China Dominates the Global E-commerce Market in 2023, Indonesia Ranked 8th

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Erlina Fury Santika 29/04/2024 17:07 WIB

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ECDB data shows China dominated the global e-commerce market in 2023, with revenue of approximately US$2.17 trillion. Indonesia also ranked among the top eight.

2023 E-commerce Segment Revenue Based on Top 9 Countries (2024)

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2023 E-commerce Segment Revenue Based on Top 9 Countries (2024)

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A report from German e-commerce research firm ECDB shows that at least nine countries had the highest revenue from the e-commerce sector in 2023.

Greater China dominated global e-commerce with revenue of US$2.17 trillion (US$2,179.3 billion) in 2023, a 4.5% increase year-on-year. ECDB also calculated that China's online share reached 32.1% globally in 2023.

Citing Statista, China not only serves the domestic market but also foreign markets. This is evident in the increasing number of Chinese e-commerce companies opening branches through international market platforms.

Statista cites several examples, from Chinese PDD Holding (formerly Pinduoduo Inc.) to Alibaba, considered major players in this sector.

The second largest was the United States (US) with revenue reaching US$981.9 billion in 2023, up 21.2% year-on-year. The US is believed to have an online market share of up to 37.1% globally.

The United Kingdom came in third with revenue of US$157.8 billion, an increase of 30.1%. The UK's online share is quite large, reaching 55.7%.

Next are South Korea and Japan with revenues of US$139.9 billion and US$124.8 billion, respectively.

Indonesia also made the list, ranking eighth with revenue reaching US$72.8 billion, up 5.8% year-on-year. Its online market share reached 55.7%.

E-commerce refers to the trade of goods and services on the Internet, according to Statista. Trading methods vary, including B2B (business-to-business), B2C (business-to-consumer), and C2C e-commerce (consumer-to-consumer).

This ECDB revenue calculation includes B2C physical goods sales including VAT. The total e-commerce revenue from the 150 countries analyzed reached US$2.2 trillion.

Note that Greater China is not just calculated from China itself but can include other countries such as Hong Kong and Taiwan. The United Kingdom includes England, Scotland, Wales, and Northern Ireland.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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