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1、Total Revenues,Gross Merchandise Value,Top Companies and Top Marketplaces:Discover Which Retailers Are Shaping eCommerce in 2024.Global eCommerce Retailer 2024STATE OF DIGITAL RETAIL2The GMV of the 10 Largest Marketplaces Amounts to Almost US$3.5 Trillion,Representing a Large Part of the Overall Mar

2、ketECDB,as of April 2024.Sources:Various Performance Indicators of Largest Retailers,in US$Billion610Global eCommerce MarketTotal revenue of 10 largest companies by revenueeCommerce net sales of 10 largest companies by net salesTotal GMV of 10 largest marketplaces by GMV4,6512,9333,379Notes:eCommerc

3、e metrics such as eCommerce net sales,GMV and total revenue are explained here.3The Multitude of Metrics Requires a Clear Definition of Metrics Such As eCommerce Net Sales,Gross Merchandise Value and Total RevenueECDB,as of April 2024.Sources:First-party eCommerce salesFirst-party eCommerce salesFir

4、st-party eCommerce salesService feesCommissionsFailed transactions Service feesReturnsCommissionsThird-party eCommerce salesTaxeseCommerce Net SaleseCommerce net sales are the total income of goods directly sold by the operator of an online store or hybrid marketplace after taxes or returns.Gross Me

5、rchandise Value(GMV)GMV is the total volume of goods sold directly by the operator of a store or marketplace plus goods sold by sellers via the operator.To report a larger volume,many operators also include returns and failed transactions in their GMV.Taxes are also included.Total RevenueThe total r

6、evenue includes everything that generates revenue for the company.This includes the revenue of goods sold directly and all revenues from its activities as a marketplace,as well as revenues from all non-eCommerce business segments.Non-eCommerce businessGMV as a volume metric can be higher than total

7、revenue,because not all components of GMV directly generate revenues.4Overall eCommerce Revenue in 2023 Was Driven by Marketplaces,as Direct eCommerce Net Sales of Top eCommerce Companies Fell by 4.0%ECDB,as of April 2024.Sources:Various eCommerce Growth Rates in 2023,in%Global eCommerce marketTotal

8、 revenue of 10 largest companies by revenueeCommerce net sales of 10 largest companies by net salesTotal GMV of 10 largest marketplaces by GMV9.2%5.3%-4.0%5.2%Notes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.5Looking at Different Types of Retailers,Some Re

9、tailers Focus on Different eCommerce Segments Despite Significant OverlapECDB,as of April 2024.Sources:AmazonJD.comWalmartAppleAlibaba GroupThe Home DepotTargetCoupangVipshopCostco23212310047382319211514AmazonPinduoduoTaobaoTmallJD.comKwai ShopWalmartShopeeeBayCoupang729580541526501148136797150Walma

10、rtAmazonAppleCVS HealthCostcoThe Home DepotJD.comThe Kroger Co.Walgreens BootsAlibaba Group648575383358242153152150139128Largest Companies by eCommerce Net Sales,in US$BillionLargest Marketplaces by Gross Merchandise Value,in US$BillionLargest Companies by Total Revenues,in US$BillionNotes:eCommerce

11、 metrics such as eCommerce net sales,GMV and total revenue are explained here.6Most of the Biggest Companies by Total Revenue Only Generate a Small Share of Their Revenues Through First-Party Online Net SalesECDB,as of April 2024.Sources:eCommerce Share of Largest Companies by Total RevenueJD.com,In

12、c.A,Inc.Alibaba Group Holding,Ltd.The Home Depot,Inc.Walmart,Inc.Apple,Inc.The Kroger Co.6.4%Costco Wholesale Corporation1.8%Walgreens Boots Alliance,Inc.0.4%CVS Health Corporation80.3%19.7%40.3%59.7%29.7%70.3%14.8%85.2%15.4%84.6%12.3%87.7%8.0%92.0%93.6%98.2%99.6%eCommerce net salesAll other revenue

