Monthly eCommerce Market Revenue Growth: Online Retail Sales in August 2024

eCommerce Market Revenue Growth: Key Insights 

• Global Market Trends: In August 2024, the global eCommerce market experienced a slight decline of 1.5%, while the decline in the U.S. was close to 4%. The United Kingdom also ended the month with negative growth (-3.7%), and China was the only market among the top 3 to end the month with a better growth rate (-1%) than the global trend.

• Category Performance: The top three eCommerce categories showed mixed performance over the past year, with Electronics, Hobby & Leisure, and Fashion all experiencing volatility and ending August 2024 with growth rates of -0.6%, -1.1%, and -2.4%, respectively.

Access to accurate data gives eCommerce businesses a clear advantage by enabling better decision-making.

At ECDB, we provide monthly revenue data for the top global eCommerce markets and product categories, covering 59 countries and 34 categories.

Let's have a look at how the top 3 markets performed in August 2024.

Monthly eCommerce Revenue Growth of the Top 3 Markets 

Globally, the eCommerce market showed a mix of ups and downs, with peaks in October 2023 and March 2024, and significant lows in December 2023 and April 2024. The latest data from August 2024 shows a slight decline of 1.5%.

Top 3 eCommerce markets, however, have their particular dynamics and changes. 

1. China 

China remains the top eCommerce market, expected to reach a revenue of US$2.02 trillion by 2024, surpassing the United States. The market experienced a decline of 1% in August 2024, performing better than the global trend (-1.5%).

• After a sharp decline in August 2023, China's eCommerce market rebounded strongly in September and October.

  The market faced another drop in November and December.

• The beginning of 2024 saw a mix of slight growth and another dip, with significant negative performance in April.

• While May and June looked promising for the market (with -2% and 5% growth, respectively), July and August brought a decline.

Price Wars in the Chinese eCommerce Market

As China's eCommerce market matures, price wars between major players like Alibaba, JD.com, and Pinduoduo have started to reveal their drawbacks. These intense battles for market share, characterized by deep discounts and aggressive pricing, have led to shrinking profit margins, particularly hurting small vendors who often sell at a loss just to stay competitive.

Even larger platforms are beginning to shift focus towards more sustainable strategies, prioritizing value over extreme price cuts. However, there is growing concern that continuous discounting could fuel a deflationary trend, which may weaken consumer confidence and slow overall economic growth.

2. United States 

Ranked second, the United States is projected to generate US$1.06 trillion in eCommerce revenue by 2024, outpacing the United Kingdom. Our August 2024 data shows a degrowth of 3.8% for the market.

• Looking back at the past year, the United States market had a notable increase in October 2023, followed by a decline towards the end of the year.

• The market finished January and February 2024 with a degrowth of around 10%.

• It picked up again in March and has stayed closer to the 0% growth level until July's positive and August's negative growth.

U.S. eCommerce Growth: Major Players Lead the Charge in Q2 24

In Q2 2024, the U.S. eCommerce market continued to evolve, driven by notable gains from industry leaders like Amazon and Walmart.

While overall eCommerce sales in the U.S. grew by 6.6% year-over-year, Walmart outperformed this growth with a 22% increase in its U.S. online sales.

Meanwhile, Amazon's North American sales rose 9%, showing its sustained dominance in the sector. Both companies are leveraging advanced fulfillment technologies and customer-centric innovations to maintain their competitive edge.

3. United Kingdom 

The United Kingdom, holding the third spot, is forecasted to achieve eCommerce revenues of US$152.55 billion by 2024. In August 2024, the UK eCommerce market posted a 3.7% decline, performing worse than the global trend.

• Among the top 3 markets we’re looking at, the United Kingdom arguably displayed the most variability in regard to monthly revenue changes.

  With declines in July and August 2023, the market experienced a significant recovery in September and October.

• November saw a strong increase, but it faced another decline in December and a sharp drop in January 2024.

  Since then, the market improved its growth, going as high as 20% in March this year, before going down to around -15% the next month.

• Even though the market recovered in May and June, July and August brought decline.

Amazon Is in Trouble in the UK

In the UK, Amazon faces a significant legal challenge as the British Independent Retailers Association (BIRA) has filed a £1 billion (US$1.28 billion) collective lawsuit on behalf of thousands of small retailers.

