The Rise of Online Marketplaces: Global GMV to Top $3.8 Trillion in 2024 (Digital Commerce 360)

Online marketplaces are experiencing explosive growth, with the Top 100 projected to reach a staggering $3.832 trillion in total Gross Merchandise Value (GMV) by the end of 2024. This marks a remarkable doubling in market size within just six years, according to Digital Commerce 360 research.

Top 100 Global Online Marketplaces Total GMV Year-over-Year

This surge in popularity highlights a significant shift in consumer behavior, with shoppers increasingly opting for the convenience and variety offered by online marketplaces compared to traditional retail channels.

Unveiling the Growth Trajectory (2020-2024):

• 2024: $3.832 trillion (10.0% growth)
• 2023: $3.485 trillion (8.2% growth)
• 2022: $3.220 trillion (2.5% growth)
• 2021: $3.143 trillion (17.7% growth)
• 2020: $2.670 trillion (29.5% growth)

Digital Commerce 360 meticulously tracks the performance of the Top 100 Global Online Marketplaces, encompassing both pure and hybrid models. While marketplaces are ranked on the sales that third-party sellers make on the marketplace, Digital Commerce 360 also tracks and projects total GMV for each marketplace operator. This shows both the size of the marketplace and the overall revenue a marketplace operator generates.

China’s Ecommerce Powerhouse

China asserts its dominance in the ecommerce sphere, claiming three of the top 5 online marketplaces.

Taobao (No. 1) leads the way with $723.8 billion in third-party web sales (2023) and is projected to reach an estimated $762.0 billion by 2024.

Tmall (No. 2), another Chinese marketplace owned by Alibaba Group, follows closely behind with $682.7 billion in third-party web sales (2023) and is expected to hit $714.1 billion in 2024.

JD.com (No. 4) holds the #4 spot with $249.9 billion in third-party web sales (2023).

Global Players on the Stage:

While China takes the lead, other major players contribute significantly to the global ecommerce marketplace scene:

Amazon No. 3 (USA): The undisputed leader in the U.S. market, Amazon is the third largest marketplace globally with $435.7 billion in third-party web sales (2023).

Shopee No. 5 (Southeast Asia): The sole representative from Southeast Asia in the top 100 online marketplace rankings, Shopee boasts $77.2 billion in third-party web sales (2023), highlighting the region’s rise in ecommerce.

A Clear Lead:
The data paints a clear picture: China’s ecommerce marketplace is still thriving and holds a significant portion of the global market share, with 62% of total 3P sales of the top 100 marketplaces coming from Taobao, Tmall and JD.com.

Online Marketplaces Key Facts

Market Size by Leading Online Marketplaces