13、 sourcesNotes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.7On Average,eCommerce Net Sales for the Biggest Companies Have Decreased by 0.5%in 2023 Driven Largely by Apple and AlibabaECDB,as of April 2024.Sources:Total Revenue and eCommerce Net Sales Growth 2

14、023WalmartAmazonAppleCVS HealthCostcoThe Home DepotJD.comThe Kroger Co.Walgreens BootsAlibaba GroupTop 10 6.0%11.8%-2.8%11.0%6.8%-3.0%2.4%1.4%4.8%2.0%5.3%21.9%5.4%-16.6%10.8%-6.0%1.1%-4.2%12.0%-4.4%-6.5%-0.5%Total Revenue GrowtheCommerce Net Sales GrowthNotes:eCommerce metrics such as eCommerce net

15、sales,GMV and total revenue are explained here.8Analyze Retailers in Over 50 Countries With Our Rankings and Profiles on Companies,Marketplaces and Online StoresGet in-depth,data-driven company analyticsView our rankings of the top eCommerce companies by revenue,with customizable filters for tailore

16、d insights.Rankings are filtered by total revenue,highlighting the largest companies,and drilldown by country and product category for each company.Review your competition with our store dataOur rankings highlight the worlds top eCommerce stores based on net sales.Filter by category,country and curr

17、ency to get your customized rankings.We also provide information about each stores specialization,payment methods,and more.Find partners with our marketplace dataUncover the ideal marketplace for your needs with our detailed rankings,categorizing both pure and hybrid marketplaces by their Gross Merc

18、handise Value.Fine-tune your exploration with our filters to zoom in on the aspects that are most relevant.10,000+Companies42,000+Stores300+MarketplacesBook a DemoView Our Store Rankings9To Combat Slowing Net Sales,The Biggest eCommerce Companies Combine Retail With an Growing Marketplace BusinessEC

19、DB,as of April 2024.Sources:GMV and eCommerce Net Sales of Selected Companies in 2023,in US$BillionAlibaba Group Holding,Ltd.A,Inc.JD.com,Inc.Walmart,Inc.1,12038729232501123187100GMVeCommerce net salesAs first-party net sales seem to have peaked for many of the largest online-first retailers,the foc

20、us has shifted to a mixed business model.While companies such as Amazon or Walmart focused on selling their own products first,they are now increasingly willing to let everyone sell on their platform.The marketplace business has already been the dominant eCommerce channel in Asian markets as compani

21、es like Alibaba or Pinduoduo only generate a fraction of revenues in direct sales.Companies no longer manage their own inventory and instead make money through sales and advertising fees,as this represents an opportunity for higher margins and lower risks.Notes:eCommerce metrics such as eCommerce ne

22、t sales,GMV and total revenue are explained here.10The Largest Marketplaces Move Huge Volumes of Goods That Are Comparable to the Economic Output of Mid-sized CountriesECDB,as of April 2024.Sources:Gross Merchandise Value of Largest Marketplaces Compared to the GDP of Selected Countries in 2023,in U

23、S$Billion AmazonPinduoduoTaobaoTmallJD.comKwai ShopWalmartShopeeeBayCoupang729590550535510148136797150Belgium628Austria526Notes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.11All Marketplaces Except eBay and the Traditional Chinese Powerhouses Realized Posit

24、ive,in Parts Very High Growth Rates in 2022 and 2023ECDB,as of April 2024.Sources:GMV Growth Rates of Largest Marketplaces in 2022 and 2023AmazonPinduoduoTaobaoTmallJD.comKwai ShopWalmartShopeeeBayCoupang1.4%9.1%20.9%24.6%-9.1%-3.2%-9.1%-2.8%1.1%-3.0%26.5%25.6%16.2%13.0%17.4%6.8%-15.1%-1.5%10.8%27.8

25、%20222023Notes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.12PDD Holdings Has de Facto Abandoned Its eCommerce Retail Business Focusing on Its Marketplaces Pinduoduo and TemuECDB,as of April 2024.Sources:833341720202021202220231,124eCommerce Net Sales of PD

