Rational consumer spending keeps e-commerce total volume flat, with growth shifting to key categories.

Event Overview

According to industry observations, the global e-commerce market is undergoing structural changes: consumer spending has become more rational, overall e-commerce transaction volumes are leveling off, but growth is concentrating in specific key categories. This trend is evident in North America, Europe, and the Asia-Pacific region, reflecting deep adjustments in consumer behavior in the post-pandemic era.

Market Background

In recent years, as the pandemic-driven boost has faded, global e-commerce growth has retreated from its peak. Inflationary pressures, economic uncertainty, and consumers' focus on sustainable consumption have made "intentional spending" mainstream. Consumers are no longer buying blindly but are prioritizing essentials, health, home improvement, and experiential products. At the same time, growth in categories such as apparel and electronics has slowed or declined.

Impact on Platforms and Brands

Platforms

Major e-commerce platforms like Amazon, Walmart, and Shopify have observed a slowdown in GMV growth, but the online penetration of groceries, pharmaceuticals, and health and personal care categories continues to rise. Platforms are adjusting their search and recommendation algorithms to prioritize high-value products with low return rates and are increasing investments in private labels and subscription models.

Brands

DTC brands and traditional retailers face a dual challenge: coping with rising traffic costs while meeting consumer demands for value for money and transparency. Some brands are enhancing repeat purchases by strengthening core categories (e.g., mother and baby, pet supplies) or launching smaller packages and subscription services. Cross-border e-commerce sellers need to monitor category trends in target markets to avoid inventory gluts.

Consumers

Consumers are comparing prices and checking reviews more frequently before purchasing and are inclined to wait for promotional events. Data shows that the average global e-commerce order value has slightly decreased in 2024, but purchase frequency in necessity categories remains stable.

Consumer Trend Analysis

• Value-driven: Consumers place greater emphasis on the practical utility and long-term value of products rather than short-term impulse.
• Health-first: Demand for nutritional supplements, fitness equipment, and products related to immunity and mental health continues to grow.
• Localization tendency: Due to logistics timeliness and environmental considerations, consumers are more inclined toward local brands and fast-shipping options.
• Solidified digital habits: Although overall e-commerce growth has moderated, the share of mobile shopping continues to rise, and social commerce has become an important channel for discovering new categories.

Regional Market Impact

North America

Competition between Amazon and Walmart in the grocery sector has intensified, and order volumes on delivery platforms like Instacart continue to grow. Consumers are shifting toward membership-based or discount retailers such as Costco and Target.

Europe

E-commerce growth in markets such as the UK and Germany has slowed to single digits, but online penetration of fast-moving consumer goods and health categories is steadily increasing. New EU regulations on platform responsibility are pushing platforms to optimize product compliance.

Asia### Asia

China's e-commerce market has entered a period of stock competition, with live-streaming e-commerce growth slowing, but instant retail (such as Meituan and Ele.me) and community group buying remain stable. The Southeast Asian market benefits from a young population and mobile payments, but also faces a trend of consumers becoming more budget-conscious.

Middle East, Latin America, Africa

E-commerce penetration in emerging markets is still rising, but infrastructure and payment issues constrain growth. Local consumers prefer cash on delivery, with apparel and electronics as main categories, while the health category shows strong growth potential.

Future Trends

1. Category Focus: E-commerce platforms and brands will concentrate more on high-growth categories (such as fresh produce, health, pet supplies, household items) rather than pursuing full-category coverage. 2. Personalization and Subscriptions: Enhance user stickiness and lifetime value through AI recommendations and subscription models. 3. Supply Chain Optimization: Local warehousing and dark store models will further expand to reduce fulfillment costs and increase speed. 4. Sustainability Compliance: Eco-friendly packaging and carbon-neutral delivery become differentiating factors, especially in the European market. 5. Retail Media Networks: Platforms will leverage first-party data to drive retail media advertising revenue, helping brands precisely target rational consumers.