Business Wire

Forrester: Global Online Retail Sales To Grow 8.9% Annually, Reaching $6.8 Trillion In 2028

Share

Forrester (Nasdaq: FORR) forecasts that total global online retail sales will grow from $4.4 trillion in 2023 to $6.8 trillion by 2028 at an 8.9% compound annual growth rate (CAGR). According to the report Global Retail E-Commerce Forecast, 2024 To 2028, which provides a five-year forecast for total, online, and offline retail sales for 40 countries globally, despite the growth in e-commerce, 76% (or $21.9 trillion) of global retail sales will still occur offline in 2028. As a result, retailers must continue to invest in omnichannel strategies that provide a seamless shopping experience, both online and offline.

The report further states that retail e-commerce maturity varies globally. Advanced economies including the US, the UK, and South Korea are more mature due to higher internet penetration and digital literacy. As smartphone adoption and mobile commerce become more widespread, however, emerging markets in Asia Pacific, Eastern Europe, and Latin America are catching up. This rapid adaptation is transforming the global e-commerce landscape, presenting new opportunities for businesses and consumers alike.

Looking ahead at 2024 and beyond, Forrester expects continued growth momentum for online retail sales globally. Following are some noteworthy highlights from the report, broken down by global region.

The Americas:

  • In the US, online retail sales are expected to reach $1.6 trillion by 2028, accounting for 28% of total US retail sales.
  • E-commerce is more mature in the US compared to Canada, with Canadian online retail sales expected to reach $83 billion by 2028. Canada lags the US in e-commerce penetration due to lower population density, a smaller market size, and slower consumer adoption.
  • In Latin America, online retail sales in the top six countries — Brazil, Mexico, Argentina, Colombia, Peru, and Chile — will grow from $109 billion in 2023 to $192 billion by 2028.

Europe:

  • In Western European countries — including Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the UK — online retail sales are expected to grow from $508 billion in 2023 to $773 billion in 2028, with online retail penetration increasing from 15% to 20%. The UK will continue to be the biggest market for retail e-commerce, followed by Germany, France, Italy, and Spain.
  • In Eastern Europe, online retail penetration is half that of Western Europe. Forrester forecasts that online retail sales for the top five Eastern European countries — Russia, Poland, the Czech Republic, Romania, and Hungary — will increase from $72 billion in 2023 to $126 billion in 2028, with Russia and Poland leading the region.

Asia-Pacific:

  • In Asia-Pacific, online retail sales for the top five countries — China, South Korea, Japan, India, and Australia — are expected to increase from $2.2 trillion in 2023 to $3.2 trillion in 2028, with China leading the region. China and South Korea are the top two countries globally in terms of e-commerce penetration and will each have online retail penetration of more than 40% by 2028.
  • In Southeast Asia’s top six countries — Indonesia, Thailand, Vietnam, Malaysia, the Philippines, and Singapore — retail e-commerce sales reached $93 billion in 2023 and will rise to $193 billion by 2028 to capture 17.4% of total retail sales. Indonesia leads the region in online retail penetration, followed by Malaysia and Singapore. The Philippines and Vietnam will see a CAGR of more than 20% over the next five years, outpacing other countries in the region.

“The growth of online marketplaces, social commerce, livestream selling, and direct-to-consumer commerce will accelerate global online retail sales growth over the next five years,” said Jitender Miglani, principal forecast analyst at Forrester. “However, e-commerce maturity and growth opportunities vary vastly by region. Retailers and brands must therefore have a thorough understanding of the key drivers of retail and e-commerce growth in their priority markets and tailor their strategies appropriately, to succeed.”

Resources:

About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester’s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; more than 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Press
Hannah Segvich
hsegvich@forrester.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

EASA Certifies LEAP-powered Airbus A321XLR19.7.2024 16:14:00 EEST | Press release

CFM International is celebrating certification of the LEAP-powered Airbus A321XLR by the European Union Aviation Safety Agency (EASA). The A321XLR marks the fifth member of the A320neo family aircraft powered by LEAP engines. Supporting aircraft certification were updates to the engine’s type certificates, which EASA and the U.S. Federal Aviation Administration (FAA) granted on July 10. “Certification of the CFM-powered A321XLR is an important milestone in providing our operators much greater route scheduling flexibility,” said Gaël Méheust, president and CEO of CFM International. “The engine was always designed with 35,000-lb. thrust capability for longer range, higher max takeoff weight aircraft. As a result, no engine modifications were required, giving operators the added benefit of 100 percent commonality with their existing A320neo family fleets.” As the aviation industry gathers at the Farnborough International Airshow, trade visitors will be able to see the LEAP-powered A321XLR

