Are you curious about which countries lead the world in online sales and revenue? How about the fastest-growing ecommerce markets?

With mobile commerce, more options for business-to-business (B2B) and business-to-consumer (B2C) transactions thanks to mobile shopping, and a higher number of internet users, the ecommerce industry is growing at a rapid rate.

In this post, we round up the largest and fastest-growing markets in ecommerce and provide details on what’s driving each.

The largest ecommerce markets in the world

the largest ecommerce markets

These are the largest ecommerce markets in the world by revenue:

  1. China – This country generated $1.3 trillion in 2023
  2. United States – $1.1 trillion
  3. Japan – $151 billion
  4. United Kingdom – $118 billion
  5. Germany – $89 billion
  6. South Korea – $78 billion
  7. France – $60 billion
  8. Canada – $59 billion
  9. India – $51 billion
  10. Indonesia – $45 billion

Source: Statista1

1. China

According to a separate statistic published by Statista, online sales accounted for 27.6% of all retail sales in China in 2023.

The Chinese ecommerce market generated $1,255.14 billion in revenue in 2023, which translates to $1.3 trillion when rounded up.

Retailers with the largest market share in China are Taobao and Tmall by Alibaba, which make up 50.8% of the market share, JD.com, which makes up 15.9%, and Pinduoduo, which makes up 13.2%.

Other retailers make up the rest of the country’s market share. They include AliExpress, which is also owned by Alibaba, Kaola, Little Red Book (Xiaohongshu), Suning, Dianping, Gome, Vipshop, Yihaodian, Dangdang, Mogujie and JuMei.

This data comes from eMarketer but was shared by the International Trade Administration.

Taobao is an online retail store that also allows consumer-to-consumer transactions, making it one of China’s largest online marketplaces.

taobao homepage

Tmall is a sister company that gives brands a platform to sell their products on without the need for them to create their own websites.

They’re both owned by Alibaba, who also owns AliExpress, an online retailer known for selling products at cheap prices and in bulk. It’s also a leader in the dropshipping industry.

Alibaba generated $130.8 billion in revenue in 2023, according to data reported by Companies Market Cap.

However, JD.com is the largest online retailer in China. The company generated $152.94 billion in revenue in 2023, according to Companies Market Cap.

JD.com is an online store that sells a little bit of everything.

Online shopping through livestreams is a growing trend in China.

It’s called “live commerce,” and according to Grand View Research, it has a global market value of $918.9 million and will grow to $3.48 billion by 2030, growing at a compound annual growth rate (CAGR) of 21.2%.

Sources: Statista2, International Trade Administration, Companies Market Cap1, Companies Market Cap2 Grand View Research1

2. The United States

Ecommerce sales account for 16% of all retail sales in the United States, according to Statista.

As the second-leading ecommerce market in the world, the United States generated $1,065.68 billion in revenue in 2023, which converts into $1.1 trillion when rounded up.

According to Statista, sales from Amazon make up 37.6% of all online sales in the United States.

Walmart makes up 6.4% of the market share while Apple makes up 3.6% and eBay makes up 3%.

retail ecommerce market share

Other major retailers include Target (1.9% market share), The Home Depot (1.9%), Costco (1.5%), Best Buy (1.4%), Carvana (1.4%) and Kroger (1.3%).

According to a report by eMarketer, Amazon’s market share will reach 40.4% in 2024, marking the first time the retailer’s market share will reach 40%.

amazon homepage

In spite of this, Walmart has a higher sales growth at 13.6%, compared to Amazon’s 10.5%.

Amazon generated $574.78 billion in revenue in 2023, according to Companies Market Cap, while Walmart generated $648.12 billion.

Shopping on social media platforms is a growing trend in the United States.

In fact, according to Grand View Research, the social commerce market was valued at $89.11 billion in the United States in 2022 and will reach a market value of $659.41 billion by 2030, growing at a compound annual growth rate (CAGR) of 29.2%.

Sources: Statista3, Statista4, eMarketer1, Companies Market Cap3, Companies Market Cap4, Grand View Research2

3. Japan

According to ECDB, ecommerce sales make up 13.7% of all retail sales in Japan.

Japan generated $151.03 billion in revenue in 2023.

Amazon’s Japanese website (amazon.co.jp), Rakuten, Softbank, Japan Consumers Co-operative and Aeon Group have a collective 77.5% market share in Japan.

This data comes from a market analysis conducted by the Canadian government.

According to Statista, Amazon generated ¥3.7 trillion from sales in Japan in 2023. This converts into $24.7 billion USD.

Rakuten’s revenue was $14.58 billion in 2023, according to Companies Market Cap.