26、D Holdings Inc.,in US$MillionPDD Holdings,the company that owns the marketplaces Pinduoduo and Temu,is the poster child for retailers that move away from first-party sales.The com-pany has grown its GMV by an annual 34%since 2020 to a total of US$584 billion in 2023.Total revenues have grown by an a

27、nnual 47%in the same timeframe.But while PDDs marketplace business has been booming,it has completely scaled down its business selling items to customers directly due to slow growth and lower margins.This does not merely represent a shift in corporate focus:first-party merchandise sales have dropped

28、 by 97%between 2021 and 2022.Notes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.13Walmart Has Developed Into a Multi-Channel Company With Very High Growth Rates,Especially in Its Marketplace BusinessECDB,as of April 2024.Sources:59102127149187406573821002019

29、2020202120222023GMVeCommerce Net SalesGMV and eCommerce Net Sales of Walmart Inc.,in US$BillionNotes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.14Our Unique Ranking of the Worlds Largest eCommerce Companies Filterable by More Than 59 Countries and 34 Categ

30、oriesGet in-depth,data-driven company analyticsView our rankings of the top eCommerce companies by revenue,with customizable filters for tailored insights.Rankings are filtered by total revenue,highlighting the largest companies,and drilldown by country and product category for each company.What mak

31、es the ranking unique?Broad coverage:We cover not just a few top companies,but more than 10,000 companies.This provides you with unrivaled coverage for your analysis.Ranking criteria:With our unique ranking metric eCommerce activity revenue,we are able to rank a wide variety of companies and show yo

32、u the truly biggest players.Flexible ranking:Instead of a static ranking,we offer an individually selectable and filterable ranking that allows you to filter the ranking according to your use case at any time.Book a DemoView Our Company Rankings10,000+Companies59+Countries34+CategoriesGlobalUnited S

33、tatesEuropeAsiaShares of the eCommerce Market in%15Sales via Marketplaces Account for More Than 85%of the eCommerce Market Worldwide,With an Even Higher Share in AsiaECDB,as of April 2024.Sources:Notes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.86.0%14.0%M

34、arketplacesStores70.0%30.0%70.0%30.0%95.0%5.0%16Despite Lower Costs of Goods Sold,Profit Margins for Online Retail Are Even Lower Than Those From Offline RetailECDB,as of April 2024.Sources:Notes:(1)Costs of goods sold(2)Research&development(3)Selling,general and administrative fees.Average Operatin

35、g Expenses and Operating Margins,in%Total57.2COGS112.1R&D/Technology228.2SG&A31.9All other0.6Net margin100.0Total76.8COGS10.0R&D/Technology218.6SG&A32.3All other2.4Net margin100.0Online RetailOffline RetailTotal Operating Income1in 2023,in US$Billion17The Largest Tech Companies Generate More Profit

36、Than All eCommerce Net Sales Activities Worldwide CombinedECDB,as of April 2024.Sources:Notes:(1)Profit after deducting operating expenses such as wages,depreciation,and costs of goods sold.5411484Global eCommerce BusinessAppleAlphabet18Combined Market Capitalization of Publicly Listed eCommerce Com

37、panies Has Not Reached 2021 Levels Despite a Significant RallyECDB,as of April 2024.Sources:Notes:(1)Market value of a companys outstanding shares.Data shown is using current exchange rates.Combined Market Capitalization1of Publicly Listed eCommerce Companies,in US$BillionApril 2020April 2021April 2

38、022April 2023April 20242,1423,7972,9442,2953,092+34.7%19For Many Large Companies,the eCommerce Business Has Turned Into a Platform to Drive Other Complementary Services or ProductsECDB,as of April 2024.Sources:Revenue Split MercadoLibre,Inc.,in US$Billion356812562020202120222023471114FintechEcommerc

39、eAs online retail represents a low-margin business,many of the largest international eCommerce companies have shifted their perspective of eCommerce.While companies in the past expanded services and product offerings to sell more products directly,this approach severely limits future profit opportun

40、ities.Instead,these companies have adopted platform models using the large base of existing shoppers as a starting point for complementary services.Once a consumer is integrated into the eCommerce ecosystem(e.g.,while routinely shopping in a certain store),it is easier to convert them to use the com

