The global e-commerce market is on track for significant growth and is expected to reach $11 trillion by 2028, a report said on Friday.
The expansion is being fuelled by rapid technological advancements, improved delivery services, and rising internet penetration worldwide.
The report by GlobalData, a leading data and analytics firm, predicts that e-commerce transactions will grow at a compound annual growth rate (CAGR) of 11.1 per cent between 2023 and 2028.
The US continues to dominate the sector, while companies worldwide are focusing on innovation, data-driven strategies, and environmental, social, and governance (ESG) compliance to stay competitive in the evolving market.
“Consumers are also concerned with the social and governance factors of ESG,” Aisha U-K Umaru, Strategic Intelligence Analyst at GlobalData said.