In this article, we will take a look at the top 20 e-commerce companies in the world. If you want to skip our detailed analysis, you can directly go to Top 5 E-Commerce Companies in the World.
E-Commerce Trends for 2024
On January 17, Forbes published a report on e-commerce trends in 2024. Artificial intelligence and augmented reality have been shaping how we engage in buying and selling decisions. Augmented reality allows customers to experience immersive shopping experiences from their homes. Ikea and Walmart are prominent examples of companies integrating AR to enhance the customer experience. The report foresees companies using blockchain technology to enhance supply chain systems. Logistics companies can benefit from enhanced transparency in their supply chain systems and better communication with contractors. Businesses must also be mindful of providing personalized eco-friendly solutions to their customers. The average consumer of today happens to be more aware of the environment. Such indicates that companies need to implement active strategies to position themselves as sustainable companies. Enhanced security and privacy of digital channels will be a primary catalyst in 2024. You can also read our piece on the fastest growing e-commerce companies in the world.
Some of the Leading E-Commerce Companies
Amazon.com, Inc. (NASDAQ:AMZN), Alibaba Group Holding Limited (NYSE:BABA), and Walmart Inc. (NYSE:WMT) are some of the leading e-commerce companies in the world. Let's discuss some recent updates from these companies. You can also take a look at the biggest e-commerce companies in the US.
Amazon.com, Inc. (NASDAQ:AMZN) is constantly improving to enhance the buying and selling experience on Amazon. 74% of Amazon customers use Amazon to discover new products. The platform is home to more than 500,000 brands making it one of the most prominent e-commerce platforms in the world. On February 23, Amazon.com, Inc. (NASDAQ:AMZN) announced new Mistral AI models to Amazon Bedrock. The new models give more freedom to customers. Customers may test and assess generative AI tools to summarize blocks of text, answer questions, organize information, and complete codes.
Alibaba Group Holding Limited (NYSE:BABA) is a leading e-commerce company based in China. The company owns some of the most popular online marketplaces including Alibaba.com, AliExpress, Daraz, and Lazada. On February 7, Alibaba Group Holding Limited (NYSE:BABA) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $2.64 and reported revenue worth $36.19 billion during the quarter, with a year-over-year revenue growth rate of 0.82%. Here are some comments from Alibaba Group Holding Limited's (NYSE:BABA) Q3 2023 earnings call:
Our December earnings results continue to demonstrate our ability to execute and achieve the key operating and financial objectives we have set since the beginning of the fiscal year. Despite another quarter of global macro and core uncertainties that weighted on our revenue growth, we have continued to focus on higher quality growth supported by consumers and customer-centric initiatives, improved operating efficiency and cost structure throughout the organization, enhanced shareholders’ return through ongoing share repurchases. Consistency and persistence were key factors to our success in delivering these results in a challenging 2022. As Daniel mentioned, we believe 2023 will be a year of progress for Alibaba.
Walmart Inc. (NYSE:WMT) is home to more than 120 million monthly visitors on its digital marketplace. The company uses technology and adaptive retail to ensure customers have the best digital shopping experience. On January 30, Walmart Inc. (NYSE:WMT) announced that customers may use the Optical Virtual Try-On on the Walmart App and Walmart.com. Customers will be able to try on frames and buy prescription eyewear online. Users need to simply click on the "Try Them On" flag and they will be directed to experiment and choose.
Now that we have discussed the state of the e-commerce industry, let's take a look at the top 20 e-commerce companies in the world. You can also read our piece on the best social media platforms for e-commerce.
Top 20 E-commerce Companies in the World
Top 20 E-commerce Companies in the World
Our Methodology
In this article, we have listed the top 20 e-commerce companies in the world. To gather a list of the top e-commerce companies in the world, we went over several sources including industry reports, our rankings, and multiple similar rankings. We also scanned the Finviz and Yahoo Finance stock screeners. For public companies, we checked each company's market capitalization as of February 27, 2024, on Yahoo Finance. The market caps for foreign companies were converted to US dollars based on the exchange rates of the respective country. To quantify the "value" or "size" of private companies, we selected either the estimated valuation, the annual revenue available for the most recent fiscal year, or the number of employees, subject to availability. The top 20 e-commerce companies in the world are ranked below in ascending order of their market cap, for public companies, or alternative metrics, for private companies.
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Market Capitalization as of February 27, 2024: $8.84 Billion
With a market capitalization of $8.84 billion, Maplebear Inc. (NASDAQ:CART) ranks as one of the top 20 e-commerce companies in the world. The company does business as Instacart. It engages in the provision of digital grocery shopping services. Maplebear Inc. (NASDAQ:CART) was founded in 2012 and is based in California, United States.
Market Capitalization as of February 27, 2024: $9.40 Billion
Vipshop Holdings Limited (NYSE:VIPS) is one of the top e-commerce companies in the world. It is based in China and was founded in 2008. The company owns several online platforms including Vip.com and Shan Shan Outlets. It sells clothing items, sportswear, shoes, bags, and accessories. Vipshop Holdings Limited (NYSE:VIPS) has a market capitalization of $9.40 billion.
18. Rakuten Group, Inc. (OTC:RKUNY)
Market Capitalization as of February 27, 2024: $11.31 Billion
Rakuten Group, Inc. (OTC:RKUNY) ranks 18th on our list of the top e-commerce companies in the world. The company is based in Setagaya, Japan. The company owns Rakuten Ichiba, an e-commerce site and internet shopping mall. The company was formerly known as Rakuten, Inc. and changed its name to Rakuten Group, Inc. in April 2021. Rakuten Group, Inc. (OTC:RKUNY) has a market capitalization of $11.31 billion.
