances in AI. (BBC)
• Mobile phones dominate, contributing to 63% of all online sales. (Statista)
• 75% of ecommerce shoppers say product photos influence their buying decisions. (Retail Technology Review)
• 65% of shoppers are more likely to convert when reading product pages in their native language – 40% of these reported that they wouldn’t buy from websites in other languages. (Yellow Peach)
• By 2026, global digital wallet adoption is expected to grow by 53% to reach 5.2 billion, or over 60% of the global population. (Capital One)

E-commerce traffic and conversion statistics

• Products with the highest e-commerce sales rates are clothing, shoes, consumer electronics, books, movies, home entertainment, and personal care and beauty. (MailChimp)
• At least 43% of all e-commerce traffic comes from Google’s organic search. (eCom Revenue Max)
• 75% of users state that ads in Google search results make their searches easier. (PR Newswire)
• Amazon maintains its marked edge, claiming 37% market share at the close of 2023. (Statista)
• Smartphones accounted for approximately 74% of retail site traffic worldwide. (Statista)
• 75% of consumers say they enjoy buying from their smartphones because it saves time. (Shopify)

Google Ads and paid search statistics

• The average ROI of Google Ads is 200%. That means businesses earn a return of about $2 for every $1 spent. (WordStream)
• Compared to 35% of organic SEO results, 65% of Google Ads clicks are generated for commercial keywords. (HubSpot)
• As of 2023, 80% of businesses globally were using Google Ads for paid search. (Enterprise Apps Today)
• The average click-through rate (CTR) for the top position Google Ad is 2.1% (for organic search, it’s 39.8%). (Smart Insights)

Global market size and growth trends

• Approximately 20% of all retail sales happen online. (Tidio)
• The annual growth rate for in-store sales is about 4% while for ecommerce sales it’s almost 13%. (Tidio)
• Global revenue hit over $6 trillion by 2023’s close and is predicted to reach $6.9 trillion in 2024 and $8.148 trillion by the end of 2026. (Statista)
• Amazon maintains its marked edge, claiming 37% market share at the close of 2023. (Statista)
• China has the largest e-commerce market (52% market share of total retail sales), followed by the US, the UK, and Japan. (Business.com)
• Ecommerce sales are projected to reach $8.1 Trillion by 2026. (Statista)
• In 2024, 27% of the world’s population is forecasted to be digital buyers. (Tidio)
• While it’s hard to determine an exact number, it’s estimated that there are anywhere between 12 and 24 million online stores. And with more people starting online businesses, that number is only going to steadily increase over the next few years. (Digital in the Round)
• Shopify takes 20% market share of top 1 million sites. (BuiltWith)
• 95% of buying is expected to be conducted online or through e-commerce companies by 2040. (Forbes)
• Online retail sales are projected to grow by 9.83% each year. (Statista)

Market share and number of sites advertising on e-commerce platforms

Data source: BuiltWith

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