đ Global eCommerce Trends
ECDB reports a 1.5% dip in the global eCommerce market for August 2024.
Highs were seen in October 2023 and March 2024, with significant dips in December 2023 and April 2024.
Despite the global downturn, China and the U.S. showed stronger performance than the U.K.
The U.S. and the U.K. ended August with larger declinesâ4% and 3.7%, respectively.
đ Chinaâs Dominance in eCommerce
China remains the largest eCommerce market, expected to reach $2.02T by 2024.
In August 2024, China saw only a 1% decline, performing better than the global average.
The market experienced rapid growth in late 2023, despite price wars between giants like Alibaba and JD.com.
Experts warn of "shrinking margins and potential deflation" from aggressive price cuts.
đŚ U.S. eCommerce Market Update
The U.S. market is projected to hit $1.06T in revenue by 2024.
August 2024 saw a 3.8% decline following a stronger July.
Walmart's online sales surged by 22%, and Amazon's North American sales rose by 9%.
Both companies are using tech innovations to stay competitive in a shifting market.
âď¸ UK eCommerce Faces Legal and Market Challenges
The U.K. market posted a 3.7% decline in August 2024, worse than the global trend.
Amazon is facing a $1.28B lawsuit from the British Independent Retailers Association, accused of misusing non-public data.
The lawsuit claims Amazon manipulated its Buy Box to prioritize its own products, harming smaller retailers.
Many small businesses have struggled to compete, leading to a loss of market share.
Are price wars in China and legal issues in the UK reshaping eCommerce?