Market Capitalization as of February 27, 2024: $16.85 Billion
With a market capitalization of $16.85 billion, Best Buy Co., Inc. (NYSE:BBY) ranks as one of the top 20 e-commerce companies in the world. The company has a strong online presence and engages in the retail of electronic products via online and physical retail outlets. Best Buy Co., Inc. (NYSE:BBY) was founded in 1996 and is based in Minnesota.
16. Zomato Ltd (NSE:ZOMATO)
Market Capitalization as of February 27, 2024: $16.87 Billion
Zomato Ltd (NSE:ZOMATO) has a market capitalization of INR 1.339 trillion. The company is an online food delivery company operating primarily in India. The company owns Blinkit, a quick commerce marketplace that helps deliver food to consumers within minutes. Zomato Ltd (NSE:ZOMATO) was founded in 2010 and is based in Gurugram, India.
15. The Otto Group
Annual Revenue (2022/23): $17.55 billion
The Otto Group reported revenue worth EUR 16.2 billion for the fiscal year 2022/23. The company was founded in 1949 and is based in Hamburg, Germany. The company is a leading retail company and a product of OTTO Aktiengesellschaft für Beteiligungen. It operates in the retail, e-commerce, financing, logistics, and mail-order sectors. The company owns a range of subsidiaries including About You, Frankonia, Venus, Ambellis, Bonprix, Hermes, and Wohnklam Otte. It is home to more than 41,000 employees.
14. LY Corporation (OTC:YAHOY)
Market Capitalization as of February 27, 2024: $20.71 Billion
LY Corporation (OTC:YAHOY) is based in Japan and was founded in 1996. It is a subsidiary of A Holdings Corporation and was formerly known as Z Holdings. The company specializes in online advertising and e-commerce businesses in Japan. LY Corporation (OTC:YAHOY) has a market capitalization of $20.71 billion.
Market Capitalization as of February 27, 2024: $23.19 Billion
eBay Inc. (NASDAQ:EBAY) ranks 13th on our list of the top e-commerce companies in the world. The company is an online marketplace that connects buyers and sellers. It operates across the globe. Merchants can use the platform to list, buy, and sell products. eBay Inc. (NASDAQ:EBAY) has a market capitalization of $23.19 billion and is based in San Jose, California.
Market Capitalization as of February 27, 2024: $26.88 Billion
Sea Limited (NYSE:SE) is one of the largest e-commerce companies in the world. The company engages in the provision of entertainment, e-commerce, and digital financial services across the globe. It owns Shopee, an e-commerce platform with an in-built payment and logistics infrastructure. Sea Limited (NYSE:SE) was founded in 2009 and is headquartered in Singapore.
Market Capitalization as of February 27, 2024: $30.51 Billion
Coupang, Inc. (NYSE:CPNG) ranks 11th on our list of the 20 top e-commerce companies in the world. It sells a range of products including home goods and decor products, apparel, beauty products, fresh food, groceries, sporting goods, electronics, and consumables. Coupang, Inc. (NYSE:CPNG) has a market capitalization of $30.51 billion and is headquartered in Washington.
Market Capitalization as of February 27, 2024: $38.21 Billion
With a market capitalization of $38.21 billion, JD.com, Inc. (NASDAQ:JD) ranks as one of the largest e-commerce companies in the world. The company provides online marketplace services for third-party merchants. These include omnichannel solutions and marketing services. JD.com, Inc. (NASDAQ:JD) was founded in 2006 and is headquartered in China.
9. Meituan (OTC:MPNGF)
Market Capitalization as of February 27, 2024: $64.66 Billion
Meituan (OTC:MPNGF) ranks ninth on our list of the 20 top e-commerce companies in the world. The company operates across two segments including Core Local Commerce and New Initiatives. It offers food delivery services, B2B food distribution services, and groceries. The company owns Meituan Select, Meituan Instashopping, ride-sharing, bike-sharing, power banks, and micro-credit services. Meituan (OTC:MPNGF) was founded in 2003 and is based in China.
Market Capitalization as of February 27, 2024: $69.86 Billion
Target Corporation (NYSE:TGT) is one of the top e-commerce companies in the world. The company sells its products via Target.com. It sells apparel, jewelry, accessories, shoes, personal care products, cleaning products, pet supplies, kitchenware, and beverages, to name a few. Target Corporation (NYSE:TGT) was founded in 1902 and is headquartered in Minnesota, United States.
Market Capitalization as of February 27, 2024: $81.48 Billion
MercadoLibre, Inc. (NASDAQ:MELI) ranks seventh on our list of the best e-commerce companies in the world. The company owns the Mercado Libre Marketplace, an automated e-commerce platform. The platform enables merchants to list and sell products digitally. MercadoLibre, Inc. (NASDAQ:MELI) was founded in 1999 and is based in Uruguay. It has a market capitalization of $81.48 billion.
Market Capitalization as of February 27, 2024: $98.78 Billion
Shopify Inc. (NYSE:SHOP) ranks sixth on our list of the top e-commerce platforms in the world. The company engages in the provision of e-commerce platform services across the globe. The platform allows merchants to display and sell their products. Shopify Inc. (NYSE:SHOP) was founded in 2004 and is based in Ottawa, Canada. It has a market capitalization of $98.78 billion.
