A recent report by the Korea Economic Research Institute (KERI) has shed light on the rapidly evolving dynamics within the global e-commerce industry, with Chinese e-commerce companies emerging as dominant players.
The report identifies Amazon (USA), JD.com (China), Alibaba (China), Pinduoduo (China), and Coupang (South Korea) as the top five e-commerce companies worldwide in terms of revenue.
Chinese e-commerce giants JD.com, Alibaba, and Pinduoduo, the parent company of Temu, have demonstrated remarkable growth, achieving an average annual revenue increase of 41.0%.
This impressive growth rate has secured these three companies prominent positions within the global top five rankings, underscoring China’s rising influence in the e-commerce sector.
KERI’s analysis highlights a broader transformation in the global e-commerce landscape, particularly following AliExpress’s entry into the South Korean market in 2018.
At that time, the global e-commerce market was valued at $2.9 trillion. Since then, the market has nearly doubled in size, reaching an astonishing $5.8 trillion. This growth has been fueled by the rapid expansion and increasing significance of online shopping across the globe.
The report underscores the significant shifts taking place in the industry, driven by the accelerating growth of e-commerce and the substantial impact of Chinese companies.
As the market continues to expand, these firms are poised to further strengthen their positions and influence on the global stage.