Digital Commerce 360, a leading research firm, published its latest data on the performance of the top 100 online marketplaces, showcasing explosive growth and global dominance by a select few giants.
-The top 100 marketplaces are set to hit $3.832 trillion in GMV by 2024.
- This represents a doubling in size over just six years, with a 10% growth projected for 2024 alone.
- 2023 GMV reached $3.485 trillion, growing by 8.2% from 2022's $3.220 trillion.
- TOP100 Marketplace growth has slowed down (from 22% yoy growth in 2018-2021, to 7% annually in 2021-2024e).
- Nearly 77% of 2023’s GMV came from third-party (3P) sales, highlighting a shift in online retail.
- Chinese marketplaces account for 62% of total 3P sales among the top 100 globally.
- Taobao (No. 1) leads with $723.8B in 3P sales, followed by Tmall (No. 2) with $682.7B.
- JD.com (No. 4) also plays a significant role with $249.9B in 3P sales.
- Alibaba Group owns the top two marketplaces, cementing China's leading position.
- Amazon (No. 3) dominates the U.S. market with $435.7B in 3P sales, the largest outside China.
- Shopee (No. 5) is Southeast Asia’s top player, contributing $77.2B in 3P sales.
Is China's dominance in online marketplaces unstoppable?
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