41、panys payment system or offer additional subscriptions.Simultaneously,the large customer base makes a marketplace or a cloud service more appealing for corporate clients.In a way,the massive eCommerce business is just the cost of doing business and achieving economies of scale.MercadoLibre,the large

42、st eCommerce company in Latin America,generates almost half its revenues by selling insurance and financial services to its large base of online shoppers.Alibaba has established an extensive logistics network,while Amazon is making the largest share of profits in its advertising and cloud business.N

43、otes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.20As Revenues From Its China eCommerce Business Decline,Alibaba Is Growing its Position in International Commerce and LogisticsECDB,as of April 2024.Sources:Revenue Split of Alibaba Holding Group,in US$Billio

44、n54791019291211101036520207652021752022852023721061351264China commerceCloud computingInternational commerceCainiao logistics servicesDigital mediaNotes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.21Amazon Has Increasingly Diversified Into Cloud Services an

45、d Retail Media Ads,With First-Party Net Sales Only Growing 17%Since 2020ECDB,as of April 2024.Sources:Revenue Split of A Inc.,in US$Billion214239239251801031181394562809142513540212520203332202120222023386470514572First Party SalesThird Party SalesAmazon Web Services(AWS)Advertising/OtherSubscriptio

46、n RevenueNotes:eCommerce metrics such as eCommerce net sales,GMV and total revenue are explained here.22Low First-Party eCommerce Margins Explain Why Amazon Is Moving Towards Marketplaces and Service BusinessECDB,as of April 2024.Sources:Notes:(1)Operating profit(earnings before interest,taxes,depre

47、ciation,and amortization)as a percentage of its revenue.EBITDA Margin1of Different Amazon Segments in 2023eCommerce net salesMarketplaceAdvertisingAWS4%18%34%58%23Amazons Combined eCommerce Business,Including the Profitable and Huge Marketplace,Is Producing Comparably Little Operating Income ECDB,as

48、 of April 2024.Sources:Notes:(1)Profit after deducting operating expenses such as wages,depreciation,and costs of goods sold(2)Amazons eCommerce business is the combination of its North America and International divisions.Amazon Operating Income1by Business Segment,in US$BillionQ1 21Q2 21Q3 21Q4 21Q

49、1 22Q2 22Q3 22Q4 22Q1 23Q2 23Q3 23Q4 234.88.93.57.70.04.9-1.83.5-2.93.7-2.43.3-2.92.5-2.52.7-0.34.82.37.74.211.26.013.2eCommerce Business2Total24Despite Making Up the Largest Share of Amazons Revenues,the Retail B2C Business Represents Less Than 10%of Amazons Market Value ECDB Analysis,Morgan Stanle

50、y.Sources:Notes:(1)Portion of companys total market capitalization attributed to a specific business unit(2)Valuation metric to derive a units value based on market benchmarks and similar businesses.Amazon Equity Value per Business Unit1in 2023,in US$Billion131281674RetailMarketplace245Subscription2

51、36Advertising/OtherAWSTotal1,567RetailMarketplaceSubscriptionAdvertising/OtherAWSTotal0.52.47.05.68.43.0Amazon Revenue Multiple per Business Unit2,202325Whether Amazon,Temu,Shein or Walmart-more than 52,000 comprehensive retailer profiles around the world are waiting for youSEOApp analyticsPayment m

52、ethodsShipping providersSEAContact informationCompany structureConsumer behaviourtrafficRevenue analyticsSegment analyticsCompetitor analysisGMV analyticsFinancial analyticsShop software providerNet sales analyticsMarket sharesGrowthCountry breakdownDecode every eCommerce retailer:With our detailed

53、retailer profiles,you can explore each retailer in its individual facets and at the same time obtain the overall picture for your complete analysis.Book a Demo52,000+Retailer Profiles12 yearsAnalysis period50+Parameters&KPIs26Download Our Two Additional Whitepapers on eCommerce Markets and Consumers in 2024Global eCommerce Markets 2024Market Revenue&Growth,Top Countries,Biggest Categories and Top Retailers:Discover what the eCommerce market in Euro