According to Statista 2021 report, over 2.14 billion people worldwide are expected to buy goods and services online which is 1.66 billion up than 2016. Just imagine! However, the e-commerce industry is dramatically growing worldwide and with each passing day, new eCommerce markets are emerging and established marketers are reaching new milestones.
And when it comes to online shopping, Amazon is the top priority we used to consider as it has already ruled the eCommerce market. With 150 million members, Amazon is the largest eCommerce platform in the world followed by others such as JD.com, Alibaba, and sunning.com. Marketplaces like such provide a huge opportunity for a local seller to reach international customers
Here we have taken a look at the world’s biggest eCommerce marketplaces (in terms of sales) by country and also discuss why they’re the leading country in the eCommerce game.
Why 2021 Is the Time to Expand Ecommerce Store Globally?
Before moving ahead, let’s take a small tour of why 2021 is the year to going global in your eCommerce business and why there has been a better time.
Due to Pandemic, eCommerce is booming like never before because it has forced people to go online for shopping and change their purchasing behavior.
The technology is also another aspect to expand globally as mobile shoppers are projected to reach $3.56 trillion in 2021 which is 22.3 percent more than 2020 said Simicart. The worldwide m-commerce share in eCommerce is expected to reach 72.9% globally by 2021. With mobile shopping increasing by the time, this is the only expected to continue and nobody will need to rush to a Cyber Café or use a computer screen to complete a purchase. They can do it right away with their mobile devices.
Last but not least is streamlined shipping, yes, shipping times and costs have also improved. This means delivery times will play a prime role for eCommerce retailers selling globe. All you need to do is finding the right company who can help you ship within a time.
Top 5 Giant eCommerce Marketplaces Across The Globe:
So, these are the three countries that spend the most on eCommerce and the list does not end here as there are many eCommerce giants. In this blog post, we’ll show you all marketplace across the world and give you all the details about it.
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The following are top leading eCommerce marketplaces online concerning the region to help you make a better and more calculated decision. Without further ado, let’s get into it.
Indeed! China is the leading eCommerce marketplace in the world with annual sales of $1.7 trillion. In the last few years, china’s retails sales have expanded rapidly and surpassed other eCommerce markets.
As the world’s largest eCommerce market, a forecast shows that china will be responsible for 52.1 percent of all eCommerce sales worldwide. Not only does China have the biggest portion of global eCommerce size and sales, but it also has quite a dominant leader as the largest eCommerce market in the world, and no wonder it outranks the United States, which is in second place.
While there are some restrictions when it comes to shipping or importing goods in China, still the country has the largest digital buyer population in the world, and it is one of the top eCommerce marketplaces to target.
Top Key Trends that drive China’s eCommerce Market:
- E-commerce shopping festivals
- A new form of retail: online & offline
- Digital payments
- The rise in social media and eCommerce integration
- Consumption upgrade
2. United States:
Obliviously the second largest eCommerce market in the world is United State after being overtaken by China. According to Statista, revenue from eCommerce in the United States amounted to 431.6 billion in 2020 and it is estimated that revenue will increase to 563.4 billion dollars.
Top-selling items include books, music, video, computer and electronics, toys & hobby office equipment & supplies, apparel & accessories furniture, and beauty products. Well, the list is long and does not end here as plenty of things are purchased by consumers online.
The United States has a high tax threshold which makes it easy to ship compared to taxes and the cost is pretty generous at $800.
Thus, after ruling the eCommerce world for more than a decade is currently the second eCommerce market in the world led by eCommerce giant Amazon and eBay. And that’s how the US observes healthy eCommerce growth in all the sectors and, most importantly has been the center of attraction for new eCommerce trends.
3. United Kingdom:
The United Kingdom is the third and top eCommerce market in the world, despite its small size, the UK is a big eCommerce player. In 2020, online sales accounted for 36 percent of all retail sales by Statista and that’s how it has one of the highest percentages of total retail sales in eCommerce. The biggest players in the UK’s online retail market are Amazon, Tesco, and eBay. Popular product categories in the UK include fashion, travel, and sporting goods.
Shipping is also the one reason the UK is the best place to expand as there’s proactive and effective communication especially when delivery issues occur. There are non-premium rate phone numbers to contact the courier.
At fourth, Japan is the biggest m-commerce player which is already in demand and will future of the eCommerce world. Japan is also the leading and fastest-growing eCommerce markets in the world while originally dominated by B2B transactions, the B2C market in Japan has doubled within the last decade. There’s also dramatic growth in the C2C market.
In 2019, the value of the B2C eCommerce market in Japan amounted to around 19.4 trillion Japanese yen. The numbers are increased compared to the previous year and the market size grew steadily in the last decade, boosted by the interest in smooth processing services and efficient distribution channels.
Rakuten is Japan’s leading eCommerce platform followed by many eCommerce sites like Amazon Japan, Yahoo Japan shopping, Zozotown, and Rakuma.
Germany is Europe’s second-largest eCommerce market after the UK Amazon and the fifth eCommerce market in the world because of plenty of cheap shipping options. The store had a revenue of US$15.8 billion in 2020 and its online sales are estimated at $73 billion, which is roughly 8.4% of the total eCommerce retails sales worldwide.
Top product categories include electronics & media, and fashion. Preferred payment options include credit cards, invoicing, and online payment methods such as PayPal. eBay and German’s local online retailer Otto are some of the common and major eCommerce players in the county.
The German eCommerce market is a great place to develop your business and for sure. It has high potential and all you need to be aware of is German’s needs as consumers if you want to be successful. Remember that, high potential means high traffic and competition and that’s why to make sure you choose accordingly.
Hopefully, you have found this article helpful on some of the top eCommerce markets you can expand to this year. But before you open your store to the world, you need to think about rush-free strategies to avoid frustrating your buyers.