eCommerce is booming and is one of the fastest-growing industries. It is expected to grow into a multi-billion dollar industry by 2030. While 2020 and 2021 were challenging times across the globe with several industries being hit hard and eCommerce adoption being accelerated and boomed to a new level.
Now, as time flies, more and more retailers are choosing online services to sell their products. This helps reach a larger base of customers within your city or state and your country and across the globe.
With this article, we shall cover the best marketplaces around the world that can be targeted in the year 2022. But before that, let’s understand the reasons why 2022 is the perfect time to take your online business globally.
The pandemic has forced people to change their shopping habits by switching to online platforms instead of the conventional physical ways of shopping.
With smartphones being used widely around the globe, m-commerce or mobile shopping is only increasing day by day. You can now list your products and anyone with a handheld device can shop from anywhere in the world.
Many courier companies deliver products across the world, thus enabling you to reach customers which otherwise are out of your demographic.
6 eCommerce Markets for Sellers to Sell in 2024
China
Without an iota of doubt, China is one of the biggest eCommerce markets in the world. It makes $672 billion annually in sales. In the last 10 years alone, China has expanded its retail sales at a growth rate of 27.3% per year.
In 2019, the total eCommerce sales of China surpassed the combined total of Europe and the US and made for a 20% share of the global retail sales.
China has one of the largest populations when it comes to digital buying, and is one of the primary targets for sellers across the world for 2022. As per a report, the retail sales generated by China is expected to be around a quarter of the global retail sales.
United States
After China, the US is the second-largest eCommerce market globally, and retail sales are expected to hit $476.5 billion by 2024. In 2019, retail sales stood at $343.15 billion. The US market is flooded with sellers trying to sell products from across the world.
The most popular items sold in the US are books, music, video, electronics, office supplies and equipment, home furnishings, apparel, and health & beauty products. When compared with China, the laws are less strict making it a favorable eCommerce market amongst sellers.
United Kingdom
The United Kingdom ranks third amongst the top eCommerce marketplaces around the world. The United Kingdom makes up 14.5% of the world’s total eCommerce retail sales at an amount of $99 billion.
It houses some of the major players of the eCommerce industry, such as Amazon, Play.com, and Argos, making the UK one of the key players of the eCommerce industry. Some of the popular product categories include fashion, travel, sporting goods, and household items.
Japan
Japan is not only one of the largest eCommerce markets in the world, but also the fastest-growing. Japan was originally a B2B dominated market, however, in the last decade the B2C market has doubled and the C2C market has also shown considerable growth.
It is estimated that the Japanese B2C market is over $100 billion, and is expected to expand at an amazing rate of 6.2% per year and will touch $112.465 billion by the end of 2021, and $143.297 billion by 2025. Thus, undoubtedly, Japan will be one of the top eCommerce markets in 2022.
Germany
Germany is another top eCommerce market that can be tapped into if looking to expand your existing eCommerce customer base. Germany ranks as the second-largest eCommerce market in Europe and is ranked 5th in the world.
The annual online sales in Germany are at $73 billion or 8.4% of the total eCommerce sales worldwide and are expected to reach $94.998 billion in 2021 and $117.019 billion by 2025. The top product categories are fashion, and electronics & media.
Russia
Russia is another fastest growing market for eCommerce sellers who are looking to expand their business. The revenue of the Russian eCommerce market is expected to touch $25.994 billion by 2021 and will continue to grow till 2025 at an annual rate of 5.2% to reach $31.809 billion.
The top product categories that can be sold in the Russian eCommerce market are electronics and media, both of which are a $7 billion market.
Hopefully, this article has given you enough information about the top eCommerce markets that can be tapped into if you are looking to expand your business, sales, and customer reach. While you may have insight about the markets and their product categories, you would still need proper planning, shipping solutions, and most importantly; courier services that deliver your products to these countries.
You can always get the assistance of Shiprocket’s 17+ courier services that deliver to 220+ countries in the world. With the service of Shiprocket, you can start selling your products to customers across the world. We wish you a happy shipping and growing with Shiprocket!
Very Informative for Learners.Regards.