The rise of e-commerce
In a new study, AltIndex.com, a data platform, forecasts that the global ecommerce industry will grow by 15% in 2024. Expected to gross USD 3.64 trillion in 2024, the digital market is really taking off this year. Despite the current macroeconomic situation with supply chain issues, inflation, and changing consumer behaviour, e-commerce has grown by 108% in the last five years.
It is also supported by emerging technologies such as AR/VR-enhanced shopping and artificial intelligence, helping it catch up to the experience of in-person shopping.
The major players in this sector are all based in Asia, with Alibaba, AliExpress, JD.com, and Rakuten topping the lists. US-based Amazon is also growing but remains behind its Asian counterparts in e-commerce sales. Soon, around 3.4 billion users, or nearly half the world’s population, will be active in the digital market. (mk)