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Amazon to Lead the E-Commerce Sector in 2024
By Shubhendra Anand , 17 July, 2024
The global e-commerce market is projected to grow faster in 2024. The gross domestic product (GDP) in economically stable nations like Italy, Brazil, Canada, or Russia is expected to increase less compared to 2023. Amazon is reported to be the dominating e-commerce organization in 2024.
According to surveys, the global e-commerce market was reportedly at USD 2.5 trillion and USD 3 trillion in 2023. The projections for market value in 2024 are less compared to 2023, as per the survey results. Experts believe Amazon will be an essential company in 2024's economy due to its excellent performance in the e-commerce market throughout 2023. Amazon in 2023 is reported to generate a net income of USD 30 billion annually from total revenues of USD 575 billion in 2023. The e-commerce pie is expected to grow yearly as the companies anticipate increasing their performance. The result of advancing growth in the e-commerce sector leads to different companies' expectations to rise to USD 5 trillion annually by 2027.
Surveys conducted by different sources in the e-commerce sector show that Amazon is an essential company in the market. Amazon dominates the e-commerce market and has a growing value in the food chain. According to survey reports, amazon owns more than 40 percent of the product searches done by consumers in its search bar in 2023-2024. Amazon will head around half of all the United States online retail sales in 2023. Amazon has many reasons for rising as an e-commerce company among consumers, such as product recommendations based on previous searches, competitive data for different products, and others. According to survey reports, amazon tops the chart with revenue of USD 405 in the first three quarters of 2023. Alibaba follows it with USD 93.4 billion in revenue and Pinduoduo with USD 21.8 billion. Therefore, Amazon expects to grow in the e-commerce sector throughout 2024, with consumers more attracted to it.
Amazon Leads the Ecommerce Companies in 2024
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Shubhendra Anand
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