Textron Aviation Bolsters Support in the United Kingdom and Ireland Through Expanded Relationship With Gama Aviation (UK) Limited19.7.2024 16:00:00 EEST | Press release

Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced at the Royal International Air Tattoo (RIAT) that the company is expanding its relationship with longtime channel partner Gama Aviation. Newly designated as an Authorized Sales Representative (ASR) for Textron Aviation Special Missions aircraft in the United Kingdom and Ireland, Gama Aviation will now feature special missions variants of the entire portfolio of Cessna and Beechcraft aircraft. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240720707608/en/ Textron Aviation | Textron Aviation expanding relationship with channel partner Gama Aviation (Photo: Business Wire) “With an established and growing base of our special missions aircraft in the United Kingdom and Ireland, Textron Aviation is continuously investing in providing the best aviation experience for customers,” said Bob Gibbs, vice president, Special Mission Sales, Textron Aviation. “Gama

Qualcomm Schedules Third Quarter Fiscal 2024 Earnings Release and Conference Call19.7.2024 16:00:00 EEST | Press release

Qualcomm Incorporated (NASDAQ: QCOM) today announced that it will publish the Company’s financial results for its third quarter fiscal 2024 on Wednesday, July 31, 2024, after the close of the market on the Company’s Investor Relations website, at https://investor.qualcomm.com/financial-information. The earnings release will also be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K, which will be available on the SEC website at http://www.sec.gov. Qualcomm will host a conference call to discuss its third quarter fiscal 2024 results which will be broadcast live on July 31, 2024, beginning at 1:45 p.m. Pacific Time (PT) at https://investor.qualcomm.com/news-events/events. An audio replay will be available at https://investor.qualcomm.com/news-events/events and via telephone following the live call for 30 days thereafter. To listen to the replay via telephone, U.S. callers may dial (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use re

GE Aerospace Investing $1 Billion to Expand and Upgrade MRO Facilities Worldwide19.7.2024 14:55:00 EEST | Press release

GE Aerospace (NYSE:GE) announced plans to invest more than $1 billion over five years in its Maintenance, Repair and Overhaul (MRO) and component repair facilities worldwide. These investments will help GE Aerospace create capacity to meet growth in both the widebody and narrowbody installed base by adding additional engine test cells and equipment. The funding also will add cutting-edge technology, including enhanced inspection techniques, to reduce turnaround times for customers as well as expand component repair capability within its overhaul shops. GE Aerospace President and CEO, Commercial Engines and Services, Russell Stokes said, “Our customers are experiencing strong air travel demand, and we are investing to increase our capacity and efficiency so we can meet their growing needs and keep their planes flying safely and reliably. With this major investment, we are reinforcing our longstanding focus on safety, quality, and delivery for our customers and the flying public.” The la

SLB Announces Second-Quarter 2024 Results19.7.2024 13:50:00 EEST | Press release

Regulatory News: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240717947903/en/ The exterior of the SLB headquarters in Houston, Texas. (Photo: Business Wire) SLB (NYSE: SLB) today announced results for the second-quarter 2024. Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended Change Jun. 30, 2024 Mar. 31, 2024 Jun. 30, 2023 Sequential Year-on-year Revenue $9,139 $8,707 $8,099 5% 13% Income before taxes - GAAP basis $1,421 $1,357 $1,293 5% 10% Income before taxes margin - GAAP basis 15.5% 15.6% 16.0% -4 bps -42 bps Net income attributable to SLB - GAAP basis $1,112 $1,068 $1,033 4% 8% Diluted EPS - GAAP basis $0.77 $0.74 $0.72 4% 7% Adjusted EBITDA* $2,288 $2,057 $1,962 11% 17% Adjusted EBITDA margin* 25.0% 23.6% 24.2% 142 bps 81 bps Pretax segment operating income* $1,854 $1,649 $1,581 12% 17% Pretax segment operating margin* 20.3% 18.9% 19.5% 135 bps 76 bps Net income attributable to

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye