Monthly eCommerce Market Revenue Growth: Online Retail Sales (June 2024)

eCommerce Market Revenue Growth: Key Insights 

• Global Market Trends: The global eCommerce market has seen ups and downs, with significant peaks and valleys. June 2024 data indicates a cautious yet positive recovery, with distinct trends and varied performances in China, the U.S., and the UK.

• Category Performance: Fashion, Electronics, and Hobby & Leisure have fluctuated notably over the past year. Fashion and Electronics often led global growth during recovery months, while Hobby & Leisure generally followed global trends with occasional stronger showings. 

• Country-Specific Insights: In the past year, the top product categories in the United States, China, and the United Kingdom showed diverse performances. China notably recovered in June 2024, the U.S. remained stable, and the UK saw a robust recovery. 

• Fastest Growing Categories: June 2024's fastest growing eCommerce categories revealed interesting patterns: Furniture & Homeware led in China, DIY in the U.S., and again Furniture & Homeware in the UK. Other categories exhibited varied yet significant performances across these markets. 

eCommerce businesses with access to quality data gain a competitive edge, as they can make informed decisions. It's as simple as that. ECDB offers monthly revenue data on the top eCommerce markets and product categories across 59 countries and 34 categories.

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 June 2024 indicates a modest global recovery with a 2% increase, suggesting a cautious but positive outlook.

Top 3 eCommerce markets, however, have their particular dynamics and changes. Let’s have a closer look. 

1. China 

China remains the top eCommerce market, expected to reach a revenue of US$2.02 billion by 2024, surpassing the United States. 

Over the past year, China's eCommerce market has been volatile. After a sharp decline in July 2023, it rebounded strongly in September and October, but 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. Recently, it showed a recovery in June 2024, with a 5% increase, aligning with a slight improvement in the global trend. 

2. United States 

Ranked second, the United States is projected to generate US$1.06 billion in eCommerce revenue by 2024, outpacing the United Kingdom.  

The United States market showed a steady but remarkable performance. It had a notable increase in October 2023, a mixed performance towards the end of the year, and a significant decline in January 2024. 

It picked up again in March, but remained mostly below the global trend. June 2024 showed a small 1% growth, indicating a stable yet slow pace compared to global changes.

3. United Kingdom 

The United Kingdom, holding the third spot, is forecasted to achieve eCommerce revenues of US$152.55 billion by 2024. 

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. 

Despite these variations, the UK eCommerce market posted significant growth in March and June 2024, with June showing a notable 12% rise, indicating a stronger recovery pace compared to the global 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. Fashion 

The online fashion market is on track to hit US$917.2 billion by 2024. Generating US$112.8 billion in revenue in June 2024 alone, it leads all eCommerce categories in terms of revenue. 

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%). 

After slight growth in February and March of this year, the market contracted again in April. After May, when the market returned to positive growth figures, June ended with a small gain of 3%. 

2. Electronics 

Expected to reach US$1.06 trillion by 2024, the online electronics market earned US$96.7 billion in June 2024, making it the second highest revenue generator among top eCommerce sectors. 

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. 

The beginning of 2024 showed mixed results. While the first 4 months saw consistent ups and downs, the market grew at a minimal rate in May, and June saw higher but small growth. 

3. Hobby & Leisure 

Forecasts suggest the online hobby & leisure market will grow to US$967.2 billion by 2024. In June 2024, it pulled in US$52.46 billion, ranking it third among the top revenue-generating eCommerce categories. 

The market faced its own set of ups and downs as well. It saw minor declines in July and August 2023, followed by a significant growth in October (17%). 

November posted a modest increase, but December faced a decline. Similar to other categories we looked at, the global online hobby & leisure market also had peaks and valleys through the first few months of 2024, while June ended with a slight decrease.

Growth of Top 3 Categories in Top 3 eCommerce Markets 

Analysts need to know country and category data, to make educated decisions for their companies.

