The global e-commerce market is set for exponential growth, with expectations to hit $11 trillion by 2028, according to a report released on Friday. This surge is driven by rapid technological advancements, enhanced delivery services, and increased internet penetration worldwide.
GlobalData, a leading data and analytics firm, predicts that e-commerce transactions will grow at a compound annual growth rate (CAGR) of 11.1% from 2023 to 2028. The United States continues to dominate the sector, while companies globally are prioritizing innovation, data-driven strategies, and environmental, social, and governance (ESG) compliance to remain competitive in this evolving market.
“Consumers are increasingly concerned with the social and governance factors of ESG,” said Aisha U-K Umaru, Strategic Intelligence Analyst at GlobalData. She emphasized that ESG remains a top priority for e-commerce companies, both for regulatory compliance and to meet consumer expectations.
Companies must now align with environmental regulations to avoid legal risks, with terms like “carbon neutral” and “environmentally friendly” under close scrutiny. Subscription-based services have also emerged as a significant trend in the e-commerce landscape.
As the sector expands, regulatory scrutiny on sustainability claims is intensifying. Initiatives like the Fifteen Percent Pledge, which urges US retailers to allocate at least 15% of their shelf space to Black-owned businesses, underscore the growing emphasis on social equity in e-commerce.
Supply chain transparency and diversity are critical issues, as brands strive to meet the evolving ESG priorities of Gen Z and Millennial consumers.
