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TOP ECOMMERCE COUNTRIES


THE TOP 10 ECOMMERCE MARKETS AND THEIR GROWTH RATES

Article by Antonia Tönnies | December 02, 2024

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Topics

China, Germany, Japan, South Korea, Top Markets, United Kingdom, United States

The eCommerce markets in Indonesia and India are both making great strides among
the top 10 eCommerce countries. These two countries in particular offer
opportunities for rapid growth, along with South Korea, albeit a little further
down the list with an increase of 10.1%. At the same time, China and the United
States continue to lead the way in terms of eCommerce revenues, despite lower
growth rates.


HIGH REVENUES BUT LOW GROWTH RATES IN CHINA AND THE UNITED STATES 

The success story of China's eCommerce markets continues. Last year, China
generated US$1.8 trillion in revenues, twice as much as the United States with
US$981 billion. But while turnovers are hitting new records year after year, the
growth rate is going in the opposite direction.  

Mature markets like the U.S. and China are already quite large, meaning that
small percentage growth rates can result in high absolute growth for large
eCommerce nations. It is therefore normal to experience single-digit growth
rates, while less developed markets such as India and Indonesia are growing at
double-digit rates.  

In general, the Chinese and U.S. market are characterized by a well-developed
eCommerce infrastructure, thanks to large companies and retailers such as Amazon
and eBay in the U.S. along with Alibaba and Pinduoduo in China. However, their
market size is also critical to success, as both are large in terms of geography
and population, offering more opportunities for growth. 


INDONESIA AND INDIA SHOWED THE STRONGEST GAINS: GROWTH EXCEEDED 20% 

While the top eCommerce countries, China and the U.S., stand out for their high
revenue figures, lower ranked countries catch the eye with their high growth
rate. Specifically, India and Indonesia stick out with annual growth rates of
22.6% and 20.9% between 2022 and 2023, respectively. Both eCommerce markets can
be considered developing countries. 

Compared to similar eCommerce countries such as Germany or Japan, India and
Indonesia showed remarkable growth opportunities in 2023. Although saturation is
already high in major cities such as Mumbai or Jakarta, the potential lies
mainly in the suburbs and rural areas. The main challenge here is logistics and
local accessibility, as smartphone penetration and internet access are already
quite high. 


RUSSIA AMONG TOP 10 ECOMMERCE COUNTRIES DESPITE LOSSES 

The Russian eCommerce market contrasts with the positive trend seen in Southeast
Asia. Between 2022 and 2023, the country experienced a sharp decline in growth
from 36.8% between 2021 and 2022 to -3.5% recently. This trend is mainly due to
the Russo-Ukraine conflict that began in February 2022 and its subsequent
effects, such as sanctions imposed on Russia by states and organizations. 

Nevertheless, the country managed to land in the top 10 in 2023, right ahead of
France. According to the forecast of ECDB analysts, the country's eCommerce
markets expected to grow again in the coming years. It is therefore possible
that Russia will remain in the top 10 in 2024, but more will be known at the
2024 closing. 



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