Ecommerce as a Percentage of Retail Sales by Country
Global ecommerce sales are expected to total $5.9 trillion in 2023 and hit $7.6 trillion by 2026. Given the immense growth and ecommerce’s rising share of retail sales, now’s a good time to start an online business.
Knowing where the biggest opportunities lie can help you decide where to market. After all, targeting a country with a low ecommerce penetration may not bring you lucrative results. Here’s a ranking of ecommerce as a percentage of retail sales by country to give you a better idea of global ecommerce markets.
Ecommerce as a percentage of retail sales by country: China leads
According to a recent list sorting ecommerce as a percentage of retail sales by country, China tops the chart. In 2023, ecommerce sales there are expected to make up nearly half (47%) of total retail sales. In other words, 47¢ of every $1 spent on retail will come from online purchases.
With China also leading the ranking of ecommerce sales by country and online sales expected at over $3 trillion this year, that means that its retail market is currently worth more than $6 trillion.
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China’s position on this list sorting ecommerce as a percentage of retail sales by country should come as no surprise. As it stands, four out of the top 10 ecommerce companies worldwide are located there.
Second on this list ranking ecommerce as a percentage of retail sales by country is Indonesia. 31.9% of its total retail sales this year are set to be carried out online. This is followed by the United Kingdom and South Korea, with 30.6% and 30%, respectively. These are the only four countries whose ecommerce penetration rates are expected to exceed 30% in 2023.
The United States rounds out the top five, with an ecommerce penetration rate of 15.8%. Incidentally, the US is among the fastest-growing ecommerce markets this year and is set to generate over $1.1 trillion in online sales, second only to China.
Ecommerce as a percentage of retail sales by country: sixth to 10th
Here are the other countries from sixth to 10th place on this list ranking ecommerce as a percentage of retail sales by country:
- Mexico: 14.2%
- Singapore: 14%
- Japan: 13.7%
- Russia: 13.2%
- Canada: 11.7%