Here is how the top 3 product categories (based on June 2024 revenue) have been performing in the United States, China, and the United Kingdom.

Top eCommerce Categories in China:
Comeback After Spring Dip 

The performance of the top 3 product categories in China's eCommerce market showed significant fluctuations over the past year: 

• Fashion: The online fashion market in China declined sharply in July 2023 but recovered strongly in September and October. It faced another downturn in November and December. Early 2024 brought mixed outcomes, with a significant drop in April. By June 2024, the market recovered with a 5% increase.

• Electronics: The online electronics market in China dropped steeply in July 2023 but rebounded in September and October. It saw setbacks in November and December, followed by a slow recovery in early 2024. June 2024 showed a steady growth of 6%.

• Care Products: The online care products market in China declined in July 2023 but experienced strong growth in September and October. December saw a steep drop. Early 2024 was mixed, with a significant dip in April. By June 2024, it slightly recovered with a 3% increase. 

Overall, June 2024 showed positive trends across all three categories, indicating a slight recovery in China's eCommerce market.

Top eCommerce Categories in the U.S:
Still Below Growth in March 

In the United States, the top 3 product categories showed varied performance over the past year.

• Fashion: The online fashion market in the U.S. grew by 5% in July 2023 but declined slightly in the following months. October and November saw a significant boost, followed by a sharp drop in December. Early 2024 was mixed, with notable growth in March. By June 2024, it stabilized with no change.

• Electronics: The online electronics market in the U.S. rose by 8% in July 2023 but faced declines in subsequent months. October and November saw a notable surge, but December brought a downturn. Early 2024 showed mixed results, with strong performance in March. June 2024 had a modest 2% increase.

• Hobby & Leisure: The online hobby & leisure market in the U.S. increased by 8% in July 2023 but declined afterward, followed by a significant rise in October and November. December saw a downturn, but consistent growth returned in March 2024. By June 2024, it had a minor 1% decline. 

Overall, June 2024 reflected a stable performance across these categories, with slight improvements or steady trends, indicating a balanced yet cautious market scenario in the United States. 

Top eCommerce Categories in the UK:
Stable Recovery Since April 

The United Kingdom's top 3 product categories demonstrated significant variability over the past year. 

• Fashion: The online fashion market in the UK faced a 10% decline in July 2023, followed by a smaller decline in August. It rebounded strongly in September, dipped slightly in October, and increased substantially in November. Severe drops occurred in December and January, with a strong recovery in March. June 2024 ended with a solid 14% increase, indicating a positive trend.

• Electronics: The online electronics market in the UK declined by 1% in July 2023 and continued to drop slightly in August. September saw a minor recovery, with further improvement in October. A significant rise occurred in November, followed by steep declines in December and January. A strong recovery followed in March, with June 2024 showing a 12% increase.

• Hobby & Leisure: The online hobby & leisure market in the UK had a turbulent year. After a 4% drop in July 2023 and a slight decline in August, the market bounced back in September and continued to improve in October. November saw a substantial rise, followed by significant setbacks in December and January. The category recovered strongly in March, with June 2024 showing a 10% increase, indicating stable growth.

Overall, June 2024 displayed strong performance across these categories, with notable increases reflecting a robust recovery in the United Kingdom's eCommerce market.

Fastest Growing eCommerce Categories
in the Top 3 Markets 

Apart from the top categories, June 2024’s fastest growing eCommerce category in China was Furniture & Homeware, with a 6.9% increase, followed closely by Hobby & Leisure at 6.4%. The slowest growing category was DIY, with a 1.9% increase. 

On the side of the world, DIY in the U.S. saw the highest growth of the market in June 2024 (2.7% increase). Electronics followed with a 2.1% rise. The slowest category was Hobby & Leisure, which declined by 1.0%.

Finally, the fastest growing category in the UK was Furniture & Homeware, with a 15.3% increase. Fashion also performed well, growing by 13.6%. At the bottom was Care Products, which still saw a decent 8.3% increase.

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.