E-commerce has surpassed a major milestone this year, generating more than US$5 trillion in global revenue. While North America and Europe remain established markets, the region that is currently driving the most expansion is Asia. The continent has solidified its position as the largest e-commerce market and continues to widen the gap with other parts of the world. By 2029, the region is projected to generate US$3.7 trillion in online retail sales, more than double the anticipated size of North America’s market.
China Leads the Way, But India and Southeast Asia Are Rising
China remains the primary engine behind this growth, with market revenues exceeding US$2 trillion in 2025. This figure is more than double the revenue of the United States, the second-largest market. The region’s future is increasingly being shaped by the rise of India and Southeast Asia, which are adding significant momentum to the global total. While Australia and Africa are also expected to grow, their figures—US$74 billion and US$33 billion respectively—are relatively small compared to the giants of Asia.
Related: Youzan boosts loyalty with AI-driven sales
The top 10 ranking of global e-commerce platforms tells a clear story. Amazon leads the list with a Gross Merchandise Value of US$846.1 billion in 2025, but it is facing increasing pressure. Of the top 10 platforms, only two are Western companies: Amazon and Walmart. The remaining 80% of the ranking is dominated by Asian players. Companies like Pinduoduo and Douyin have secured the second and third positions globally with GMVs of US$780.5 billion and US$656.4 billion respectively. Their ambitions extend beyond their domestic borders, as they venture abroad with Western-facing offshoots to reshape global shopping habits.
Alibaba takes center stage in this Asian dominance, with its two flagship platforms, Taobao and Tmall, generating more than US$1 trillion in GMV. Although they have fallen in the rankings since 2020, these platforms exemplify the influence of Chinese e-commerce on global behaviors. Trends like mobile integration, live-stream shopping, and AI-powered retail experiences have become standard globally because of these Chinese giants. Shopee and AliExpress further illustrate the significance of cross-border e-commerce, with Shopee building a massive presence in Southeast Asia and Latin America and AliExpress supplying Chinese goods to worldwide audiences.
Related: DHL EU ban hits UK online shops
Eastern and Southeastern Europe Lead Continental Growth
Despite the dominance of Asia, Europe is not standing still. The continent’s revenue acceleration is being driven by specific regions, particularly Southeastern and Eastern Europe. According to the latest data, Türkiye and Bulgaria are expected to lead Europe in e-commerce revenue growth between 2025 and 2029. They hold the top two spots with compound annual growth rates of 12.9% and 12.5% respectively. This growth is not limited to just these two nations, as markets like Bosnia and Herzegovina, Moldova, Poland, Malta, and Portugal also show substantial potential.
The momentum in these markets is driven by structural factors that provide room for expansion. The addressable consumer base is continuously expanding, leaving significant room for marketplace ecosystems to flourish. Improvements in digital payment adoption and e-commerce infrastructure are reducing friction in the delivery and payment process, which leads to higher trust and sales. Many of these markets also share a dominant mobile commerce structure, meaning smartphones are the primary channel for purchases. Trends like quick commerce further accelerate development in these emerging markets because it is accessible and convenient.