Similarweb: Marketplaces Growth in Top 10 Countries

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Similarweb: Marketplaces Growth in Top 10 Countries

Similarweb’s new report “The State of Ecommerce 2024: Digital Trends and Strategies for Success” investigates the digital performance and opportunities in the sectors of Beauty & Cosmetics, Luxury & Jewellery, Consumer Electronics, Marketplaces and Fashion & Apparel. This report provides an analysis of the evolving traffic trends in each category with regional breakdowns and contextualisation with inflation rates.

Globally, the last 12 months have shown some recovery in the online ecommerce sector with 1.4% growth after a drop of 3% in visits in 2022 compared to the previous year. While not all categories experienced growth, this uptick indicates a positive shift in market conditions and a gradual rebound in online shopping. 

In 2024, the retail landscape is experiencing a dynamic shift, influenced by changing consumer behaviours, economic factors, and technological advancements. The global ecommerce sector has shown resilience with a modest growth of 1.4% year-over-year, recovering from a previous decline. This growth is driven by varied performance across different categories, each uniquely impacted by consumer preferences and global economic conditions.

Consumers are increasingly prioritising value and sustainability, opting for products that enhance their quality of life while being mindful of the environment. This shift in consumer priorities presents both challenges and opportunities for businesses. Those that can authentically align with these values are poised to succeed in the evolving market.

The retail landscape in 2024 is marked by a cautious yet optimistic outlook. While economic challenges persist, the adaptability of businesses to align with evolving consumer values will be crucial for success.

Beauty and luxury sectors continue to thrive, driven by self-care trends and affluent consumers. Marketplaces and fashion show steady growth, with opportunities in developing economies. Consumer electronics face challenges but also present opportunities in specific markets. Retailers that leverage data-driven strategies and enhance their online and offline experiences will be well-positioned to navigate this dynamic landscape.

– Daniel Reid, Senior Insights Analyst, Similarweb

Amazon & eBay marketplaces decline, Temu grows

Marketplaces, which dominate the ecommerce landscape with over half of all visits, have seen marginal growth of 0.8% year-over-year. This slight increase is notable given the saturation and economic pressures faced by mature ecommerce markets.

While major players like Amazon and eBay have seen declines in visits, platforms like Temu have experienced explosive growth, expanding rapidly across new markets. Developing economies such as Vietnam and Turkey present significant growth opportunities due to improving logistics and increasing internet penetration.

  • The US continues to be Marketplaces’ biggest market in terms of traffic and makes up over 24% of global traffic, marginally increasing its traffic share despite the 1.3% decline.
  • 6 out of the 10 top markets by visits for this category have seen declines with India seeing a drop of over 10% YoY.
  • The UK (4.8%) and Germany (4.5%) both saw an increase in their traffic share but also a decrease in their traffic growth (-3.8% for the UK, (-1.7% for Germany).
  • France, however, was the 9th country with the biggest traffic growth (3.1%). 

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