Online purchases by US customers totaled $199.44 billion during July to September 2020. This was a 37.1% increase in the size of the eCommerce market from the $145.47 billion in online sales in the third quarter of 2019. Future eCommerce sales growth is anticipated to reach $6.54 trillion globally by 2022 as consumers spend 36% of their budgets online!

Here are some interesting facts you need to keep in mind:

• eCommerce is booming like never before. Part of this has been due to the covid-19 situation that has forced people to figure out and change their purchasing behavior to online shopping.
• The technology is also just ready. According to Insider Intelligence, mCommerce or mobile shopping reached $284 billion in 2020, which is 45% of the total US eCommerce market size (talk about eCommerce sales growth). With Smartphone penetration increasing by the day, this is only expected to continue. Nobody will need to rush to a Cyber Cafe or use a laptop or desktop to complete a purchase. They can do it on the go with their mobile devices!
• Streamlined cross-border shipping: Shipping times and costs have improved greatly. That means delivery times will play a key role for eCommerce retailers selling abroad. Here, you need to work with a reputed eCommerce and logistics company like Easyship so that you can rest assured that your orders will keep flowing from your store to your customers overseas without delays. We partner with 250+ affordable shipping couriers and a network of fulfillment centers across the world to help you drive down shipping costs and shipping time.

Naturally, you’ll want to be familiar with the major eCommerce markets so you can scale your business internationally. Not to worry. We’ll provide you a summary of eCommerce rankings so you can decide where to sell.

China

With $672 billion in yearly online sales, China is the world’s largest and most important eCommerce market. China’s retail sales have grown quickly over the past ten years and have maintained an above-average annual growth rate of 27.3% globally, which explains why the country’s eCommerce position is so high. On the other hand, there is no denying the scale of the Chinese eCommerce market.

With a country share of more than 20% in global online retail sales, China’s total eCommerce sales growth in 2019 outpaced that of Europe and the US combined. While there are tough restrictions when it comes to importing goods in China, the country still has the largest digital buyer population in the world, and it is one of the top eCommerce markets to target — all due to the country’s considerably large eCommerce market size.

United States

After being overtaken by China’s eCommerce market size, the US is now the second-largest eCommerce market in the world. According to Statista, US online retail sales hit $343.15 in 2019, and are projected to hit  $476.5 billion by 2024 — talk about eCommerce sales growth!

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Top-selling items include books, music, video, computer & consumer electronics, toys & hobby office equipment & supplies, apparel & accessories furniture & home furnishings, and health & beauty products.

The tax threshold for imports is also pretty generous at $800, making it less likely for consumers to pay additional tax or duty for overseas shipments. The United States might have been overtaken by China due to its eCommerce market size, but it’s still continuing to grow.

United Kingdom

The United Kingdom’s eCommerce ranking sits at third among the top eCommerce markets in the world. Its annual online sales amount to $99 billion, which is 14.5% of the total eCommerce retail sales in the world. Amazon U.K, Play.com, and Argos are the top eCommerce retailers that make the UK a key eCommerce player. Popular product categories in the UK include fashion, travel, household items, and sporting goods.

With the VAT changes after Brexit, there will be some new complications for merchants looking to move into the UK market, so it’s advised to plan properly.

Japan

Japan is among the largest, and also 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 is also considerable growth in the C2C market.

JP Morgan estimates that the Japanese B2C eCommerce market is worth over $100 billion. eCommerce sales growth is expected to continue to expand at an annual growth rate of 6.2% to reach $112.465 billion in 2021 and $143. 297 billion by 2025. Perhaps even Japan’s eCommerce ranking may change, but only time will tell.

Germany

Germany is a top eCommerce market with plenty of cheap shipping options that you can expand your business into this year. It ranks as the second-largest eCommerce market in Europe, and fifth in the world. Its annual online sales are estimated at $73 billion, which is roughly 8.4% of the total eCommerce retail sales worldwide.

Needless to say, Germany is a top eCommerce market due to its eCommerce market size.

Statista estimates an annual eCommerce sales growth rate of 5.4% in Germany, resulting in projected revenue of $94.998 billion in 2021, and $117.019 billion by 2025. Top product categories include electronic & media, and fashion. Preferred payment options include credit cards, invoicing, and online payment methods such as PayPal.

France

The French-eCommerce market ranks sixth in the world, with local players like Cdiscount and Odigeo leading the pack in the eCommerce retail space there. Amazon is also a key player in the French eCommerce market.

Statista projects the eCommerce revenue in France to reach $58.922 billion in 2021, with a projected annual eCommerce sales growth rate of 5.2% to hit $72.275 billion by 2025.

Fashion, health & beauty products, and cultural products top the list of best selling categories in the French eCommerce market.

South Korea

South Korea is among the largest eCommerce markets in the world reputed for having the fastest wireless internet speeds. Statista estimates that the eCommerce revenue will reach $80.88 billion in 2021, and maintain an annual growth rate of 5.02% to hit $99.2 billion by 2025.

Fashion forms the largest market segment, and it is projected to have a market volume of $23.549 billion in 2021. Toys and hobby/DIY categories also remain popular.

Canada

Being one of the largest eCommerce markets, Canada ranks eighth in the list. Statista estimates revenue in the Canadian eCommerce market to reach $32.442 in 2021, and continue to grow at a rate of 5.6% to hit a projected market volume of $40.352 by 2025.

Electronic & media dominate the Canadian eCommerce market with a projected market volume of 9.044 billion in 2021. Canadians are also reputed as the most diversified cross-border eCommerce purchasers.