New Delhi, Feb 14: The global e-commerce market is poised for significant growth and is expected to reach $11 trillion by 2028, according to a recent report.
This expansion is being driven by rapid technological advancements, improved logistics and delivery services, and increasing internet access across the world.
The report, released by GlobalData, a leading data and analytics firm, projects that e-commerce transactions will grow at a compound annual growth rate (CAGR) of 11.1% between 2023 and 2028.
The United States continues to lead the sector, while companies worldwide are focusing on innovation, data-driven strategies, and adherence to environmental, social, and governance (ESG) standards to stay ahead in an increasingly competitive market.
“Consumers today are highly conscious of the social and governance aspects of ESG,” said Aisha U-K Umaru, Strategic Intelligence Analyst at GlobalData.
She noted that ESG considerations are now a top priority for e-commerce businesses—not only to comply with regulations but also to meet growing consumer expectations. The report highlights the increasing need for companies to align with environmental guidelines to mitigate legal risks.
With terms like “carbon neutral” and “environmentally friendly” facing stricter scrutiny, e-commerce firms must ensure their sustainability claims are backed by concrete actions and adhere to global standards.
Another key trend shaping the industry is the rise of subscription-based services, which are gaining momentum as businesses seek to build lasting customer relationships.
As the e-commerce sector expands, regulatory oversight on sustainability claims is also becoming more stringent. Initiatives such as the Fifteen Percent Pledge, which encourages U.S. retailers to allocate at least 15% of their shelf space to Black-owned businesses, reflect a growing emphasis on social equity within the industry.
Additionally, issues like supply chain transparency and diversity remain central as brands strive to align with the shifting ESG priorities of younger consumers, particularly Gen Z and Millennials, who are increasingly driving demand for responsible and ethical business practices. ( With inputs from IANS)