The lawsuit alleges that Amazon misused non-public data from these retailers and manipulated the Buy Box feature to favor its own products, thereby diverting sales and profits away from independent merchants. This practice has reportedly had a detrimental effect on smaller businesses, especially during tough economic times, as many retailers were pushed out of the market.

The case highlights growing concerns over Amazon’s market dominance and its impact on the UK retail sector.​

Monthly eCommerce Revenue Growth of the German Market 

Apart from the top 3 markets we just analyzed, the German eCommerce market is another significant market in our scope. The second largest eCommerce market in Europe declined by 3.2% in August 2024.

• 3% growth in July 2023 did not last, as the market started declining up until October last year.

• With an impressive 39% growth in October, the market continued its growth in the next month (9%), before experiencing degrowth in December.

• Although 2024 started rough for the market, March brought 11% growth. Since then, the market has been relatively stable.

Success Stores in the German eCommerce Market

We recently covered the dynamic state of the German eCommerce market in an article featuring success stories of local companies. Germany is predicted to reach US$111 billion in eCommerce revenues by 2024, underscoring its importance as the 6th largest eCommerce market globally.

Key players such as Amazon, eBay, and domestic giants like Otto and Zalando continue to dominate, while innovative companies like Flaschenpost, Redcare, and Birkenstock exemplify how businesses can thrive by adapting to market demands. These companies have successfully leveraged digital strategies to sustain growth and relevance, even in a highly competitive market.

Monthly eCommerce Revenue Growth of the Top 3 Categories  

Having covered the top eCommerce markets, let’s now dive into how the top 3 eCommerce categories worldwide have been progressing in terms of monthly revenue.  

1. Electronics  

Expected to reach US$1.06 trillion by 2024, the online electronics market earned US$81.6 billion in August 2024, making it the highest revenue generator among top eCommerce sectors. After July's 2% decline, the market finished August 2024 with a more minimal 0.6% decline.

• After a minor decline in July and August 2023, the online electronics market saw a recovery in September. This was followed by robust growth in October (15%), while November maintained this momentum with a rise, and December experienced a sharp drop.  

• Generally growing faster than the global market during recovery months like September and October but declining more sharply in December, Electronics showed similar patterns to the Fashion market.

• While the first 4 months of 2024 were characterized by constant ups and downs, the market has been more stable since May.

2. Hobby & Leisure  

Forecasts suggest the online hobby & leisure market will grow to US$967.2 billion by 2024. In August 2024, the market pulled in US$73.7 billion, ranking it second among the top revenue-generating eCommerce categories, ending the month with a slight degrowth of 1.1%.

The market faced its own set of ups and downs as well:

• It experienced small declines in July and August 2023, followed by a significant increase in October (17%).

• November posted a modest increase, but December faced a decline. Similar to other top categories, the global online hobby & leisure market also had peaks and valleys through the first few months of 2024.

• Since May, the market has become more stable, reflecting the global trend.

3. Fashion  

The online fashion market is on track to hit US$917.2 billion by 2024. Generating US$68.4 billion in revenue in August 2024, it is the top third eCommerce category in terms of monthly revenue. The market finished the month with a decline of 2.4%.

• After declines in July and August 2023, the market made a strong recovery in September (11%) and a substantial surge in October (18%). November saw a rise, but December faced a sharp decline (-10%).  

• Compared to the global market trends, Fashion often outpaced global growth, especially in September and October with its strong recoveries, while facing steeper declines in December and May.

• The market had a slight growth in February and March of this year. Contracting again in April, the market returned to positive growth figures in May, before declining again in July and August. 

Why Monthly Revenue Data Matters for eCommerce Businesses? 

Having monthly revenue data is handy for eCommerce businesses to stay competitive and make informed decisions. Regular updates provide valuable insights into market trends and consumer behavior. 

• Timely Data in eCommerce: Timely data helps businesses identify emerging trends and shifts in consumer preferences quickly. ECDB provides monthly data on 59 countries and 34 categories, enabling businesses to react swiftly to changes.

• Business Agility: Frequent data updates allow companies to remain agile, adapting their strategies to meet current market demands. This agility is vital for maintaining a competitive edge.

• Strategy Adjustments: Regular revenue data supports strategic planning and decision-making. Businesses can fine-tune their marketing, inventory, and sales strategies based on the latest insights, ensuring they are always aligned with market realities.

Sources: Digital Commerce 360, ECDB