Fastest-Growing Ecommerce Markets
With online sales expected to surpass $3 trillion, China is set to be 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 projected annual increases in online sales.
Fastest-growing ecommerce markets: top 10
According to a recent report by industry analysts, the Philippines is expected to be the fastest-growing ecommerce market in 2023. The country’s overall sales from online transactions are forecast to increase by 24.1% from last year’s figures.
Experts attribute this rapid rise to the increasing number of consumers shifting to online shopping and the country’s high internet and smartphone adoption rates. Electronics is set to be its largest ecommerce category, with an estimated $7.9 billion in total revenue. This is followed by beauty, health, personal, and household care, with $3.1 billion.
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India, the world’s most populous country, is second on the list of the fastest-growing ecommerce markets in 2023. Total online sales there are forecast to rise by 22.3%. India also ranks among the biggest ecommerce markets, with ecommerce sales predicted to hit $118.9 billion this year. Experts expect the Philippines and India to continue topping the list of the fastest-growing ecommerce markets every year through 2026.
This is followed by Indonesia, with expected ecommerce sales growth rate of 20%. Two other Southeast Asian countries, Malaysia and Thailand, round out the five fastest-growing ecommerce markets, with predicted growths of 18% and 16%, respectively.
Next on the ranking of the fastest-growing ecommerce markets is Mexico. By analysts’ forecasts, the country’s total online sales will rise by 14.2% in 2023. Argentina is next in seventh place, with a growth rate of 14%. Experts partly attribute Argentina’s presence on this list to the country’s soaring inflation rates.
Vietnam follows in eighth place. Online sales there are forecast to rise by 12.5% this year. South Korea and the United States complete the list of the fastest-growing ecommerce markets. Experts expect total ecommerce sales in these two countries to hit 10.6% and 10.5%, respectively.
Of these 10 fastest-growing ecommerce markets, seven are located in Asia, and the remaining three are in North and South America.