Top 10 e-Commerce Markets by Sales Growth in 2021

As the Lead Generation Representative at Icecat, my main objective is to provide regional managers with qualified leads. Having to work with multiple regions, it is necessary to prioritize those with the most potential at the time being. Hence, I spent time researching and compiling a list of the top 10 e-commerce markets that could potentially offer new opportunities. This list consists of the following top e-commerce markets by sales growth in percentage according to this year’s data:

1. India – 27%
2. Brazil – 26%
3. Russia – 26%
4. Argentina – 26%
5. Mexico – 21%
6. UK – 20%
7. Philippines – 20%
8. China – 18%
9. Vietnam – 18%
10. US – 17%

As seen in the list, the top three e-commerce markets by sales growth are BRIC countries. These countries hold a massive population with growing buying power and preference for online shopping. Looking closer into these markets, we will find large international e-commerce businesses as well as local players. However, one interesting aspect is that there has been a decline in growth at the hands of these international conglomerates.

For example, in India, Amazon plays a huge role in the e-commerce space. Despite being the biggest player in this market, from 2019 to 2020, it suffered a decline of 15% while local players such as aijo.com (owned by Reliance Retail Ltd.) grew by 216.2% in the same period. In Brazil and Russia, for instance, the local players have a hold of the market by total revenue as well as by revenue growth.

This phenomenon shows that the best strategy should be to approach these local players. With our regionally-focused experts and my assistance in lead generation, we will surely tap further into this market.