Ecommerce markets are constantly shifting and what might seem like a lucrative market one day may not be as strong the next.
It’s also quite often that you’ll find markets overseas offer you a far greater opportunity than those closer to home, even if you they may take a little more work to break into.
InsiderIntelligence reports that worldwide retail sales this year are poised to grow 5% year-over-year (YoY) to exceed $27.33 trillion.
Although ecommerce spending growth is expected to slow considerably—due, in part, to the rebound of brick-and-mortars—the channel will still account for more than 20% of total global retail.
The bounce back of in-store retail over the last year is a testament to its resiliency, signalling that ecommerce’s rise to dominance will take longer than expected.
How does this then translate across the different markets? Which ones are the biggest and what are they worth? The latest market data from Oberlo and translated by business.com shows us the following:
1. China
China is the world’s biggest ecommerce market with 52% of ecommerce sales. Led by ecommerce subsidiaries of the Alibaba group – Taobao, Alibaba.com and Tmall. With an annual growth rate of 21%, China is also one of the fastest-growing ecommerce markets.
Annual online sales: $2.78 trillion
2. United States
After ruling the ecommerce world for more than a decade, the United States now only has 19% of the ecommerce market. Led by ecommerce giants Amazon and eBay, the U.S. observes healthy ecommerce growth in all sectors and, for the most part, has been the innovation house for ecommerce trends.
Annual online sales: $843 billion
3. United Kingdom
Despite its small size, the United Kingdom is a big ecommerce player and comfortably secures third place on this list with just under 5% of the market (4.8%). Amazon U.K., eBay U.K., and Asos are the U.K.’s top ecommerce websites, and the country has one of the highest percentages of total retail sales in ecommerce.
Annual online sales: $169 billion
4. Japan
Coming in at fourth on the list, Japan is the leading m-commerce (mobile commerce, which, of course, is the future of ecommerce) player in the world. Rakuten is Japan’s leading ecommerce platform, which over the years has acquired many ecommerce sites across the world, including the U.K.’s Play.com.
Annual online sales: $144 billion
5. South Korea
The country with the fastest wireless internet, South Korea, comes in at fifth place on this list. South Korea is also one of the leading m-commerce markets. The biggest ecommerce names in the country include Gmarket and Coupang.
Annual online sales: $120 billion
6. Germany
Germany is Europe’s second-largest ecommerce market. Amazon is a major player in Germany’s market as well. eBay and local online retailer Otto are two other major ecommerce players in the country.
Annual online sales: $101.5 billion
7. France
With local players like Cdiscount and Veepee, the French ecommerce market comes in at sixth place in the world. Like in other major European ecommerce markets, though, Amazon has edged out local brands to reign supreme in France.
Annual online sales: $80 billion
8. India
India is one of the fastest growing ecommerce markets. According to eMarketer, thanks to an increase in retailers joining the online shopping ranks, India was projected to see digital sales increase by 27% in 2021.
Annual online sales: $67.5 billion
9. Canada
Canada is a huge ecommerce market but with little competition. Naturally enough, Amazon dominates the country’s ecommerce market, followed by Walmart. Given the opportunities Canada presents as an ecommerce market, foreign brands are also trying to take a slice of it.
Annual online sales: $44 billion
10. Spain
Three main companies dominate the ecommerce market in Spain. According to EcommerceDB, Amazon, El Corte Ingles and PcComponentes account for 30% of all online revenue in Spain.
Annual online sales: $37 billion
As a global e-commerce parcel fulfilment provider, Asendia, delivers to all the top ten ecommerce markets and many more. To find out how we can help you reach customers across the world, get in touch.
