Top Shopify and E-commerce Statistics of 2024 and Beyond

Introduction

E-commerce includes several aspects of trade and allows entrepreneurs to do borderless business, cross-border commerce, and international online retail. But that’s not all about e-commerce. One should have a thorough understanding of the current trends and future forecasts to get the maximum advantage of this latest trade method. Shopify has emerged as one of the leading e-commerce platforms in recent times and Shopify statistics 2024 and the future trends tell that the platform is only going to grow with time.

To give you an idea of the scale at which e-commerce is operating nowadays, recent research by eMarketer showed that a staggering 2.71 billion people are expected to shop online in 2024. This article will give you a detailed e-commerce market analysis, Shopify statistics 2024, and explore the future of e-commerce. But let’s begin with a brief overview of global e-commerce and its benefits!

Global E-commerce: An Overview

The cross-border selling of products and services is commonly known as global e-commerce. The products sold through e-commerce are marketed online. This virtual nature of e-commerce comes with several different advantages.

• It enables businesses to easily and rapidly expand into international markets
• Consumers get their desired products and services on their doorstep
• Both B2B (Business-to-Business) and B2C (Business-to-Consumers) sales cycles become shorter and save a lot of time
• Businesses usually face fewer legal and financial hurdles with regard to entering foreign markets

Because of these benefits, the future of e-commerce looks promising. B2B e-commerce is expected to reach $36 trillion by 2026, while B2C e-commerce is projected to be valued at $5.5 trillion by 2027 and $9 trillion by 2032.

Online Shopping Insights 2024 and Beyond

The e-commerce market analysis shows that the online shopping sector is expanding every day. Following is a sneak peek of the e-commerce market analysis and some important e-commerce trends 2024:

Online Shopping Trends

As the world gets increasingly technology-driven, fewer and fewer people prefer going to physical stores for shopping. This is the reason that, according to an e-commerce market analysis by EMARKETER (formerly Intelligence Insider), 20.1% of total retail purchases are expected to happen through online e-commerce stores in 2024. This number is going to reach 22.6% in 2027 and will only increase in the years after that.

Global E-commerce Value

$6.3 trillion is how much global e-commerce is expected to value in 2024. This is half a trillion dollars more than in 2023. If you are wondering about the future of e-commerce, then it looks bright because the global e-commerce market is expected to total around $7.9 trillion in 2027.

China: the Biggest Consumer Market

Sales come with people. So, the more the population of a country, the more sales for businesses and online stores. To no surprise, China is the biggest consumer market when it comes to online shopping and accounts for more than 33% of all online retail sales globally. The increasing number of local and international e-commerce platforms has made it easy for Chinese consumers to have access to a wide range of products and services online.

Nearly 50% of US Consumers Will be Shopping Online in 2024

According to an e-commerce trends 2024 survey by Bank of America, 42% of the American respondents said that they would be shopping online in 2024. Convenience is one of the biggest reasons why people are shifting towards it.

When e-commerce was new to the scene, a lot of consumers avoided it because they couldn’t physically try out the products they wanted to buy. However, this drawback has taken the back seat lately, and people think shopping online is a more efficient method of purchasing goods as compared to visiting an online store.

$8.5 Trillion by 2030: Social Media E-commerce Forecast

According to a research made by Statista in March 2024, a staggering $992 billion was spent in 2022 by consumers worldwide on shopping through different social media platforms, such as Facebook and Instagram. But this is nothing compared to what the e-commerce market analysis projects for the future. Social media purchases are expected to reach $8.5 trillion by 2030.

Shopify Statistics 2024: What do the Numbers Say?

Shopify is one of the major platforms when it comes to online sales and purchase of products. After starting as a snowboard store called “Snowdevil” in the first decade of the 21st century, the platform soon became a user-friendly online marketplace to allow people from across the globe to build an e-commerce store. Shopify statistics for 2024 and beyond are simply mind-blowing as the e-commerce store leads the way as an online marketplace.

Following Shopify statistics 2024 and Shopify growth data gives an overview of where the platform stands currently and the promising path towards which it is heading.

2+ Million Merchants from 175 Countries

Shopify currently has more than 2 million merchants using the platform. These merchants are spread across 175 countries, showcasing the true versatility and potential of the online marketplace. So, even if each merchant sells only $100 in its products per month, one can well imagine the scale of sales on Shopify.

700+ Million Customers and $319 Billion in Sales

More than 700 million people are using Shopify to do online shopping of their favorite products and services in 2024. This has resulted in Shopify adding $319 billion to global e-commerce and helping millions of sellers from around the world earn life-changing profits.

2.1+ Active Daily Users

In case you are still wondering how huge Shopify is and what it can bring for your business, the online marketplace has, on average, over 2.1 million users who shop different products every single day. This number shows the true potential of Shopify in the e-commerce landscape.

Preferred Choice of 10.32% of Global E-commerce Stores

Over 10% of stores worldwide use Shopify to sell their products and services. The United States, the UK, and Australia are the top three countries that have the most number of Shopify stores. This Shopify 2024 statistic makes the online marketplace the fourth most popular e-commerce platform globally.

25% of Top E-commerce Brands are on Shopify

In an e-commerce market analysis by Burst, it was discovered that 25% of the top one million e-commerce brands use Shopify to sell their products to consumers around the world. This makes Shopify the most popular e-commerce platform with regards to store distribution.

Adding Latest Tech to E-Commerce: Why is Shopify so Successful?

The aforementioned Shopify statistics 2024 are one reason why Shopify stock is expected to go from $65 in 2024 to $200 in 2035. The other reason is Shopify’s timely incorporation of technology. Ever since its inception, the online platform has been making use of the latest technology to give both users and consumers the best experience possible. The following are some examples of how Shopify has added cutting-edge technology and features to its website.

Artificial Intelligence and Machine Learning

In recent years, the platform has added several AI and ML features so its users can get an enhanced experience of shopping online. These features included AI chatbots for quickly addressing customer queries and personalized shopping recommendations with the help of machine learning capabilities.

Voice Commerce

Voice commerce makes use of artificial intelligence and enables shoppers to buy their desired product with a simple voice command. It eliminates the need to use a keyboard and enables people to save time.

Augmented Reality (AR) for Product Visualization

This technology is truly remarkable and takes the online shopping experience to the next level. With the help of augmented reality, Shopify customers can visualize the products before making their purchase. This benefits merchants, too, because by creating 3D models of their products, they can boost their sales and increase their revenue.

Conclusion

The e-commerce sector has been on the rise for some years now and is expected to grow even at a faster rate in years to come. This is due to the increasing trend of customers prefer online shopping instead of visiting a physical store.

With millions of stores offering innumerable products and services, e-commerce enables consumers to get an item or service of their exact choice, that too at more affordable prices as compared to physical stores.

Furthermore, people get their hands on a wider range of products since a person from anywhere in the world can become a Shopify merchant as long as they have the internet and a product to sell. Shopify statistics for 2024 and the future show the tremendous potential of the platform as the world shifts to online shopping.

Frequently Asked Questions (FAQs)

Who is a Shopify merchant?

A Shopify merchant is a person who sells products in his or her store through Shopify. In order to become a merchant, one needs a merchant account where all the transactions happen.

How many daily users does Shopify get?

On average, 2.1 million users shop through Shopify daily.

What’s the future forecast of Shopify?

Shopify’s future as an online marketplace looks promising, with all projections predicting the platform will grow with time. This is why its stock price is expected to reach $200 by 2035.