Fastest-Growing Ecommerce Markets
With online sales surpassing $3 trillion, China was the biggest ecommerce market in 2023. To better understand the global ecommerce market, we need to also know where growth potential is the highest—more specifically, in which countries ecommerce sales are rising the fastest. Here’s a look at the fastest-growing ecommerce markets in 2023 and their annual increases in online sales.
Fastest-growing ecommerce markets: top 10
According to a recent report by industry analysts, Argentina was the fastest-growing ecommerce market in 2023. The country’s overall sales from online transactions increased by 29.9% from the previous year’s figures. Experts partly attribute Argentina’s high position on this list to the country’s soaring inflation rates.
Argentina is followed by the Philippines, whose online sales in 2023 increased by 24.1%. These are the only two countries whose revenues from online transactions grew by more than 20% in 2023. Experts attribute the rapid growth in online sales in the Philippines to the increasing number of consumers shifting to online shopping and the country’s high internet and smartphone adoption rates. Electronics was its largest ecommerce category, with an estimated $6.2 billion in total revenue. This is followed by food and fashion, with sales of $1.9 billion and $1.6 billion, respectively.
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Malaysia rounds out the three fastest-growing ecommerce markets, as ecommerce sales rose by 18%. India, the world’s most populous country, is fourth on the list of the fastest-growing ecommerce markets. Total online sales there increased by 17.5%. India also ranks among the biggest ecommerce markets, with ecommerce sales reaching $118.9 billion in 2023.
Two Latin American countries, Mexico and Colombia, rank next on the list of the fastest-growing ecommerce markets, with growths of 16.2% and 15.4%, respectively.
Next on the ranking of the fastest-growing ecommerce markets are two Southeast Asian countries—Indonesia and Vietnam. By analysts’ estimates, Indonesia’s total online sales rose by 14.4% in 2023, while Vietnam’s expanded by 12.5%.
Canada is next in ninth place, with a growth rate of 11%. Peru completes the list of the fastest-growing ecommerce markets. Total ecommerce sales there rose by 10.4% in 2023.
Of these 10 fastest-growing ecommerce markets, half are located in Asia, and the remaining half are in North and South America.