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Global Ecommerce Market Overview — Today's Amazon Deals - https://amzn.to/3FeoGyg —- Global Ecommerce Market Overview The ecommerce market has been growing steadily over the past few years and is expected to continue its upward trajectory in the foreseeable future. According to data from eMarketer, global ecommerce sales amounted to $4.2 trillion in 2020, representing a 27.6% increase from the previous year, and it became $5.2 trillion and expected to grow at a rate of 56% till 2026 up to $8 trillion approximately. Ecommerce sales are expected to reach $6.4 trillion by 2024, with ecommerce accounting for 21.8% of total retail sales worldwide. The ecommerce market is dominated by a few major players, including Amazon, Alibaba, and eBay. Amazon is the largest ecommerce retailer in the world, accounting for around 38% of all ecommerce sales in the US and 14% globally. Alibaba is the largest e-commerce company in China and the second largest in the world, accounting for 55% of all online retail sales in China. eBay, while not as large as Amazon or Alibaba, is still a major player in the ecommerce market, with over 185 million active buyers and 1.5 billion listings.
While these major players dominate the ecommerce market, there is still room for smaller businesses to carve out a niche and succeed. The rise of social media and influencer marketing has enabled smaller businesses to reach customers and build brand awareness without the need for a large advertising budget. In addition, the growth of mobile commerce and the increasing availability of affordable ecommerce platforms have made it easier for businesses of all sizes to set up an online store and reach a global audience.
Figure 21.1: Global data of E-commerce retail sales
[Source: Statista]