Industry Overview - Global eCommerce sales are expected to grow at a +7% CAGR between 2023 and 2028, reaching 5.0tnby2028,upfrom3.6tn in 2023 [7][8] - China and the US are the largest regions, expected to drive 2/3 of global eCommerce growth, with smaller regions like India (+19%) and ASEAN (+9%) growing faster [8] - eCommerce penetration is projected to increase from 30% in 2023 to 34% in 2028, with an average annual increase of +80bps/yr [8] Regional Insights United States - US eCommerce sales are forecasted to grow at a +7% CAGR through 2028, reaching 1.6tn,withonlinepenetrationrisingto3292bn, driven by beauty and fashion/apparel categories [123] - Quick commerce platforms are rapidly expanding, with Zomato achieving store-level profitability in this segment [124] Competitive Landscape - The top 5 eCommerce platforms (Amazon, Alibaba, PDD, JD, Shopify) held a combined 63% market share in 2023, with further consolidation expected [21][22] - Asia-based platforms like Temu and TikTok Shop are gaining share globally, with Temu expected to reach $45bn in GMV in 2024 [9] Key Trends - Platforms are focusing on price competitiveness, expanding SKU selections, and promoting second-hand goods to cater to value-conscious consumers [51] - Adtech upgrades are driving higher take rates, with platforms shifting from CPC to CPS models [56] - Social commerce, including livestream and short-form video shopping, is becoming a significant driver of eCommerce growth, particularly in ASEAN [73]