Sources: ECDB1, Government of Canada, Statista5, Companies Market Cap5

4. United Kingdom

Online retail sales will make up 38.1% of all retail sales in the United Kingdom by 2028, up from 32.5% in 2020, according to Statista.

This ecommerce market generated $118.26 billion in revenue in 2023.

According to Statista, these are the top online retailers in the UK by ecommerce net sales:

  • amazon.co.uk – This online store generated $16.11 billion in net sales in 2023
  • sainsbury.co.uk – $6.59 billion
  • tesco.com – $6.4 billion
  • asda.com – $5.12 billion
  • argos.co.uk – $4.16 billion
  • ocado.com – $2.93 billion
  • next.co.uk – $2.72 billion
  • johnlewis.com – $2.58 billion
  • currys.co.uk – $2.55 billion
  • apple.com – $2.29 billion

Sources: Statista6, Statista7

5. Germany

Germany’s ecommerce market generated $89.71 billion in 2023.

According to ecommerceDB (ECDB), the top three retailers in Germany are Amazon (amazon.de), The Otto Group and Zalando.

Amazon generated $15.85 billion from the German version of its retail website in 2023.

The Otto Group generated $4.54 billion from otto.de while Zalando generated $2.71 billion from zalando.de.

Source: ECDB2

6. South Korea

Online purchases in South Korea generated $78.04 billion in revenue in 2023.

According to Statista, Coupang is the country’s most popular retailer, receiving 7.35 million unique visitors in 2023.

It’s an online shopping platform that sells all types of products. The company generated $24.38 billion in revenue in 2023 alone, according to Companies Market Cap.

Sources: Statista8, Companies Market Cap6

7. France

According to Statista, online sales accounted for around 10% of all retail sales in France in 2023. This figure is lower than it was during the pandemic when online sales accounted for 12% of all retail sales in France.

The country generated $60.59 billion in ecommerce revenue in 2023.

According to another statistic by Statista, the French version of Amazon, Shein and Veepee accounted for the majority of online sales generated in France in 2023.

amazon.fr generated over $6 billion in revenue, Shein generated $2.45 billion and veepee.fr generated $1.6 billion.

Source: Statista9, Statista10

8. Canada

According to eMarketer, the share of online sales among all retail sales in Canada was only 11.6% in 2022 and is only expected to grow to 12.1% by 2027.

Even so, Canada was the eighth largest ecommerce market in the world in 2023, generating $58.69 billion in revenue.

According to ecommerceDB, the top three retailers in Canada during this year were the Canadian versions of Amazon, Walmart and Costco.

amazon.ca generated $12.51 billion in revenue, walmart.ca generated $5.22 billion and costco.ca generated $2.3 billion.

Sources: eMarketer2, ECDB3

9. India

Ecommerce brands generated $50.94 billion in India in 2023.

According to ecommerceDB, Reliance Digital brands made up the top three retailers in India in 2023.

Ajio generated $2.3 billion, JioMart generated $1.6 billion and Reliance Digital generated $1.4 billion with reliancedigital.in.

Reliance Digital itself generated $105.94 billion in 2023, according to Companies Market Cap.

Sources: ECDB4, Companies Market Cap7

10. Indonesia

According to Statista, 37% of businesses in Indonesia are ecommerce businesses.

Ecommerce businesses generated $45.13 billion in revenue in 2023, making Indonesia one of the largest markets in Asia.

Source: Statista11

The fastest-growing markets in ecommerce

eMarketer analyzed the global ecommerce market in 2023 and discovered Argentina to be the fastest-growing market in the world in terms of online sales.

According to their report, Argentina’s online sales increased by 29.9% year over year. This is in comparison to an increase in online sales worldwide by 8.9%.

top retail ecommerce sales

Four of the top 10 fastest-growing markets in ecommerce are in Latin America, which is a welcome change since the region’s ecommerce sales growth never managed to outpace inflation in 2022.

Here are the top 10 fastest-growing markets in ecommerce:

  1. Argentina – This country’s ecommerce sales increased by 29.9% between 2022 and 2023
  2. Philippines – 24.1%
  3. Malaysia – 18%
  4. India – 17.5%
  5. Mexico – 16.2%
  6. Colombia – 15.4%
  7. Indonesia – 14.4%
  8. Vietnam – 12.5%
  9. Canada – 11%
  10. Peru – 10.4%

Source: eMarketer3

Conclusion

It’s no surprise that China and the United States have the top 2 largest ecommerce markets in the world.

China’s online sales revenue for 2023 at almost $1.3 trillion, with the U.S. coming in 2nd with $1.1 trillion. Whereas the rest of the world fails to reach $200 billion.

If you would like to learn more about the ecommerce industry and other related statistics check out these posts:

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